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Let's say this is the value of the home you want. A nice quiet neighborhood with a completely updated 3 bedroom, 2 bath house. |
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Let's say this is the tax credit you will receive for buying a home before this coming April. The seller will accept THIS as your down payment. |
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This is the amount of seller-financing you need. It is calculated based on 30 years to keep your payments low. Remember though, you will need your own mortgage before two years is up. This gives you time to rebuild your credit score to qualify. |
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This is what you pay to the seller each month as your note payment on your seller financing. |
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You'll want to save monthly for the property taxes and homeowners insurance you'll have. |
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Funds you will need to actually purchase the home. This covers "closing costs" and should also leave you some funds for decorating. |
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