What are the different types of financing I can get?
– There are many different types of financing possible. 15, 30 and 40-year fixed rate mortgages are very common. As well, there are wrap around loans in which the seller continues to make payments on the existing mortgage and the buyer makes payments equal or greater than the mortgage to the buyer. Most lendes have a “due-on-sale” clause that prevents wrap around financing, but such terms are negotiable. “No-doc” loans are mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. There are many other types of loans that can be provided for you. To find out more, contact a local lender in your area, and they can further explain your options. What is a lease option? – A lease option is an arrangement with you and a seller to exercise the option to buy a house after you have rented it for a specific period. A portion of your rent would be applied toward the purchase if the ooption is exercised
