The new mortgage reality - Owner Financing -There is no shortage of home buyers, just a shortage of financing options. The current economic situation has produced conditions that have lowered the FICO credit scores to below 640 for 50% of the US adult population. Presently a FICO of 640 is generally the minimum level for consideration for a bank loan. Add in the buyers who are self employed, unemployed, have higher debt to income ratios, or recently divorced, and this percentage soars. No wonder homes can't sell. Many of these now credit disadvantaged people were good credit risk not long ago. Many have new jobs with good incomes that can afford a home. However Banks are not lending. A new program started last year by National Real Estate Services.com inc. of Greenville SC, a fully licensed SC Escrow Management & Realty company, has helped many buyers purchase (& sellers sell) a home rather than rent one. The program called "Beat The Bank" uses a seller's first mortgage to owner finance a sale. NRES helps close the sale thru an attorney, sets up the payment plan, collects and reports the payments to a credit bureau (builts the buyers credit) each month, pays any first mortgage payments, taxes and insurance debts, issues monthly profit checks, prepares yearly 1099's, and enforces the performance of the contract by all parties. Once the buyer is able to secure a bank loan (normally 2 years or less) the seller gets his full equity. Terms are negotiable between the parties but some down payment (app. 4% min.) is recommended. NRES charges 1% origination fee to set up the payment plan and $75 a month to manage the payments and report to the credit bureau. visit [link removed by moderator]August 06 2010 - Greenville00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.