Owner-Financed Mortgage

An owner-financed mortgage is created when a seller
of a home decides to "carry" a promissory note from the
buyer of his / her home.

Owner financing is helpful when the buyer can not obtain
traditional financing from a bank.  This scenario occurs
when the buyer has bad credit or too much debt.  In other
words, the buyer's debt ratio is too high.

As a home seller, you may choose owner financing
in order to sell your home faster.  The interest rate that you
impose on the buyer can result in a good return on your
investment; that is, the note that you are carrying for the
buyer.

Once your home is sold, you begin receiving monthly
income from the buyer of your home.  As the months and
years pass, you as a note holder may decide that a lump
sum of cash now is better than waiting YEARS to collect
the balance of the note one month at a time.

Charter Financial purchases notes on the following types
of properties:

Single family residence (SFR)

Duplex

Condominium

Town House

Apartment building

Commercial building

Unimproved land (with no utilities)

Improved land (with utilities)

Mobile homes with land

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