Buy Any Austin TX Home with Owner Financing
No credit or income verification
A large down payment (between 15 percent and 20 percent) and financial discipline are all you need to buy an Austin TX home with owner financing.
Are you on the verge of giving up your homeownership dream because banks have rejected your home loan application? Is your bad credit situation stopping you from becoming a homeowner in Austin? Well if the answer to any of these questions is yes, we – here at Shop Owner Finance – can help you learn how to buy any single-family home listed for sale in Austin with owner financing.
Browse all single-family listings in Austin below and let us know if you find a home in your budget. We will get you on your home buying journey in no time:
What is owner financing in Austin TX?
Unless you have a huge amount of extra cash lying around, you will approach banks to get a mortgage for buying a home in Austin TX, right?
But what if the banks tell you that they won’t approve your mortgage application or they can’t offer you the best mortgage terms?
In case you don’t have a stellar credit score or an ideal loan-to-income (LTI) ratio, this is exactly what can happen. In such a situation, home buyers explore alternative financing options that can help them buy with no credit check. Owner financing is one of the options that can help you buy a home with no credit or income verification.
Let’s consider another scenario. You looked at several homes in Austin and liked the one listed for sale with a purchase price of $300,000. You have arranged for a 20% down payment, so you want a traditional lender to finance the remaining amount of $240,000. When you approached banks, none of them would offer you more than $150,000 after evaluating your creditworthiness. You can ask the homeowner to loan you $90,000 ($240,000 - $150,000) to make up the difference. You will pay off the money you borrowed from the seller through monthly installments including principal and interest. Alternatively, the seller might agree to finance the entire $240,000.
So owner financing is a way of buying a home in Austin in which you obtain financing from the home seller instead of a traditional bank.
What it basically means is that in order to buy an owner-financed home in Austin TX the seller should be willing to offer his or her home with this financing method. Either the Austin home has to be listed for sale with an owner financing option or you or your realtor should negotiate with the seller and make him or her agree to extend financing to you.
It is for this reason that only a handful of homes are listed for sale with owner financing in Austin.
But our system approaches owner financing in a completely different way. In our system, we help you learn how to buy any Austin TX home you want without a credit check or income verification.
Why buy an Austin TX home with owner financing?
Apart from enabling you to buy any Austin home, owner financing offers several other advantages:
- Certain situations such as identity theft, self-employment, the lack of employment history or foreign nationality might make it difficult for you to document your income. In an owner financing arrangement, no documents to prove your income are required. It means the loan is approved based on your state income.
- How does owner financing make it possible to you to buy with bad credit? Well, the answer is simple! It doesn’t necessarily require a credit check.
- You can pay off the loan in 30 years just like you do in a traditional home loan arrangement. It means you won’t need to make any balloon payments.
- Want to pre-pay your owner financing loan? No problem! You can do so without having to pay any pre-payment penalties.
- All you need is a large down payment (anywhere between 15% and 20%) and financial discipline.
- Get approved for owner financing simply on the basis of the tax identification number.
- Improve your credit score as owner financing payments are reported to credit rating agencies.
Watch some of our clients explain how owner financing helped them overcome credit challenges and fulfill their homeownership dream: