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Wednesday, September 8, 2010

"Seller Financing" Terms

More Seller Financing --
& More Flexible Terms

Sellers Terms: Cash, Contract for Deed, Contract/Deed w/Assumption, Conventional, DVA, FHA

--MLS listing

I'm seeing lots more listings like the one above.

If you don't speak "Realtor," here's a quick glossary:

Contract for deed: Buyer makes monthly payments to the Seller, who retains title; title transfers when the last payment is made.

DVA: Department of Veteran Affairs loan. Great terms, zero down -- for those who qualify.

FHA: Federal Housing Administration. FHA-insured loans are the source of financing in today's housing market.

Conventional: a traditional bank-originated mortgage, typically packaged and re-sold to the secondary markets -- at least when the amount is less than $417k (called "conforming") in most parts of the country.

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