Where should I look for an owner financing option as a buyer?

[Sonja]

I am ready to buy and make 150,000 payment on a house. My credit is bad, should I look for an owner financing option as a buyer? What are my options?

[angela]

How bad is your credit? You can try to clean it up and apply for a regular mortgage. Some have programs for not so good credit, it depends on how bad yours is. You can look for owner financing and maybe get someone to finance until you can get a mortgage. Look in classified ads and call a Realtor and ask if any sellers are offering owner financing. You also might look for lease to purchase or rent to own. Another term to look for is land contract. It's similar to owner financing but I think there's a difference in who holds title. One more thing you can do is place a classified ad saying you are wanting to buy a house with owner financing or on land contract.

[Danuta]

I suggest to try For Sale By Owner help center on the website of Fizber, it could be rather useful for buying or selling your house: http://www.fizber.com/fsbo-help-center.htm

[loslunas87031]

you will not find any seller willing to finance for 15 or 30 years. All will have a 1-3 year balloon payment you need to get a mortgage for. Will your credit be better is 1-3 years ? What happens if the owner files bankruptcy or his lender forecloses on him ? you are out on the street losing everything