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Updated over 4 years ago,
Seller Financing-random question
I'll try to make this short. I am a traveling nurse and while I make good money and have great credit, banks see my job as a liability because it is contract work. Therefore most travel nurses have a hard time getting a traditional home loan. I want to potentially go into a seller financing deal with someone on an investment property and understand that the balloon clause is typically 5 years. I am unsure if I will still be working as a travel nurse in 5 years or if I will have settled down as a "traditional" staff nurse.
Does anyone know: If I go into seller financing with someone and am able to show on time payments with the seller loan for 5 years if the bank sees that as enough to finance the loan from there? Or would my job "liability" still trump my good loan history?
Thanks in advance!