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Instead of obtaining a mortgage from a regular lender, owner financing refers to when the buyer receives a loan from the home's seller. It also goes by the name "seller finance" for this reason. In contrast to a traditional bank financing plan carried out through a mortgage lender, owner financing doesn't include the seller giving the buyer any cash. Owner financing operates more like a loan of credit, with regular payments made by the buyer until it is repaid. This makes an owner financing house in Virginia really affordable. Use a Promissory Note  A promissory note may be used in an owner-financing transaction. The promissory note will detail the conditions of the agreement, including the sum of money that must be paid to the seller according to a timetable for a given date. When employing a promissory note for seller financing, the buyer voluntarily enters into a loan agreement by accepting the seller's money. All of the loan's conditions, including the in...