Financing Homes with No Credit in Houston, TX
We offer owner financing to make it easy for our customers to purchase a home. You can take possession of a property much quicker than buying a home with traditional mortgage financing because our approval process is quick and easy.
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Owner Financing*
Owner financing* is available for our homes, town homes, and other residential properties.
To qualify to buy one of our residential properties, you must provide us with evidence of 12 consecutive months of rental payments and evidence that your monthly debt, including the monthly payment of the home, isn't more than 43% of your pretax income. This may include:
- Monthly payments on your other debts (e.g. car payment)
- Monthly payments on other mortgage-related costs (e.g. home insurance and property taxes)
- Any commitments for child support or alimony.
- A down payment is required for our owner financing program.
* Georgia properties are financed differently from those in Texas.
Bankruptcy
If you or any of the borrowers have filed bankruptcy, you may be required to put a larger down payment. If you currently have an active bankruptcy, you may not be eligible for our owner financing program.
No Credit Needed
We do NOT require a credit score; however, we will obtain your credit report and will verify the following information:
- Last 2 years of employment
- 30 days of payroll checks
- Most recent 2 years income tax returns
- Most recent 2 years of W2 or 1099's
- Last 3 months of bank statements
- Last year of rental history (lease agreement, canceled checks, and receipts)
- Utility bills (gas, light, or water)
In addition you must:
- Complete a Homebuyer education course
- Pre-pay 1 year of Hazard, Windstorm and Flood insurance (as applicable)
The total monthly payment on the mortgage will have to be pre-determined at the time of the pre-qualification based on current obligations and will include:
- Principal
- Interest
- Escrow amounts for taxes and insurance.
- Loan Servicing Fee
No Closing Costs in Texas
There are no closing costs; however, we are required to collect the following charges at closing:
- *$99 to record the deed in the buyer(s) name
- 1st year of prepaid insurance
- Two months property tax escrow
- Two months insurance escrow
- Prorated interest
*Closing Costs in Georgia for investors
Required costs are as follow:
- 1st year of prepaid insurance
- Four months property tax escrow
- Two months insurance escrow
- Prorated interest
- Attorney fee (tbd)
- Transfer tax/recordation (tbd)
- Title Policy (Optional)
(for homestead / owner occupants, please call a sales specialist for details)
* All prices and information are subject to change without notice
