Owner Financing Homes For Sale – The Oak Leaf Company

Owner Financing Homes For Sale

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Owner Financing Homes For Sale

Are you looking for owner financing homes for sale in Texas? The Oak Leaf Company has affordable homes for sale such as single family homes, investment property, and other wholesale properties for sale in Texas.

We have been selling vacant property for sale, distressed homes for sale in Texas for many years. We are also known as the most trusted distressed property seller with income properties for sale in Texas. Owner financing generally allows you to purchase a home, even when you do not currently qualify for a traditional mortgage.

Why to buy owner-financed home in Texas?

Owner Financing Homes For Sale

Owner financing in our system offers following advantages:

Credit repair: Buying a home with owner financing in Texas can help you improve your credit score. Your regular payments will be factored in when credit rating agencies evaluate your credit score based on your monthly owner financing payments.

Overcome credit challenges: Foreign nationality, self-employment and identity theft are some of the reasons your mortgage application is rejected by conventional lenders. You can buy a home even if you are self-employed, a foreign national or a victim of identity theft.

You should be able to arrange for a reasonably high down payment and show that you are a financially disciplined person. If you are looking for an owner financing home for sale, get in touch with us today!

Houston Owner Financing Homes For Sale

Houston Owner Financing Homes For Sale

The ability to buy a home in today’s housing market has gotten tougher. Strict loan requirements that are almost impossible to meet along with large down payments have made what should be a wonderful experience a challenging one.

This is why at The Oak Leaf Company, we offer owner financing and a layaway program. Our owner financing program offers tailored financing that gives us the flexibility to qualify you without requiring a credit score, and our layaway program gives you the down payment flexibility that you need to get into the home that you want. Learn more about Owner Financed Land.

If you enter into owner financing, you need to have a gameplay to get into a safer, cheaper, traditional mortgage within 3-5 years of starting the owner financing.

Some benefits of Houston Owner Financing:

  1. Faster closing – no processing time for the home buying process
  2. Cheaper closing – no bank fees or appraisal costs
  3. Flexible down payment – no bank or government-required minimums.
  4. Good option for buyers who are not able to secure a mortgage

Owner Financing Homes For Sale Houston

In an owner financing arrangement in Houston or anywhere else for that matter, the seller agrees to accept installment payments directly from the buyer rather than having the buyer obtain a loan from a bank. The buyer pays monthly installments to the seller, instead of a bank.

In other words, the seller extends financing to the buyer. If the buyer doesn’t pay the installments on time or become delinquent, the seller can foreclose just like a bank does in a similar situation.

Owner Financing Homes For Sale Houston

The buyer and the seller enter into an agreement and are bound by the terms outlined in a document, legally called promissory note.

The promissory note specifies important terms and conditions that the buyer and the seller need to abide by. These terms are legally binding. Some of the terms include:

  • Your monthly installment amount including principal and interest.
  • Monthly payment due date.
  • Whether the mortgage is fixed rate or adjustable rate
  • Amortization period (the length of time to pay off the loan)
  • Balloon payment (if any)
  • Pre-payment penalties
  • If refinancing is possible or not.
  • Another important document in an owner financing arrangement is the deed of trust. It basically specifies the consequences of your failure to pay off the loan.

This document is recorded at the public records office after the closing. It shows that you pledged the property as collateral to secure owner financing from the seller. The third party trustee who holds the deed of trust can sell the property at public auction if you fail to keep up with your payments and become delinquent.

What Is Owner Financed Homes

Owner financing – also known as seller financing – has become a popular financing option for buying a home in Houston as the banks or conventional lenders have become very strict with their mortgage underwriting standards.

In order to meet these underwriting standards, you should have a stellar credit score and favorable financial history and make a fixed monthly income. The lenders take all these and many other factors into consideration when evaluating your mortgage application. The tightening standards have resulted in a lot of potential home buyers struggling to obtain a mortgage. Many of these buyers are disciplined with money, but pay a heavy price for small financial missteps from the past – for example missed credit card payments.

What Is Owner Financed Homes

On the contrary, you don’t necessarily need a high credit score to buy a home in an owner financing arrangement. In fact, you can buy a home with no credit check or income verification. Here at The Oak Leaf Company, we will explain in detail how owner financing works and how it’s a great alternative financing option for credit challenged home buyers. We will demonstrate how owner financing is a good option for you. We will help you find your dream home and help you learn how you can buy that home with owner financing without credit check or income verification.

Owner Financed Homes Near Me

Your first step is to find a home that seller is willing to owner financing. There are many ways you can find an owner financed home.
  • You can hire a realtor
  • You can go through For Sale by Owner listings and talk to their owners
  • You can go through listings on free property listings websites online
  • You can tour neighborhoods where you are planning to buy homes and negotiate with sellers individually.
Owner Financed Homes Near Me

Here at The Oak Leaf Company, we can help you learn how to buy any home with owner financing in Houston. We match you up with an investor who buys the home on your behalf and owner finances it to you. You are also assigned a realtor who helps you find your dream, negotiates on your behalf, prepares a contract and gets you through the closing process, at no additional cost to you.

Everything works just like it does when you buy with a conventional mortgage. It is different from typical owner financing arrangements where balloon payments, pre-payment penalties and other similar restrictions are standard practice.

Besides you won’t be able to buy any home you want because most sellers like to get all the cash up front on the closing day. Owner/seller financing is a great option for buying a home in Houston, particularly if you are struggling to get a conventional mortgage.

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