When buying a home with our 30 year seller financing program, you will not close at a title company, because you will be in a lease for the first year. If closing at a title company and having ownership from day one is important to you, the Title Express Program is a great alternative!
The Title Express Program is what you might think of as traditional seller financing — you will close at a title company, the title company will record the documents, you will pay closing costs, but you will get a loan from the seller rather than a bank. You will have ownership from day one.
The terms depend on things like the location and the type of home. For a single family home, the down payment might be around 8 to 10% of the purchase price. The interest rate will typically be higher than our 30 Year Program.
There is no prepayment penalty. If you will be living in the home, there will be no balloon payment required. Investor buyers may have a balloon term.
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.
Not sure which program fits? See a comparison of the 30 Year Program and the Title Express Program here.