What You Need to Buy a Home With Owner Financing

Most people who message us ask the same thing first: “What do I need?” Here is the plain answer, in the order we look at it.

Income that comfortably covers the monthly payment

Every listing on our Homes page shows the monthly payment. On most homes that payment already includes property taxes and insurance, so the number you see is the number you pay. We want to see that your regular income covers it with room to spare, so the home is a relief and not a strain. A useful rule of thumb is income of about three times the monthly payment. Income can come from a job, self-employment, or any other lawful, documented source. Recent pay stubs or deposit records are usually enough to show what comes in each month.

The down payment, ready

The down payment is printed on every listing. On most of our homes it is between $2,500 and $4,000. It is what reserves the home: our homes are first come, first served, and a home stays on the market until a down payment is received. Having the money set aside before you tour saves disappointment, because a house you like can be reserved by someone else while you are still gathering it. The down payment can come from savings or from a housing assistance program. If you are using a program, tell us early so the paperwork lines up.

A valid government-issued photo ID

We ask for ID before any showing. Every Oak Homes tour is remote: after the ID check you get access to see the home on your own schedule, with no agent appointment. The ID check protects the home, protects you, and is the first step of the contract anyway.

Your rental history

We ask where you have lived and whether you have had a recent eviction. We are not looking for perfection. We are looking for a pattern of paying on time, because that is exactly what a contract for deed asks of you every month.

What we do not require:

We do not require a traditional mortgage or a bank appraisal. We look at two things above all: does your income cover the payment, and is the down payment ready. Each buyer is reviewed individually, and not every situation is a fit. When it is not, we tell you plainly and we tell you what would need to change.

What happens next:

Message our Facebook page with the word START, or text (217) 269-0003. We ask three quick questions: which city, how much you have available for a down payment, and the monthly payment you are comfortable with. We send you the homes that fit. You tour on your own schedule. If you like one, we go over the numbers together, and the down payment reserves it. Then you sign the contract for deed. In Illinois you receive the required disclosures before signing, and the contract is recorded with the county within 10 business days, so your interest in the home is a matter of public record.

One more thing about the home itself

Our homes are sold as-is. The price reflects the condition, and we tell you what we know up front. Walk through it carefully on your tour, run the water, check the furnace, look at the roof. If something matters to you, ask before the down payment, not after.

Ready to see what is available? Message START or text (217) 269-0003 and tell us which city you are looking in.

Owner financing offered on a contract for deed, sold as-is. Terms and approval vary by home. Each buyer is reviewed individually for income and down payment. Equal Housing Opportunity.