Newb - Seller Financing Questions

[Frank Van Der Veken]

Can someone give me a dumbed down version of seller financing? 

Also, would I still be eligible for a FHA loan if my first property was done through seller financing?

Thanks!

[David Ramirez]

Hey @Frank Van Der Veken, 

Seller financing means that the owner will sell you the house for terms, not for cash. That means that you are basically taking over ownership and instead of owing money to a bank you owe money to the seller. You negotiate directly with the seller and determine the downpayment, interest, and period of the loan.  

And yes you are still eligible for an FHA loan. You don't need to be a first-time home buyer to qualify for an FHA loan.