Questions we receive on MN owner financed homes-rent to own contract for deed.
- 1. Where can I find luxury homes-lake front properties?
The best place to find these type of properties is mnhomescontractfordeed.com
There are 100s of properties on this site daily. The site is 100% free to browse homes-condo-town homes-farms-acreage and more. There is a lot of information on how to buy or sell a property with contract for deed financing.
- 2. How does a contract for deed program work?
Buying a home on a Mn land contract is pretty easy but knowing where to find them and drafting the contract is the tricky part.
Home buyers are going to want to work with a real estate Broker that is experienced in Owner financing MN. Making sure the buyer gets the best terms –meaning rate-length of the contract-down payment.
You will find cd terms and how a contract works here.
Also find owner financed homes thru out Minnesota and Wisconsin.
- What is the typical down payment the buyer needs to be able to buy a home on a contract? All properties have different owners so the terms can vary but typically 10% down of the sale price is pretty common. Once in a while you will find sellers offering cd terms and the down payment can be as high as 20%.
- What rate can I expect to pay? The interest rate usually is 5% to 7.5% being on the high end. It all depends if the buyer is dealing with a home owner or an investor. Home owners usually give more favorable terms than investors.
- 5. How long will it take me to refinance my contract for deed MN?
That all depends on each buyers situation. Typically after a foreclosure or short the buyer can refinance their contract for deed with in 3 years from the final date of the foreclosure and 3 years from the bankruptcy once it is filed. Go by the filed date.
6. How do I get my credit score higher? Keep paying your bills on time monthly. A good idea is to set up auto payments then you know the payment will be there on time. 760credit.com
- 6. Why do I want to buy a home verses renting it or lease-rent to own?
The best thing I can say is owning you get to write off the interest of the cd.
You can paint and make the home your home. Put up a fence-have pets-Pride in owning verses renting. Putting a lot of money down to do rent to own never makes sense to me? Why would you want to rent a home and have an option to buy it and loose the tax benefits when you can buy with bad credit on a cd-self employed-no credit or just simply cannot get a mortgage like FHA_VA or conventional. If the buyer does not buy the home they loose out their down payment.
With a MN contract for deed the purchaser can sell the contract with out ever refinancing the home.
minnesotahomescontractfordeed.com
- 7. Can I buy a bank owned home or short sale property on a MN land contract?
It is very rare to find a bank who will finance a home but there are a few local banks that will offer there foreclosed homes on a cd. Sort sales are a different situation and you will not find a bank that will do it once the sheriff sale happens. DON’T LET ANY TALK YOU INTO BUYING A HOME DURING A SHORT SALE. THE BUYER CAN HAVE A LOT OF PROBLEMS.
- Do I have to pay mortgage insurance?
NO the buyer does not pay mortgage insurance so the purchaser saves a lot of money money till the refinance the property. FHA mortgage insurance keeps going up gauging home buyers. It would be better to pay on the cd if the buyer can till they can get a conventional loan unless their rate is really high. There is conventional programs with 3% down now.
- I am looking to buy a home in the twin cities metro area where can I find homes-lofts-information? mnlakehomescontractfordeed.com
Minneapolis-Saint Paul –suburbs
10. Find the latest news on Mn owner financing. Stay up to date on cd listings the homes are updated daily in each county. Some of the most popular counties in the twin cities areas are Anoka-Ramsey-Dakota-Scott-Hennepin-Sherburne-Wright-Isanti-Chisago-st.croix-carver. The larger the county or city the more cd listings the buyer will get to choose from.
11. mnlakeplace.com
Click on any link to view the information.
To call
BoardWalk Premier Realty INC
651-334-8312
Steve Vennemann
Been in business sense 1996 specializing in Seller financed homes.
Contract for deed homes in Minnesota 