Owner Financing for First-Time Home Buyers in Houston TX
No-credit-check and income-verification loan for buying your first home in Houston
As a first-time home buyer, you may have many doubts and confusions about how property transaction process works in Houston. Whether or not you will get qualified for a mortgage is probably on the top of your list of worries.
Here at Shop Owner Finance, we have worked with many first-time home buyers who had poor credit or no credit history. Here are a few things you need to keep in mind while looking for a home in the Houston housing market:
Checking credit score should be your first step in the home buying process. You can get a copy of your credit report free of cost once every year from credit rating agencies. (See also: How to check your credit score before buying a home in Houston).
You need to have a good credit score to get the best mortgage terms (See also: Credit score required for buying a home in Houston TX).
Bad credit shouldn’t stop you from realizing your homeownership dream. Set an appointment today to know how you can buy a home with no credit check or income verification.
Pre-approval and pre-qualification
Get in touch with a mortgage broker or directly approach lenders to get pre-approved.
An important thing to keep in mind is that you can get pre-qualified over phone; however you will need to submit proof of income and employment and other documents to get pre-approved.
A pre-approval letter will help you determine your home buying budget.
Your home buying strategy
- Never stretch yourself financially too much. Determine your budget and stick to it. You should focus more on must-have features that your ideal home should have, rather than nice-to-have features. Factor in closing costs when deciding your budget. They could be up to 4 percent of the purchase price.
- Try to arrange a large down payment to avoid paying for Private Mortgage Insurance. The down payment should be between 15 percent and 20 percent to get owner financing.
- Make sure that you are represented by a licensed realtor. When you work with Shop Owner Finance, you don’t need to pay any realtor commission. You are assigned a dedicated real estate agent at no additional cost to you. The agent will help you deal with all the legal and financial formalities and negotiate with the seller and his or her agent.
- You are not just buying a home, but also making one of the biggest investments of your life. Make sure that you are investing in a profitable asset. Look into the prospects of appreciation in home values in the area where you are buying. You will build equity faster if you buy in a good location.
Set an appointment today to learn how you can buy any home you want in Houston with no credit check or income verification.
You can buy your dream home in two easy steps: Use our state-of-the-art search or browse the featured listing below and fill up the form on the property listing page. A licensed relator from Shop Owner Finance will get in touch with you promptly and guide you through the home buying process.