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How Contract for Deed Works
People can be denied traditional financing options for a variety of reasons,
yet they have sufficient income & a down payment that suggests home ownership is possible.
Have you been denied financing because of this?:
Bad Credit
Recent Bankruptcy
Divorce
Self Employed
Own Business & High Write-Offs
High Debt Balances
Student Loans
Past Due Child Support
Lack/Limited Work History
Brian Zimpel
Contract For Deed Agent
Minnesota Contract for Deed Homes
If you are having trouble securing financing options, or maybe something recently happened that affected a previous pre-approval, but have funds set aside for a down payment (10%-20%, $30,000 minimum) and sufficient income for a house payment, our Contract for Deed services will bridge that gap and work for you!
Select just about any home currently for sale on the market from one of our many approved cities in the 7 Minnesota Metro county area. (Certain exceptions outside approved counties/case by case.) With a variety of price points, and several luxurious high end communities to choose from, you will be able select just about any home that is for sale and have the opportunity to purchase via Contract For Deed from our partnered local lender/investor.
Based on income, savings, investment accounts, bank statements etc. when you apply you will be provided a purchase budget, very similar to if you were being pre-approved for traditional financing. From that amount, you can shop for homes from one of the many approved communities.
The partnered lender/investor will attempt to purchase the home you select, based on the terms you provide & agree to. After a successful DOUBLE CLOSING SAME DAY, you will become a homeowner via contract for deed, until you are ready to refinance and purchase and take full ownership.
The investor buys a home, typically charges 1-2% extra over current interest rates, and charges a premium of 1-3% annually as a service fee. The premium gets added upfront to the purchase price when assuming the contract for deed. Payoff discounts will be earned if paid off before the contract’s end date. (See example chart below.)
You will get a 5-year contract for the deed, with the option to renew for up to 10 years total. (5 years max if ownership is taken in the business entity name.) Amortized 5 years @ 30 years, 5 more years amortized at remaining balance if you need more time. For a complete breakdown of my Contract for Deed Minnesota Homes service from start to finish request private consultation today. Contact Us Today!
Want to know the benefits of Contract of Deed? Click Me
Home Financing for Self Employed
As a self-employed individual, securing home financing can be challenging due to the difficulty in proving income stability and creditworthiness to traditional mortgage lenders, who often require W-2 forms and pay stubs. Contract for deed financing offers an alternative, allowing buyers to make payments directly to sellers over a set period, usually with a balloon payment at the end. This option provides flexibility in down payments and repayment terms, making it appealing for self-employed buyers.
However, contract for deed financing carries risks, such as the potential for the seller to retain ownership if the buyer defaults. It’s crucial to thoroughly review and negotiate contract terms to ensure they are fair. Conducting due diligence, researching relevant laws, and consulting with real estate professionals or attorneys experienced in contract for deed agreements can help protect your interests. By understanding the challenges and risks, you can make informed decisions and secure the financing needed to purchase your dream home.
If you are self-employed and looking to purchase a home, it is important to explore all of your financing options and choose the one that is best suited to your individual needs and circumstances. For more information regarding financing for self-employed –Â click here
Example Chart Below
How contract for deed works?
Click on the link – MN Contract for Deed