If you wish to buy a home but don’t have the credit and cannot afford the down payment, then owner financing is the solution your looking for. Seller financing (rent to own) is a process by which the seller offers to hold the note for you. No banks or credit are needed for this type of home purchasing. In this article on your options will be explained.

Should you go for owner financing?
How Does Owner Financing work
How to Buy a Home with bad credit

Why use other financing options?

There are various home financing options available in the market but owner financing/rent to own may be your preferable choice if you are in any of the situations given below:

* You do not qualify for traditional loans:

You may have poor credit due to late payments, collections or even a past bankruptcy. And, this may prevent you from qualifying at some of the best rates available. This is when you may opt for seller financing wherein the seller may ask for your credit report although the eligibility criteria are flexible and negotiable.

And if you are self-employed and cannot prove your income or else if you have taken up a new job and do not comply with the strict lending rules, then purchase through installments may be the right option for you.

* You cannot afford to pay closing costs:

You may not have enough funds to pay the closing costs on a mortgage or you may like to avoid paying tons of bank fees. This is where owner finance can save you thousands of dollars in loan costs.

* You need to get into the home fast:

You may wish to avoid the lengthy loan process and close on the home within a few days. This can be done through seller financing. Imagine by this time next week you could own a home!

To find out more information about Owner Financed Homes in Austin please visit us.