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Home > WE made a young couple very happy yesterday!

WE made a young couple very happy yesterday!

July 3rd, 2015 at 03:18 pm

Remember I told you that we had a contract on our spec house (that dh built) Well, the contract fell thru. The young man is self employed and does not have proof of income for the past two years.
WE got the sad news on Saturday. Well, yesterday, I called them and offered to finance the house for them.

They were so excited; they kept saying, "You must be kidding, right?"
Nope, I wasn't kidding. We will hold the mortage just like a bank. The bank was going to charge them 4 1/2% interest, so that is what I am charging. We are going to meet with them this afternoon to go over all the details.

I am excited for them too!

Posted in Uncategorized | 4 Comments »

4 Responses to “WE made a young couple very happy yesterday!”

  1. snafu Says:
    July 3rd, 2015 at 04:39 pm 1435941584
    1435941584

    Carrying the mortgage yourself has potential for a win - win for you as the seller and the young couple who can't qualify for a bank mortgage. Had they sought out services of a mortgage broker who was likewise unable to get them qualified?
    4.5% seems a wonderful rate compared to a Savings account, CD or Bond Fund but does it make up for the higher level of risk? Would the documents include an interest rate re-set in the future? What is the process for PMI having ‘Builder’ [name of business] as beneficiary should they encounter difficulties over 30 years.

  2. PatientSaver Says:
    July 3rd, 2015 at 11:52 pm 1435967571
    1435967571

    I am sure you made their day! How extremely fortuitous for them to have contracted to buy not just any house, but your husband's house. It is wonderful that you can help someone out like that. Just make sure to get all the paperwork drawn up properly by a lawyer to protect yourselves, just in case.

  3. rob62521 Says:
    July 3rd, 2015 at 11:58 pm 1435967920
    1435967920

    You and hubby are wonderful. I bet you did make their day!

  4. creditcardfree Says:
    July 5th, 2015 at 01:54 pm 1436104465
    1436104465

    That's great news for both of you! I would be a little worried about financing someone, but I'm sure you wouldn't do it if it didn't seem right. And that interest is pretty good!

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