Mortgage rates continue to fall and continue to break records! The average 30 year rate on a mortgage was 3.56% which is down from 3.62% last week and is the lowest rate ever since they started offering long term mortgages in the 1950’s. The 30 year mortgage rate has matched or beaten record levels for 11 of the last 12 weeks! The 15 year rate fell as well to 2.86% down from 2.89% the week before.
Although the mortgage rates are phenomenal, many buyers are having trouble coming up with a large enough down payment or are having trouble with the stringent lending requirements.
These days there are a lot of potential home buyers that are not able to get financing to purchase a home. Many of these buyers have a great job, low or no debt but they have had a short sale, foreclosure or some other major financial event in their more recent past that is keeping them from qualifying for a mortgage. I work with several investors that are looking for buyers that want to purchase a home on a contract for deed. Most of them do require at least a 10% down payment. This is a great opportunity for those buyers to purchase a home, get back on their feet with their credit score and then get the mortgage they need down the road. If you or someone you know is interested in purchasing a home on a contract for deed, call or email me to discuss the options!