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I found a home on the website I want to see in-person. What next?

First, let us say “WE’RE EXCITED FOR YOU!” The first step is to ask yourself 3 questions:

1) MOVING DATE. Are you ready to close and get moved into your new home in 45 days or less? If the answer is definitely a “no” (i.e. even if you found your Dream Home, you wouldn’t move sooner than 45 days or so), we recommend that you wait to look at homes until you’re about 6 weeks from your desired moving date. This is because we usually can’t hold homes longer than about 30 days, except for with down payments of at least 10% or so.

2) MONTHLY PAYMENTS. Unless there’s a lower monthly payment written on the website listing for the home you like, most owner-financed mortgage payments are approximately 1% of the home sales price, already including the property taxes and homeowner’s insurance. This is the general rule-of-thumb unless you can invest more than 5%, with the greatest discount on monthly payments coming with 10% down or more. PLEASE ASK FOR DETAILS.

3) INVESTMENT. Do you have a reasonable amount that you can borrow or save to put as an investment in your new home?

So if you’re open to getting your new home within the next few months, and you can afford the monthly payments and down payment, then CALL NOW to get a look!

It’s time to take action before it’s GONE… Simply contact us to get an in-person tour of the home. You can text message or call 512-850-7336 or email us through the “Contact Us” tab. If you haven’t talked with anyone yet, that person will chat with you for a few minutes to find out what you’re wanting. No need to complete the online application if you’re ready to see some homes now. And unlike some other owner-financing/rent-to-own companies, with us there is NO credit check to get started, so you don’t have to worry about strangers picking apart your financial history or credit blemishes…Phew!

These homes do sell FAST so get a look at the one you like before it’s GONE!

How Does Your Owner-Financing Program Work?

Our goal is to make it easy for you to own a home. You get financed (the mortgage/home loan) by the seller of the home (owner-financing), which means you don’t have to qualify for a mortgage from a bank in order to become a homeowner. You get 100% ownership of the home, plus all the income tax benefits, from DAY ONE as soon as you close. Your Warranty Deed (title to the home) and your Deed of Trust (what a mortgage is called in Texas) are recorded with the County Courthouse, so if you or anyone else were to look on-line, public records and tax records would show that YOU are the owner of the home.

With our financing program, credit score often doesn’t matter because the seller of the home carries the financing for you until a later time when your credit IS good enough for you to be able to refinance the home (and your owner-financed mortgage) with your own loan from a bank. So there is NO need for you to struggle to try meeting the banks’ high credit score requirements. In fact, we’ve actually helped families to OWN a new home just 45 days after a foreclosure devastated their credit score!

Most buyers qualify for the program as long as they can afford the monthly payments and a reasonable down payment. Finally, there are NO hassles like with the long closing timeline typical of bank financing; once you find a home you’re ready to call your own, you could OWN it and move your family in as fast as 7-10 days later!

Would the home REALLY belong to us—being in “our name”—even with bad credit?

Yes! With conventional lenders, you can’t own a home without good credit, but you can with us.

If you're curious to know how, there are 2 main documents when buying a home: 1) The General Warranty Deed and 2) the Deed of Trust. The General Warranty Deed is the piece of paper that gives you ownership of a home, so your name appears in the county courthouse and tax records as the owner of the home and allows you to take the tax write-offs on the home from Day One! The Deed of Trust is the “loan instrument” used in Texas (a.k.a. Mortgage), which together with a Real Estate Lien Note, clearly outlines the dollar amount of your home loan and other terms.

All home sales involve the General Warranty Deed transferring from the seller’s name to the buyer’s name as the new owner. And most traditional home sales require the buyer to get their own bank loan, which means the Deed of Trust and the Lien Note are given from the buyer’s new lender/bank to the buyer. But the difference with seller-financing (a.k.a. owner-financing) is that the attorney-drafted Deed of Trust and Lien Note are granted from the seller’s name (instead of from a bank) acting as the lender to the buyer, which is why we advertise “No banks needed.” So BOTH the Warranty Deed (the ownership) and the loan are in your name, but you just didn’t have to qualify for the loan through a bank!

We owner finance you the home today until sometime in the future when you are able to qualify for your own bank financing, which gives you the opportunity to refinance your owner-financed mortgage to attain a lower interest rate. Our buyers love it because they can finally own a home without having to have perfect credit, and it gives them time clean up past credit problems, time to sell another home, and try out the neighborhood.

Are these homes foreclosures, short sales, "Fixer-Uppers," or bank-owned homes?

No, these homes are not owned by banks, they are owned and being offered for sale by regular people and investors who are willing to carry the financing for buyers like you, so you don’t have to hassle with the banks. Most homes are “pretty” and move-in ready.

How do I know what the monthly payments will be for each house? What will my monthly payments be?

