Seller financing has always come with a catch — the loan had to be paid back after a short term. At the end of that short term, you had to get a bank loan, pay off the seller in cash, or sell your home. That put you in a tight spot... But not anymore! We now offer full 30-year seller financing — a 30-year term with a 30-year amortization and no balloon payment.
Seller financing simply means you buy the home with the financing included, and you make your payments to the seller instead of to a bank. There is no bank qualifying — you just have to meet the seller’s requirements.
Sellers who offer seller financing don’t want to be a bank for the rest of their lives. They usually offer you a short, 1-3 year term, just to give you enough time to get your credit in order, so you can qualify for a bank loan, and pay off the seller. At the end of the term, the sellers want their money back! Having to pay back that big chunk of money all at once is called a "balloon payment".
But that is how it works with other sellers... not with us. At Hassle Free Homes, we now offer full 30-year seller financing with NO balloon payment. You never have to refinance or sell your home, unless you want to. Make your payments through the end of the term, and the home is yours, free and clear.
The down payment is typically about 7.5% of the purchase price. The interest rate is typically a little higher than current bank rates. And you will have a full 30-year loan that you never have to refinance.
You make your payments to a licensed third-party account servicing company. They handle all the accounting, send your tax information at the end of each year, and manage your escrow account for taxes and insurance.