OWNER FINANCE HOME IN BOILING SPRINGS. This one will NOT last Long

100% financing is available on this 3 Bedroom 2 Bath home in the Candlewood subdivision of Boiling Springs SC.  Or, if you have temporary credit problems like many other people do today, put down $6,000 as a down payment and the owner will finance the home for you at $860 a month.  The $860 includes your property taxes and home owners insurance!  Part of every payment goes to pay down the loan balance.  Don’t understand how  owner financing works?  Don’t worry.  It will all be explained and the transaction closed at an attorneys office in Spartanburg.

Call 621-7900 to schedule a showing of the home.  Why pay rent?

 

 

End of Owner Finance Homes?

The Bankers Look to Secure a Monopoly on Home Lending in the United States

 

Federal Reserve seeks comments regarding proposed rule

From THE PAPER SOURCE JOURNAL, July, 2011:

The Federal Reserve, which received sweeping new authority under the Obama regulatory reauthorization, wants to effectively eliminate seller-held (a.k.a. purchase money) mortgages. It will do this by enacting a rule for the Dodd-Frank Act prohibiting property sellers from taking back a mortgage unless the buyer essentially can qualify for conventional financing! What’s more, Ma and Pa Homeowner, who create 95% of seller-held mortgages, won’t be able to qualify buyers under the same underwriting standards that banks are required to perform, and therefore the cash flow notes won’t be created.

If this is enacted it also will remove access to housing for millions of Americans, because seller “financing” is the only way people who can’t qualify for conventional loans can buy a house. Moreover, it would allow a buyer a three year right of rescission (they can cancel the sale) if the seller did not properly qualify them. The right of rescission also applies to anyone who buys the note. We have precious little time to try to stop this. Read more..