Keep in mind that owning a home almost always costs more than renting, but many feel that the benefits of owning outweigh the higher cost. Unless a lower number is written in the home description section on the website, there is a quick rule of thumb you can use when it comes to financing and monthly mortgage payments, which will save you a lot of time and will prevent disappointed expectations. The rule-of-thumb is called the “1% Rule,” which means that most owner-financed mortgage payments will run approximately 1% of the home sales price, already including the property taxes and homeowner’s insurance. This applies most of the time, unless you can put down more than 5%, with 10% down or more lowering monthly payments the most.

So the question you should ask yourself is: If I found a home I REALLY, REALLY loved, what’s the most I can afford monthly?
(The more you can budget for monthly payments on your new home, the easier it will be to give you a choice of nicer, bigger, and newer homes.)

The way you can use the “1% Rule” to guide you in your home search is to first calculate the most you can afford for a home (especially a home you REALLY like), then you should generally restrict your search to homes with a list price that’s AT OR BELOW your monthly payment limit multiplied by 100.

For example:

• If your monthly MAX is $950, look at homes priced AT or BELOW $95,000 ($950 x 100 = $95,000 list price)

• If your monthly MAX is $1,200, look at homes priced AT or BELOW $120,000 ($1,200 x 100 = $120,000 list price)

• If your monthly MAX is $1,500, look at homes priced AT or BELOW $150,000 ($1,500 x 100 = $150,000 list price)

...and so on...

How much down payment do I need?

That’s partly up to you! Generally, the minimum down payment needed varies from home-to-home and is usually based on a percent of the sales price. Like with traditional home loans, the more you can put down on your new home, the LOWER the monthly payments will be. (To get a fast & free quote of your monthly payments based on your available down payment, contact your home specialist for assistance.)

Can I buy a home with no down payment or “zero down”?

If you have good or great credit, you can find a Realtor to help you buy a foreclosed HUD home, a VA repo, or (if you qualify) you could use your VA loan to get a home with almost no money down. But if your credit is less-than-perfect or if you can’t qualify for a bank loan for any other reason, buying a home with a reasonable down payment using owner-financing is the only way to own a home.

Do you offer a “Rent-to-Own” program where I can get a home with little or no down payment?

Very rarely, but if we need to, we are sure to do it the safe and better way for you. “Rent-to-Own” is where you give a deposit to be able to rent a home with the option to BUY AND OWN it later. Other sellers and companies have offered this option in the past, but this is often where we’ve all heard the horror stories about scams and rent-to-own gone wrong. The main way that other people have messed these up is by requiring the tenant to get qualified for a bank loan (in an unreasonably short time frame) before they can get title to the home… And if the tenant wasn’t able to improve their credit so they could qualify for a bank loan within the short time frame allowed (usually 6-12 months), then they would lose the home and any deposit they gave to get the option to own it.

We hate hearing about these stories, bad things happening to good people! That’s why we prefer to give you ownership right away through owner-financing. With this program, there’s no risk of this issue happening because you OWN the home from Day One, even with bad credit, so you start building equity/value into the home right away.

However, when we very rarely do “rent-to-own,” you get ownership of the home a few months later based NOT on your credit score qualifications, but on the down payment you have saved (which is easier for you to control). You would still be required to invest a deposit of approximately $4000 or more before you can move into your new home. The next step is to ask your associate if “rent-to-own” is an option for the home you like.

When should I start looking at homes based on when I want to move? I don’t want to get a home until at least 3 or 4 months from now.

We recommend no sooner than about 2-8 weeks before your desired moving date. With traditional home sales that rely on SLOW bank financing, even with a contract secured to buy a house, a buyer could still expect to wait almost 2 months JUST TO CLOSE!

Fortunately, getting a home with owner-financing is much easier AND faster, allowing you to close and get moved in as fast as 7-10 days after finding your new home! If you need to move even faster than that, we can do that, too! Keep in mind that usually unless you have 10% down or more, the longest our sellers can hold a home for you before closing is about 30 days. (But it doesn’t hurt to ask us!)

If you definitely want to wait awhile to get a home, you’re welcome to check out website pictures and videos of the homes we have right now, but remember not to “fall in love”!...These homes can sell FAST, so the homes you see today could be gone by next month or whenever you’re ready to buy. There should be more homes later though.

If you think you MIGHT POSSIBLY want to close and/or move sooner if you found the right home, then you are welcome to start narrowing down your favorites from the website TODAY. Then to set up a time to view any homes in-person, just contact (email, text message, or call) the friendly associate who has been helping you. Some unoccupied homes could even be viewed the same day!

The home I wanted was sold. Can you help me find another one?

Yes we can. Our homes go fast, so the best thing you can do is join our online VIP Buyers List or call us so we can write down what you want. As soon as a home becomes available, we will call or email you about the home, or you can check the website whenever you want.

