Ask Agent Aaron: Can I qualify for owner financing in Kyle TX?
The market is improving in Austin TX and around the suburban areas like Kyle TX, Buda TX and Dripping Springs TX. Hope prices have at the very least stabilized, having in some cases jumped in very specific neighborhoods that are particularly sought after.
One of the biggest hurdles to a full-blown recovery is the still-tight lending market, at least when it comes to getting a traditional mortgage.
But there is an alternative that works for some people: Owner financing.
While the inventory of owner-finance properties is not nearly as large as traditional homes on the market, they can be found.
It works for the seller if:
- 1) They don't have enough equity in their home to pay selling costs and break even, yet they are close to the line of a short-sale making sense for them, or for some reason they don't qualify for a short sale
- 2) They don't want to buy a home right away.
It works for the buyer if:
- 1) They have stable employment (self-employment is usually fine).
- 2) They have good credit.
- 3) They have a down payment of around 8-10% depending on the sales price.
If you would like to learn more about owner financing a home, please give me a call or drop me a text.