What are the Benefits to the Buyer?
The benefits of ownership without mortgage loan qualifying:
1. Ownership without new loan or credit application.
2. A legal and safe way to take over payments on an existing loan.
3. The Buyer already has a head start paying off the loan on the house, because the Seller (owner) already paid off a portion of it.
4. Asset protection and privacy of ownership due to the avoidance of holding title in “your name.”
5. Even though title is not passed to the Buyer, they are entitled to all income tax deductions for mortgage interest and property tax payments.
6. A Buyer who would otherwise be just a “tenant” can receive equity build-up through reduction of the mortgage principal as payments are made.
7. The property is protected (shielded) from creditor judgment, tax lien, lawsuit, bankruptcy or claims in marital dispute by an (ex)spouse of either party (resident or non-resident beneficiary).
8. Subterfuge, secrecy, or “quiet” documentation is not needed. All parties, including the lender, are notified of the transaction.
9. An abundance of properties are available in our current real estate market, houses, town-homes, condos and commercial properties.
10. Each property can be different, but some properties may not require much cash up front. It depends if there is a Realtor involved or if there are back payments to be made. The minimum required can be expected to be about 10% of the purchase value, and adjusted based on the situation with the property.
1. Ownership without new loan or credit application.
2. A legal and safe way to take over payments on an existing loan.
3. The Buyer already has a head start paying off the loan on the house, because the Seller (owner) already paid off a portion of it.
4. Asset protection and privacy of ownership due to the avoidance of holding title in “your name.”
5. Even though title is not passed to the Buyer, they are entitled to all income tax deductions for mortgage interest and property tax payments.
6. A Buyer who would otherwise be just a “tenant” can receive equity build-up through reduction of the mortgage principal as payments are made.
7. The property is protected (shielded) from creditor judgment, tax lien, lawsuit, bankruptcy or claims in marital dispute by an (ex)spouse of either party (resident or non-resident beneficiary).
8. Subterfuge, secrecy, or “quiet” documentation is not needed. All parties, including the lender, are notified of the transaction.
9. An abundance of properties are available in our current real estate market, houses, town-homes, condos and commercial properties.
10. Each property can be different, but some properties may not require much cash up front. It depends if there is a Realtor involved or if there are back payments to be made. The minimum required can be expected to be about 10% of the purchase value, and adjusted based on the situation with the property.
What is the Profile of a Typical Buyer?
1. First time home-buyer that hasn’t had a chance to develop a credit record needed in today’s strict lending environment.
2. Self-employed individual that has a good income and credit record, but lenders will not lend because they do not meet their strict requirements in today’s lending environment.
3. Has a new job and doesn’t have the “longevity” that lenders want to see.
4. Has a bankruptcy or foreclosure in their past, but are now back on their feet and ready to own again but cannot get a loan because they are “tainted” in the eyes of the lender.
5. Has been divorced and their credit has been ruined as a result, often through no fault of their own.
6. They just do not want to go to the aggravation of applying for a loan.
7. Make a good income but it is not “substantiated” with W-2’s and tax returns.
Take a look at our buyers information page on our main website to get more information about purchasing a home with Autumn Hill Financing.