After the 2009 housing market crash, the federal government enacted new mortgage lending regulations. The new rules aimed to prevent the types of fraud and deceitful practices that led to the crash and its devastating effects. However, there was an unfortunate side effect of the new regulations: many potential homebuyers found themselves unable to get approved for a mortgage.
The regulations prevented buyers from being approved for a wide variety of reasons. Most commonly, those reasons involve credit or income reporting. But there are many types of potential homebuyers who’ve been shut out of the mortgage lending process.
The good news? Slow Flip helps buyers get into their dream homes now, without waiting to qualify for a mortgage. Learn more about the Slow Flip contract for deed (CD), and our requirements and process, here.
Common Reasons Buyers Aren’t Approved for a Mortgage
- They’ve been self-employed for less than two years
- They earn a significant percentage of their income on commission or bonuses
- There have been income changes in recent months (or even years)
- There are recent credit issues related to divorce or medical debt
- There are severe credit events, such as bankruptcy, foreclosure or short sale
- A low credit score for any reason
- They want a contract under a business entity rather than a personal identification
- They don’t have a Social Security number
- They need Sharia-compliant ownership
This isn’t an exhaustive list – there are many reasons that potential homebuyers use the Slow Flip CD to buy homes. Just read these testimonials from our many satisfied clients! Then give us a call to get started.
The Slow Flip contract for deed program helps families in the Twin Cities metro area of Minneapolis, St. Paul and surrounding suburbs purchase a home using a contract for deed, or CD, when a mortgage is not possible. The Slow Flip contract for deed can be an ideal tool to purchase a home when buyers need time to adjust their income, credit, debts or other financial components so they can eventually qualify for a mortgage.
Are you or your clients interested in learning more about the Slow Flip contract for deed? Contact us at 952-417-0000 today.