After a week of emails we finally got to go to the bank to meet with the loan officer. They printed our credit report and it was not good news
Right now because of our credit, we will not be able to qualify for a home loan. Our student loan and late payments on them are the main reason.
The loan officer told us we could look into owner financing. We are going to talk to the realtor and see if she can talk to the seller and see if he is willing to owner finance. The only thing is the loan officer seemed to think the house is overpriced and will not appraise for the asking price.
Does anyone know anything about owner financing? Is it good/bad etc? Would you do it?
Any thoughts are welcome ![]()


Re: House Update: Owner Financing
Basically it means the current owner of the property becomes your "bank" and you'll make loan payments to them. This usually won't work if the owner needs the proceeds from the house in order to buy their next house. No idea what the legal implications of this would be (ie. how to protect yourself).
My guess is the late payments on your student loans probably hurt more than the loan amounts, but I'm saying that without any knowledge of your loan balances.
http://en.wikipedia.org/wiki/Seller_financing