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Bad credit & no credit check rent-to-own homes in Dallas TX

If you have been living in a rented accommodation in Dallas TX for a long time, the thought of buying a no credit check rent-to-own (lease purchase or lease option) home must have crossed your mind. A rent-to-own financing arrangement sounds good when you can’t obtain a conventional mortgage, but the question is: Does it really suit your home buying goals?

Maybe not! If you have bad credit holding you back from buying your dream home in Dallas, you are probably already considering alternative financing options. Here at Shop Owner Finance, we can help you learn how to buy any Dallas TX home you want with unique third-party owner financing. You can buy any home listed on the market with no credit check or income verification. 

Browse the Dallas home listings below to find your dream home. We will help you learn how to buy it with no credit check: 

No Credit Check Homes Dallas April 12, 2024
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Rent-to-own (Lease Purchase) vs Owner-financed homes for sale in Dallas TX with no credit check

Dallas – Fort Worth area is a popular housing market for home buyers. If you are renting, you should definitely consider buying a home here. And if you are not able to qualify for a home loan, you can buy any home of your choice with owner financing. Here are a few things that make owner financed homes better than rent-to-own homes in Dallas TX:

  • A rent-to-own agreement doesn’t guarantee that you would be able to buy the home at the end of the lease people. A lot of things can go wrong. It includes a fresh lien or judgment on the title. On the other hand, owner financing in most cases is a legitimate way of financing a real estate purchase. The reason is that you become the legal owner of the property on the closing day.
  • You will in most cases pay a higher amount of rent than the usual rent for the comparable property in the same location during the lease period in a rent-to-own arrangement.  In an owner financing arrangement, you don’t pay rent, but monthly installments to the seller. In our system, we help you learn how to pay your monthly installment through a note servicing agency. It makes your payments similar to those in a traditional mortgage.
  • You pay a non-refundable ‘option money’ at the beginning of the lease period. You will not get this money back if you back out or anything goes wrong. You pay a down payment instead of option money. The down payment could be anywhere between 15% and 20%. The down payment is applied towards the purchase price.
  •  In a rent-to-own arrangement, you are a tenant in the property during the lease period, so there will be more or less the same types of restrictions that landlords usually impose on their renters. However, when you buy a home with owner financing in Dallas TX, you can customize the home.
  • Most rent-to-own loans are short-term, meaning that the lease period will be for 3-5 years. You either have to get a mortgage to buy the home at the end of the lease period or pay cash. In case your credit score didn’t improve and you couldn’t obtain a mortgage, you will end up losing the option money. You also lose all the inflated rental payments that you made in hopes of buying the home. However, you can pay off your owner-financing loan in up to 30 years just like you do in a traditional mortgage.
  • In our system, we help you learn how to get terms similar to a traditional mortgage. You don’t have to make balloon payments or pay pre-payment penalties.
  • Rent-to-own contracts are very complicated. For example, most home buyers don’t understand the difference between lease-to-option and lease-purchase. Some rent-to-own contracts might make you legally obliged to purchase the home at the end of the lease period instead of giving you the option to buy it. These contracts impose severe financial penalties in case you can’t afford the home at the end of the lease period. Though owner financing contracts are also customizable, we help you learn how to get the best terms for your home purchase. These terms are more or less similar to a conventional home loan, the only major difference being that instead of a bank, the seller (or an investor) finances your home purchase.

Though both rent-to-own and owner financing enable you to buy with no credit check or bad credit, you should pay attention to the legal and financial obligations that you would need to comply with. Make sure that these obligations align with your home buying goals.  

If you are interested in buying any Dallas TX home with owner financing, get in touch with us today. We will get you started on home buying journey in no time: