South Lamar (Austin), TX Owner-Financed & Rent-to-Own Homes (No Credit)
South Lamar features plenty of coffee shops, dive bars, markets, and galleries to create a vibrant environment that locals and tourists enjoy. Nearby Barton Creek, Sunset Valley, & Westgate also offer venues for everyone to enjoy the outdoors. The healthy blend of cozy living spaces and unique commercial establishments make it a popular go-to destination for professionals and students alike. Beyond the thriving food and culture scene, South Lamar is family-friendly as well because of several award-winning schools located in the area. You will find about 20-30 homes listed for sale here most weeks.
Some home buyers struggle to get approved for a mortgage because of credit challenges and unverifiable income. Rent-to-own is a popular no-credit-check alternative in South Lamar along with the 78704 and 78745 zip codes, but not a third-party owner-financing, on the other hand, is more feasible. This arrangement enables buyers to choose from all available homes in the South Lamar housing market, provided, it’s in a loanable condition. Like a bank-approved homebuyer, owner financing offers a 30-year amortization period and fixed monthly payments, without any credit and income verification.
This guide will help you learn how to leverage owner-financing to make your dream of owning a home here a reality regardless of your credit situation:
Why Buy an Owner-financed Home in South Lamar, TX (78704, 78745)?
Here are a few reasons why you should consider buying a home in South Lamar:
- The average price for a single-family home in South Lamar is $800,000 but first-timers and budget-conscious homebuyers find a property priced at $400,000 or less.
- There are an average of 20-30 homes available in the area most weeks. This means homebuyers have a large selection of inventory to choose from – ranging from luxurious manor-style homes to cozier traditional single-family properties.
- South Lamar is home to some of the best local restaurants in Central Texas such as East Side King, Kerbey Lane Café, Red’s Porch, and the famous Broken Spoke Dance Hall which has been serving the best chicken-fried steak since the mid-60s.
- The less-than-15-minute drive to downtown Austin offers easy access to some of the best shopping destinations. The specialty shops, underground stores, and other kinds of specialty shops around town, however, give South Lamar its unique charm.
- Apart from scrumptious culinary finds, South Lamar also has a magnificent selection of venues for live music and entertainment featuring up-and-coming local musical talent it has to offer.
- South Lamar is home to 11 public schools with Zilker Elementary, Richards School for Young Women Leaders, and Austom High being some of the highly-acclaimed ones.
How to Buy an Owner-financed Home in South Lamar (78704, 78745)
Self-employed buyers, foreign nationals, and credit-challenged borrowers may find it difficult to secure a conventional mortgage in South Lamar because of the stringent requirements. No-credit-check alternatives such as owner-financing offer several benefits for aspiring homeowners. These include an amortization period of up to 30 years and the opportunity to refinance through a conventional lender without balloon payments or pre-payment penalties. And unlike rent-to-own, buyers have the freedom to get the home of their choice, as long as it’s in a loanable condition.
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