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Financing Terms and Loan Qualifications

Home buyers start here to learn more about our contract for deed program
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Contract For Deed Financing Terms

These terms are subject to change at any time. For the most updated rates please contact us directly.

 There are two home loan options available to borrowers seeking contract for deed financing that are largely dependent on where the property is located within Minnesota. 

For borrowers who are looking to purchase real estate above $500,000 we loan up to a 1M purchase price. Please contact us directly for special financing terms.

Our loan program is strictly based off the borrower’s income and cash down payment. Credit plays no role in the qualification process.

Any borrower can elect the 20% down payment option in order to take advantage of the more attractive loan terms. A higher down payment means less risk to us as the investor, so we are able to pass along the savings to our clients.

On average closing will be 30-45 days from an accepted offer. For Realtors who may be trying to save a closing where an appraisal has already been completed we can close in under a 7 days.

10% Down Payment Contract for Deed Program

(up to $500,000 sales price

This financing option covers all of our primary locations served in Minnesota, which include the St. Paul/Minneapolis twin cities area. Certain cities such as Alexandria and St. Cloud are also included.

Loan Terms 10% Down Payment Program:

  1. 6.50%, 30 yr. fixed rate, no pre payment penalty
  2. 10% minimum down payment
  3. Minimum purchase price $200,000 single family house
  4. Townhouse minimum purchase price $150,000
  5. 8% added to contract for deed sales price
  6. 5 yr. balloon payment 

Not sure if you can afford the monthly payment? Use our Monthly Payment Calculator!

20% Down Payment Rural Home Loan Program

(up to $500,000 sales price)

Our 20% down payment rural housing program is used for the rest of Minnesota that does not qualify under our primary location coverage areas, or for borrowers seeking our best financing terms.

Loan Terms 20% Down Payment Program:

  1. 6.25%, 30 yr. fixed rate, no pre payment penalty
  2. 20% minimum down payment
  3. minimum purchase price $175,000 single family home
  4. Townhouse minimum purchase price $125,000
  5. 6% added to contract for deed sales price
  6. 5 yr. balloon payment

Ready to get started? Contact Us Now!

Loan Qualifications and Getting Started With The Pre- Approval Process

Below are the the loan qualifications for our contract for deed financing program:

  • Minimum total household income of $70,000 (gross for self employed)
  • Bad credit OK
  • Must be owner occupied (no investors)
  • No land, condos, or commercial property
  • No manufactured homes (must have a foundation)

The following are needed to issue a pre-approval:

  • 1 year minimum recent tax return (2 years ideal) – bank statements OK for self employed
  • *An exception to tax returns is if you are a new W2 employee where this is not possible*
  • Electronic statement to verify down payment (funds from sale of property OK)
  • 2 most recent pay stubs if W2 earner
  • Copy of photo I.D such as driver’s license or passport

For loan qualification we need to verify: income, employment, and down payment in order to issue a pre approval.

Once approved you can go home shopping!

 

There are Zero Out-of-Pocket Closing Costs During the Purchase

There will be no out-of-pocket or upfront closing costs charged to the buyer at the time of purchase in this contract for deed transaction. The down payment and cost of private home inspection are the only expenses a buyer can expect to pay. 

Compared to bank financing this can save a buyer thousands of dollars in closing fees that have to be paid upfront at the closing table. 

Any acquisition costs we incur in purchasing the property we will attempt to have the seller pay. We do our best to negotiate this without affecting the purchase price, but there is a possibility our acquisition costs will get wrapped into the contract for deed loan amount effecting price marginally.

"When The Banks Turn You Down We're Here to Help"

Chris-Block

-Chris Block Owner & CEO

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Why Contract For Deed?

It is the #1 alternative home financing solution since credit is not a qualifying factor for loan approval.

Learn More

 

GET IN TOUCH

We would love to hear from you! Please fill out the form below completely, and then provide a brief message so that we can expedite the process of handling your inquiry. Talk soon!

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No Credit Check

Bad or no credit is OK! This contract for deed financing program is strictly income & cash down payment based.

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Fast & Easy Application

Get an immediate response on loan approval without all the hoops a bank makes you jump through.

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Get The Home You Want

Don't let that perfect house slip by because the bank turned you down for financing. All of Minnesota qualifies. Realtors always welcomed.

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Contact

 

1210 Broadway Street,
Suite 240,
Alexandria, MN 56308

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