Metro Detroit Homes Available With Flexible Lease & Purchase Options
- Easier Finance Options – No Banks Involved
- Take Advantage of Reduced Closing Costs – No 6% to Realtors
- Fast Closing – Typically in 7-10 Days Instead of the Usual Bank Time of 45-60 Days
Owner Financing Lease Option From
Owner Financing In Metro Detroit
Regardless of the real estate market, home availability, or home prices, securing a mortgage loan today is harder than ever. The application process can be a hassle. Even if you do everything the mortgage company asks, there are still no guarantees that you will be able to finance the home of your dreams.
M1 Home Buyers offers a smarter alternative to a traditional mortgage. We provide owner financing that allows you to buy a home directly from the seller and negotiate the terms of the sale. We have numerous properties available in the Metro Detroit area. Contact us today at 248-397-5800 and let us help you move into a great home in Detroit.
How Does Lease Option & Owner Financing Work?
- Owner financing
- Seller financing
- Home leasing
- Rent to own
Owner financing or home leasing allows you to pay for a new home without applying for a traditional mortgage loan from a bank or other lender. Instead, you or the seller finances the purchase.
Whether you are financing, leasing, or renting to own, this option can simplify the process of buying and selling a home by eliminating the need for a lender, appraisal and inspection. You also avoid hiring a real estate agent and paying realtor commissions.
Advantages To Lease Option & Owner Financing
There are several advantages of owner financing or leasing over a traditional mortgage.
Little to No Upfront Costs
Traditional mortgage loan fees can add up: appraisals, inspections, application fee, assumption fee, attorney fee, prepaid interest, origination fee, and many other fees you didn’t see coming. Financing directly from the seller can eliminate up to 100 percent of buying costs and mortgage loan fees.
More Options with Poor Credit
If you have less-than-ideal credit, you’re not alone. Many people in the Detroit area have poor credit credit ratings that prevent them from buying a house. With owner financing, a home seller may be willing to work with you regardless of your credit history. It opens up more options for buyers who may have a bankruptcy or foreclosure in their financial history.
Faster and Easier Closing Process
A traditional home sale takes an average of 30 to 45 days to close. One of the main reasons why is that there are numerous people and agencies involved in the process. Owner financing eliminates many of these parties and the steps it takes to close a real estate transaction. You can typically close the sale within one to three weeks.
