If you want to buy a home without a bank loan in Texas, your best option is owner financing. Owner financed homes can be purchased without a bank loan. For this reason, owner financing is suitable for prospective home buyers who are struggling to get a mortgage from a conventional lender. We – here at Buyer Investor Match – know this because our program helps credit-challenged people to buy ANY home they want with owner financing.

How owner financing works

In an owner financing arrangement, you don’t take out a home loan from a conventional lender. Instead, the seller finances the purchase. In other words, the seller becomes the lender and you pay the loan off in accordance with the mutually agreed terms and condition.

Since you are not taking out mortgage from a conventional lender, you don’t necessarily need to have a great credit score. You can buy a home with owner financing in Texas even if you are struggling with credit challenges or can’t qualify for a home loan due to certain reasons such as self-employment, foreign nationality or identity theft.

The closing usually takes place faster in an owner financing arrangement because the buyer doesn’t have to go through cumbersome legal and financial formalities.

Another advantage of buying an owner financed home without a bank loan in Texas is that you and seller can customize the terms of the purchase. You can request a repayment schedule that suits your current financial situation.

Buyers are usually asked to pay a large down payment in an owner financing arrangement. The interest rate may be slightly higher than what you pay to a conventional lender.

Here are some important things to keep in mind when buying a home with owner financing:

• Make sure that you are aware of all your legal and financial obligations when signing any document including purchase contract and promissory note. They specify the terms and conditions that you need to comply with. You should consider hiring professional help to understand your liabilities.

• The seller will be entitled to foreclose if you don’t keep up with your repayment schedule. If a third party note servicing company is involved, your payments will be reported to credit bureaus.

• You should buy a home only when you are financially ready. Try to arrange for a large down payment and make sure that you will be able to keep up with your monthly payments depending on your current financial situation.

Owner financing program from Buyer Investor Match

Not all sellers agree to an owner financing agreement, so it is usually difficult for buyers to find a home that the seller is willing to owner finance. Under our Buyer Investor Match program, you can buy any home you want with owner financing.

Once you find a home, an investor from our network buys that home and owner finances it to you on the same day.

All you need is a 15% down payment.

Interested in knowing more about program? Just click the ‘Get Started’ button below: