Are you planning to avail a house but you have no documents to provide?
In-House Financing might be the a good fit for you, lets review if you are qualified for this Financing.
At In-House Financing, clients are directly paying the monthly amortization to developer, before that you are going to pay the required Down Payment.
In-house financing has the highest interest rate of all financing options, usually at 14% to 18% depends on developer. Clients should understand the way the interest rate were computed. Some of clients thought a 14% or 18% will be added on top of the Selling price and will be divided to the years of payment, no it's not.
Let say, Standard payment of Developer is 10% Down Payment and 90% Balance to Financing
900,000 is the 90% Balance
Factor Rate for 10 years at 16% interest is 0.0167513
Pay the 10% or might be 20% Down Payment to developer, the higher the DP the lower your Balance and will give you a lower monthly Amortization.
Monthly Amort. = 15,076.17 per month
Monthly Amort. = 13,401.04 per month
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