Since the real estate bubble popped lending standards have tightened. That has lead to a "credit crunch" where people who really have good income and employment history can no longer qualify for mortgages.
This problem has only worsened with the failure of IndyMac and other regional lending institutions.
In response to this financial crisis some of our members are using a very traditional finance method which completely bypasses the banks. They are using 'owner financing' to buy unimproved land (raw land) where they then build their mortgage free log home. Here's some general information about owner-financing:
For more detailed information about owner financing, and buying land in general, we recommend a book called Finding and Buying Your Place in the Country by Les and Carol Scher. It will cover how to get title insurance and how to properly file an owner finance transaction. It is a well written, easy to understand book. It not only has owner finance information, it has information about all aspects of buying property. It is really a valuable resource.
So if the real estate bubble and credit crunch have you feeling squeezed you might want to explore the option of owner financing.
If you found this article interesting, you might also want to read:
Recent comments
8 hours 54 min ago
10 hours 10 sec ago
12 hours 21 min ago
16 hours 14 min ago
17 hours 19 min ago
22 hours 54 min ago
1 day 1 hour ago
1 day 4 hours ago
1 day 5 hours ago
1 day 5 hours ago