What are some of the benefits of owner financing for a buyer like me, especially by working through your flexible program?

The 1st main benefit is that you can close and get moved in much FASTER! Once you find a home you’re ready to call your own, you could close, OWN it, and move in as fast as 7-30 days later! This is especially important if you need to move fast or if you’re relocating from another city and you don’t want to pay for an expensive hotel room for 45-60 days while you wait to be able to close on a bank-financed home loan. We can also work with you on the timing of your move from where you are now, especially if you give us 1-2 months of notice about when your lease is ending so we can save you as much money (and stress) as possible!

The 2nd main benefit is CHOICE. In many Central Texas cities, we offer multiple homes to choose from, in all price ranges, sizes, and areas! Why look at just 1 or 2 houses when we’re your “one stop shop” for some of the best owner-financed homes in Texas, having helped over 500 families to own a home since 2005?

The 3rd main benefit of our owner-financing program is, unlike other sellers or companies, we generally DO NOT “force” buyers like you to refinance by a specific date, with the risk of losing the home if you can’t. In general, our program allows you to keep an owner-financed home without needing to refinance into a bank loan for as long as the 30-year loan if you need to!

And the 4th main benefit of owner-financing is that it may be the only way you can actually OWN you own home, even if banks have said “no.”… If you’re like a FULL ONE-THIRD of Americans today, you may not qualify for bank financing to be able to own a home! While lender requirements get more and more strict each day, currently if you and/or your partner don’t have a minimum 620 or 640 credit score, at least 2 years in a similar W-2 job with proof of income, a social security number, the right debt-to-income ratio, a large minimum down payment, you’re new to the city and are looking for work, etc, etc, then you probably can’t get a loan. Our sellers generally don’t care about any of these issues as long as you can afford the minimum down payment and monthly payments… All credit is OK (bad, good, none, or ugly).

So what are some of the benefits of OWNING a home? TOO MANY TO COUNT! (If you’re curious or just need an extra boost of motivation, ask us to email you a complete list of homeownership benefits.)

Why aren’t there more houses for sale with owner-financing?  Why are owner-financed homes less common than homes being sold conventionally through Realtors?

: Good question. The main reasons are basically money and perceived risk.

When a seller has a lot of equity in a home and they choose to carry the financing for a buyer, instead of that seller getting all of their equity “cashed out” by a buyer’s new bank loan paying them in full, the only money that seller gets up-front is the buyer’s down payment. This means the seller has to wait until the buyer refinances into their own bank mortgage before the seller is able to get paid the rest of their money, also known as their home equity. Cash is king, and most sellers want all of their money now, so they prefer to sell outright to a buyer who pays all-cash or who qualifies for their own bank mortgage.

The 2nd main reason is the seller’s perceived risk of financing a home to a buyer who has less-than-perfect (or even bad) credit because if the buyer defaults and can’t pay, the seller is responsible for maintaining cash reserves to pay the payments on their mortgage, pay the cost of foreclosure on the buyer, and possibly needing to fix the house up before selling again.

So because owner-financed homes are not very common compared to conventional home sales, it’s important to have the right mindset as a buyer. It’s important that buyers be as flexible as possible when choosing a home and realize won’t be as many options to choose from as with traditional financing… But we often have many GREAT homes of all sizes, types, and areas, and it’s better to finally be given the opportunity to own a home than to rent forever, right?

I found a house for sale that’s NOT on your website…Can you see if the seller would be willing to owner-finance it to me OR if your company can buy it from the seller and owner-finance it to us?

ANSWER:    Yes and no. As you read in the previous FAQ, most sellers are hesitant to offer owner-financing to buyers, mainly because 1) they’d have to wait to “cash-in” on most of their equity until the buyer can refinance into their own bank loan and 2) because sellers have a higher perceived risk about carrying financing for a buyer in case they have to take the house back due to default.

But let us know the address of the house you like, and it doesn’t hurt for us to try!

Most of our company’s house-buyers (investors) will have better luck getting you an owner-financed home (one not found on the website) if you have access to a down payment of at least 10% or $10,000. The reason is because the seller of the house you like is more likely to be willing to carry the financing for a buyer like yourself if we can at least give them the financial security of getting most of their equity up-front (which is in the form of your down payment).

So if you have fallen in love with a home that’s for sale somewhere (and is not on our website), email the home address to the friendly associate who has been helping you, and he or she will look into it for you…We will work hard to help, but keep in mind that our experience is that there’s a good chance the seller may not agree to it. If that’s the case and you really don’t like any homes we currently have on the website, keep checking back and we may soon!

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Lara Fobian, Owner-Financing Specialist
5501-A Balcones Drive #135
Austin, TX 78731
Contact Us Now!
(512) 850-7336

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