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30 Ways To Buy Real Estate
By Dan Handle, 23 Jan 23:04
Here are 30 ways to take down your next deal.
All Cash
1.Buyer pays all-cash for property with no financing involved.
Conventional
2. Twenty percent (20%) or more down with new conventional first loan.*
3. Five percent (5%) or ten percent (10%) down payment with new conventional first loan (will need PMI, Private Mortgage Insurance).*
4. ARM, Adjustable Rate Mortgage. The rate on the loan changes (either up or down) on an annual or other term basis, depending on future market conditions.*
5. GPM, Graduated Payment. Plans which lower payments during the early years on a loan.
6. Buy-down plans which lower effective interest rate during early years.
7. Lender’s “Wrap” loans for lower-than-current market rate.
8. Equity Build-up Plans which increase payments annually for faster pay off.
9. Bond Issue mortgage loan plans by State, City or County at lower rates (may be limited to first-time home buyers, low-income buyers, etc.)*
VA and FHA Loans
10. VA (“GI”) loan for military and ex-military personnel, fixed payment, no down payment necessary.”
11. VA-GPM: VA’s Graduated Payment loan for eligible veterans.
12. FHA-203b: FHA’s fixed payment, low down payment.*
13. FHA-ARM: One (1) year adjustable mortgage, generally better terms then conventional.*
Loan Assumptions
14. Conventional loan assumptions (rates, terms, conditions may change).*
15. FHA loan assumption (Lender cannot change existing rate or terms).*
16. VA loan assumption (even non-vet may assume VA loan) no rate change.*
Seller Financing and/or Assistance
17. Seller can carry back new first trust deed (if property is free and clear).
18. Seller carry back of new second or third deed of trust (many variations).*
19. Wrap-around Mortgage with new AIDT (All Inclusive Deed of Trust).
20. Installment Land Contract/Contract for Deed. Title does not pass to Buyer.
Note: In any of the above “Seller Financing” situations, it is particularly important that both Buyer and Seller seek legal tax counseling.
Additional Sources of Money and Financing Assistance
21. Gift from parents or other relatives.
22. Private loan from relative or friend.
23. Co-signer on loan papers (incurs liability with Buyer).
24. Life Insurance loan.
25. Credit Union Loan.
26. Personal “signature” loan from bank or other Lender.
27. Collateral loan (on car, boat, RV, etc.)
28. Collateral loan (on stocks, bonds, etc.)
29. Savings account collateral loan (“passbook” loan).
30. 1-2-3 Plan: Assume first, commercial second up 80% seller carry third.
Tags: finance
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