Which is better option for a 1st time home buyer in the need of 100k loan - Mortgage or Owner Finance?

I have seen some borrowers in the need of 100k mortgage loans while their income is just around 1000 dollars per month – wait …Before deciding whether the mortgage or the owner finance is the best solution,such people need to think whether this is the right time to get such a large amount of mortgage loan.you should either get a home with lesser value or wait for more months so as to get a better job.

100k mortgage loan with 1000 dollars monthly income?

Like i said before,getting such a huge amount of home loan from the lender has to be thought again.Remember that you have to manage the following things after getting the home mortgage loan:

1.taxes,

2.insurance,

3.mortgage payments,

4.household expenses

5.And may be emergencies too?

But if you have a much larger income every month then there is nothing wrong in getting a 100k home loan.It is always better to get the loans from the traditional banks rather than the owner financing.if the owner decides to sell the house in the middle of the term,all your equity would be lost – building the home equity is very important.Remember that the PMI can also be canceled once you have built enough equity on the home.