For the Non-Traditional Home Buyer, there are a few options.

By the way, this is one of the many details separating me from the competition. Most agents will simply tell you it cannot be done.

Here are a few challenges to work around, and how I can help:

  • Bad Credit Home Buyer
  • No Credit Home Buyer
  • No Down Payment Home Buyer
  • No Green Card Buyer
  • Have some other problem? Let me know – I’m the real estate problem solver.

Solutions to these problems:

  • Seller Financed Property. In this case, the seller acts as the bank in part or in whole, and “carries paper” i.e. takes a loan instead of cash, secured by the property. Note that if you miss payments, they’ll foreclose, just like a bank, and have a right to recoup their collateral. That said, if you can comfortably afford the payments and the cash flow isn’t a problem, but have a unique situation to handle, this can be a terrific way to own your own home. For the seller, this is perfect for sellers open to cash flowing secured investments, and it actually saves the seller a problem of investing those funds! Of course it’s fully secured, by an asset they already own, so for some home owners (usually seniors, frankly, because the home is paid off and they’d rather have secured interest-yielding income instead of just a lump sum) this makes terrific financial sense. Also, for you the buyer, sometimes this can be mix-and-match i.e. buy a home for say $200k with a 70% first mortgage (140k cash to seller, new bank loan to you with low risk to bank) + 20% seller-carried-2nd mortgage + 10% cash from you for example. Also, an existing loan can even be included into an “A.I.T.D.” (All-Inclusive Trust Deed, also known as a “wrap” or “wrap-around mortgage”), or on occasion the existing financing can be “assumed” (taken over by you, the new buyer).
    • Upside: Allows for more financing options, since the LTV Loan-To-Value is lower. May be entirely seller financed if the seller is willing.
    • Downside: You’ll pay a modest premium over market or “full retail” for this usually, but that may still be a good move for you when compared to renting and this may be made up in the interest rate (i.e. if you do the math, this often looks attractive to the seller but favors you in the long run). You can also go the other way – get a low price but high interest, then refinance out of it within a few years when you can obtain bank financing.
  • Problem: No Green Card. Solution? “Foreign National Loans”. These loans were originally intended for non-U.S. citizens to purchase 2nd homes while in the US, but the programs have been expanded by some banks to allow for home buyers who may have funds from their home country or simple cash on hand.
  • No Down Payment Home Buyer: For those with good credit (you may not need “great” but just “good”, depending on your income, etc.), step 1 is having a conversation with a creative mortgage lender. FHA financing allows as little as 3% down. Beyond that, talk to friends and family. If that doesn’t work, it may leave you looking for seller-financing property.

With any of the above factors, you can expect to have substantially less choice in the market, simply due to the fact there are fewer flexible sellers than conventional sellers. That said, it is a service we can help you with. If you’re a non-traditional buyer ready to move, take a moment to tell us about your exact situation, and we’ll see what we can do to help.