Monthly Payment: $797 (including everything) Loan Term: 8 years (This is how long before you need to pay off the seller or refinance with a bank loan.) Minimum Down Payment: $4,900 Purchase Price: $89,900 TOTAL MOVE IN: $5,697 (down payment plus first month's payment)
For this condo, the seller will provide financing for up to 8 years. With the minimum down payment, seller financing is structured through a lease purchase. With 15% down, seller financing can be structured through an installment sale. (What's the difference?) In either case you have up to 7 years before you need to refinance or pay off the seller.
To qualify for seller financing, the main things we look at are income, work history, and rental history. And of course you need to have the money available for the down payment and closing costs. The following list will help give you an idea if you qualify for this home:
Move In Money: The down payment on this home is $4,900. After adding any closing costs, the total needed for move in is: $5,697 (down payment plus first month's payment).
Income: The monthly payment on this home is $797. Your total monthly income should generally be at least three times the monthly payment (in this case approximately $). If you have significant monthly expenses (such as credit card bills), then your income would need to be higher in order to offset those expenses.
Work History: We prefer for you to have worked at the same job for at least 2 years, but you may still be able to qualify with a shorter length of time.
Rental History: We will review your rental history for the last 2-5 years to evaluate whether you have been a responsible payer.
Credit: We will review your credit report, but we do not require a specific credit score.
Criminal record: We will review your criminal record, if any.
Address: 4608 W Maryland Ave 239
Cross Streets: Maryland & 43rd
Directions: From 43rd Ave, go west on Maryland to the complex on the north side of the street. Unit overlooks Courtyard.
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