Financing Options

Conventional Financing:

            Approval from any conventional lender may always be used to purchase.

Seller held Second Mortgage:

          If a lender is unable to approve a loan for 100% of the purchase price a seller held second mortgage may be used to complete the purchase. The buyer must qualify for at least 80% loan to value, have 5% of the purchase price in cash or trade as a down payment, (Trade may be anything of value such as a car, boat, motorcycle, RV, etc…) and the funds to pay their closing cost as required by the lender.

Lease/Option (Rent to Own):

          If conventional financing is not available at this time due to credit issues a lease option plan may be set up until financing may be obtained. This program requires an option fee that is 5% of the purchase price up front in cash or trade that would be applied to your purchase IF you exercise your option. The option contract gives you up to 3 years to secure financing and purchase the home with your right to exercise the option at the end of the first year. The purchase price is locked in for the first year and will increase each month at the beginning of the second year to adjust for appreciation if you need more time to get financed. The option fee is non-refundable so if you are unable or chose not to exercise your option for any reason then the option fee is forfeited. You are required to go through a pre-approval meeting with a mortgage broker of your choice to verify your credit and income and to set up a plan for achieving the credit needed to exercise your option when the time comes. Bad or ugly credit does not exempt you from this program.

Owner Financing:

            Owner financing is available with a down payment of 10% in cash or trade, 4 points, plus all buyers closing cost. Interest is charged at 10.99% and the loan is amortized over 30 years with a possible balloon payment due at the end of 3 years. Options may vary.

An all Cash purchase is always welcomed!

            If you are ready to purchase a home please check out your financing options with a mortgage broker or lender first and then give us a call to see what we  can do to help you get into the home you’ve been looking for. If you have any questions about financing please call at 803.233.7100 for further assistance. Or go to our website at www.SPI-SellsHomes.com 

All purchase agreements, options or financing are subject to investors approval