Let Us Help You Look For Owner Financing/Seller Financing or A Rent To Own Home In Corpus Christi?

    Imagine owning a home today with as little as 3-5% down, flexible loan terms, and all at a monthly payment that works for you. Let our team find a home for you with owner financing also known as seller financing.

   Find out how to obtain owner financing to own a home in Corpus Christi Texas today! We have Homes available rent to own or with seller financing in Corpus Christi, North Padre Island & other surrounding Texas areas.

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 Many Corpus Christi residents have benefited by owner financing.

   Instead of making a large down payment of 20 or even 30% with a traditional mortgage your option fee or down payment will be 10% or less of your home price. We find owners who are flexible and your down payment will vary based on your individual situation.

 There is no need to qualify for a mortgage. Obtaining a mortgage often is difficult, time-consuming, or may not be possible depending on your situation. We offer a variety of solutions using seller financing and rent to own homes.

If you wish to buy a home but don't have the credit and cannot afford the down payment, then owner financing is an option you may look out for. Owner financing or seller financing is a process by which the seller offers a part or whole of the home purchase price with or without a mortgage on the property.

Should you go for owner financing?

 There are various home financing options available in the market but owner financing may be your preferable choice if you are in any of the situations given below:

• You do not qualify for traditional loans:
  You may have poor credit due to late payments, collections or even a past bankruptcy. And, this may prevent you from qualifying at some of the best rates available. This is when you may opt for owner financing wherein the seller may ask for your credit report although the eligibility criteria are flexible and negotiable. Moreover, if you are self-employed and cannot prove your income or else if you have taken up a new job and do not comply with the strict lending rules, then purchase through installments may be the right option for you.  
• You cannot afford to pay closing costs:
  You may not have enough funds to pay the closing costs on a mortgage or you may like to avoid paying such a large sum of fees. This is where owner finance can save you thousands of dollars in loan costs.  
• You need to get into the home fast:
  You may wish to avoid the lengthy loan process and close on the home within a few days. This can be done through owner financing.

   What are the types of owner financing?

 You can go for an owner finance using either a land contract or a mortgage/deed of trust. There can also be a lease purchase agreement to bring it into effect.

• Mortgage/deed of trust:
  In this case, the seller carries a mortgage note for an amount equal to the difference between purchase price minus the down payment. The seller charges interest on the balance. It can work out in another way wherein the buyer takes a first mortgage loan against the home and gives the seller a second mortgage note for the balance of the purchase price less the sum of down payment and first mortgage loan.
  
  Let's take an example:
  
  Mr. X (seller) and Mr. Y (buyer) agree on a home price worth $120,000. The bank requires a down payment worth 20%, that is, $24000 and can offer a loan worth $100,000. But Mr. Y can only afford to make a down payment of $12000. So, the seller agrees to hold a second mortgage for the remaining down payment of $12000 while the bank offers Mr. Y a first loan mortgage. Mr. Y now makes a monthly payment to the bank for the first loan and then to the seller for the second loan.
  
  Alternatively, Mr. Y can put in a down payment of $12000 and instead of approaching the bank for a loan, he may request the seller to carry the mortgage of $108,000. Mr. Y will then make monthly payments at a rate decided upon by the seller.

   

• Contract for Deed/Land Contract:
  This is an option where the buyer puts in a down payment and agrees to pay off the sale price along with the interest at a specific rate within a certain period of time. Usually in this case, the buyer pays off a certain amount and after some years, refinances into a conventional mortgage. The seller is then paid off with the refinance loan and this is when the former offers the property-title to the buyer.
• Lease Purchase Agreement:
  This is an agreement by which the seller leases property to the buyer for a certain period of time. At the end of the lease, the buyer takes out a mortgage loan to pay the balance of the purchase price less the total rental payments paid so far.

   What are its pros and cons?

 Owner financing gives you the chance to qualify for loans with a variety of payment options such as interest-only and balloon payment. You have the flexibility to mix and match options and negotiate for a favorable rate.

The other benefit that you get out of it is, the chance to rebuild your credit. You may have bad credit but regular monthly payments within the due date can help bring up your credit score.

However, if the seller wants to finance you for a short term of 2 to 10 years, then you will have to refinance the loan at the end of the term and pay off the balance. The drawback here is that, if you are denied a refinance loan, then you'll have a tough time paying the seller.

All automated searches may be emailed directly to you by filling out an Automated Email Request.