Resources
Fair Housing Statement
Family First Homes is committed to the letter and spirit of the Fair Housing Act, which prohibits discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability. We recognize the importance of equal housing opportunity for all individuals and families.
Our Commitment
We pledge to:
- Market our properties and services to all people regardless of race, color, religion, sex, national origin, familial status, or disability
- Show all available properties to all qualified individuals without discrimination
- Provide equal service, professional courtesy, and consideration to all clients and customers
- Evaluate applications and financing options based on objective criteria without discrimination
- Ensure our staff is knowledgeable about fair housing laws and practices
- Promptly address any concerns or complaints related to fair housing
- Continuously review and improve our policies and practices to ensure fair housing compliance
Protected Classes
Under federal law, discrimination based on the following factors is prohibited:
- Race
- Color
- National origin
- Religion
- Sex (including gender identity and sexual orientation)
- Familial status (families with children under 18)
- Disability
Additional protected classes may exist under state and local laws.
Reporting Concerns
If you believe you have experienced housing discrimination, you can file a complaint with:
U.S. Department of Housing and Urban Development (HUD)
Phone: 1-800-669-9777TTY
: 1-800-927-9275
Website: www.hud.gov/fairhousing
You may also contact us directly with any concerns about our practices:
Family First Homes
[Address]
[Phone Number]
[Email Address]
We value diversity and inclusion and are dedicated to providing equal housing opportunities for all people.
Resources for Buyers and Sellers
At Family First Homes, we believe informed decisions are the best decisions. We've compiled these resources to help you understand seller financing, homeownership, and making the most of your property.
Understanding Seller Financing
What is Seller Financing?
Seller financing (also called owner financing) is an arrangement where the seller of a property acts as the bank or mortgage company. Instead of the buyer obtaining a mortgage loan from a financial institution, they make payments directly to the seller according to an agreed-upon schedule.This arrangement benefits sellers by providing steady income and potential tax advantages, while giving buyers who may not qualify for traditional mortgages a path to homeownership.
Understanding Seller Financing
How Seller Financing Works
Purchase Agreement
The buyer and seller agree on the property price and terms.
Legal Documentation
A promissory note is created detailing the payment schedule and interest rate (if applicable)
Security Instrument
A mortgage or deed of trust is recorded to secure the seller's interest in the property.
Payment Process
The buyer makes regular payments directly to the seller or through a servicing company.
Completion
When all payments are made, the property title fully transfers to the buyer.
Types of Seller Financing Arrangements
Straight Seller Financing
The seller holds the entire mortgage.
Wraparound Mortgage
The seller keeps their existing mortgage while creating a new one with the buyer.
Lease-Option
The buyer leases the property with an option to purchase
Land Contract
The seller retains legal title until the buyer completes all payments.
For Property Sellers
Tax Considerations
Seller financing can offer significant tax benefits, including:
- Spreading income and potential capital gains over multiple years
- Potentially staying in lower tax brackets
- Minimizing impacts on Social Security benefits
- Avoiding Medicare premium increases triggered by large income events
*Always consult with a qualified tax professional for advice specific to your situation.*
 Estate Planning Tips
- Include payment rights in your will or trust
- Provide clear instructions for your heirs regarding payment handling
- Consider arrangements that allow for lump-sum options
- Document your agreement thoroughly with proper legal assistance
 For Homebuyers
First-Time Homebuyer Tips
Understand Your Budget
Know what you can truly afford, including taxes, insurance, and maintenance.
Check Your Credit Report
Review and correct any errors before applying.
Save for Upfront Costs
Plan for down payment and closing costs.ert your text here
Research Neighborhoods
Consider schools, commute times, and amenities.
Create a Must-Have List
Differentiate between needs and wants.
Get Pre-Qualified
Know your price range before shopping.
Plan for Future Needs
Consider how long you'll stay in the home.
Budget for Ongoing Maintenance
Expect to spend 1-3% of home value annually.
Credit Improvement Strategies
- Pay bills on time consistently
- Reduce credit card balances
- Avoid opening new credit accounts
- Address collections or past-due accounts
- Maintain older credit accounts
- Dispute inaccuracies on your credit report
Legal & Financial FAQ
Q: Is seller financing legal?
A: Yes, seller financing is legal in all 50 states, though specific regulations vary by state. All transactions must comply with federal laws like the Dodd-Frank Act, which may require involvement of licensed loan originators for certain transactions.
Q: What happens if a buyer stops making payments?
A: The seller typically has foreclosure rights similar to a bank, though the process varies by state and type of financing arrangement. The security instrument (mortgage or deed of trust) protects the seller's interest.
Q: Can seller-financed properties be refinanced later?
A: Yes, many buyers eventually refinance with a traditional lender once they've improved their credit or financial situation. The original seller is paid off at that time.
Q: Are there limits on what interest rates can be charged?
A: Yes, states have usury laws that limit maximum interest rates. Additionally, certain federal regulations may apply to owner-financing arrangements.
Q: How are property taxes and insurance handled?
A: These details should be specified in your agreement. Often, buyers pay these expenses directly, though some arrangements include an escrow component.
Q: What documents are needed for a seller financing arrangement?
A: Typically required documents include a purchase agreement, promissory note, security instrument (mortgage or deed of trust), and sometimes a loan servicing agreement.
Free Consultation
Have questions about your specific situation?
Schedule a free, no-obligation consultation with our team to discuss your property or homeownership goals.
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About OK First Family Homes
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