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Beaverton Oregon Real Estate: Owner Financing or Lease-Option a great way to get a first home

A lot of young couples were taught by their parents that the only way to freedom is through home ownership. Their parents were right! The only problem is banks won't lend to someone without a very long work or credit history. There are other problems that can affect someone getting a home through a traditional bank. Divorce, Child Support or a Judgment can all affect you getting in to a home.

This doesn't mean you can't get into a home, it just means you need to be more creative about financing it. Many home owners that I work with offer owner-financing, meaning they act as the bank and they don't have the overhead a bank has. This means they can charge you sometimes less than a bank would and they don't have to don't care what your credit score is! All a bank cares about is what your credit score is and how much you make. The home owner wants to know how much down payment you have and they just base their interest rate on that.

Photo courtesy of gabivali

If you are ready for home ownership and don't have a large down payment an option for you is Lease with an Option to buy. This is where you put a small deposit down usually equal to the monthly lease payment, and then pay monthly for a set amount of time. Out of your monthly lease, the owner sets aside $100 or more for you as a down payment assistance program for you. At the end of the lease-option period you then can buy the property at the price that was set at the beginning of the lease agreement. This is usually 2-5% lower than the average home price in the area and you have a down payment now that is your deposit plus the $100 you paid extra monthly. The draw back to this is that you are paying usually 1/3 higher than you would in rent and if you decide to not purchase the home you do not get your deposit back and you lose the $100 extra per month.

For more creative ways to purchase a home and start your dream of home ownership, please contact me anytime and I can show you how anyone can become a home owner!


Respect Realty LLC (Expect More)


At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.


Reach out today, we look forward to talking with you!


Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)



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Comment balloon 1 commentRespect Realty LLC • April 19 2007 10:22PM
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