Home loans are hard to get like the recent years have shown, that many are real estate companies that can be affected by the recession period. Many people that can be expected of buying a house by using a home loan cannot afford to pay because of the recession. Many people are losing jobs each day, and working has become difficult as the person working needs to have an outstanding working performance. Many people are not able to provide that outstanding performance all the time as no one is similar. Home loans have also become harder to acquire due to problems with the financial situation of the expectant home loan applicants.
Owner can help in that matter, and it is rare to find a house owner helping in the home loan process. As many owners do not like to take the extra hassle and waste his or her time over helping to get a loan. However, if the owner is desperate to sell the house as there are ways for the owner to help finance the home loan for you for a certain time. Owner financing is something rare in the market as the owner himself might have a home mortgage of himself that he might need paying.
Owner financing is where the person buying the house can pay directly to the seller instead of the bank. That way there is no hassle on qualifying for the home loan. However, this situation can be rare as many home owners might still have their home mortgage left over to be paid. There are many owners that do not pay their home loan in full, and sometimes pay an amount of let’s say $50000 for the total house amount of $170000. So if, the seller sells the house to the new owner then the seller gets in cash around $50000 in cash, leaving the rest of money to be paid for the home loan. So it is rare to find an owner financing for home loan, and so if the new owner is lucky then he will get the owner financing facility from the old owner of the house.