While the economic downturn has put the crunch on property values across the board, the fact of the matter is that buying a house is not cheap in any sense. Sure, you can secure a brand new home for yourself and your family at prices never before seen (that are steadily on the rise), but you will still likely be looking to pay a $100,000 and often much more – and there isn’t too many people with that laying around in a bank account.
Though the dream of home ownership is one that millions of people share, the economy has both given and taken – home prices are still fairly low, but less lenders are handing out the loans to buy them. This has caused home prices to remain at lower levels since fewer people can find buyers and the cycle continues to repeat. For this reason and a million others it has become important to look at more alternative financing options to buy homes for sale in Austin.
If you’ve been looking into relocating to Austin but have a less than stellar credit score or financial outlook, there are still options you can look into to secure the financing you need.
The most common reason folks can not obtain bank financing for buying a new home is a low credit score and with the crunch on us, many are waking up to the reality of that three digit number dipping to levels we are not exactly proud of. While this is a standard across the industry of determining whether or not a person should get a loan, it is not a tool to determine what a person is worth. The team at Forte Properties is setting out with the intention of helping people who would otherwise be denied get the money they need to buy a home. Yes, you are likely to pay a higher interest rate than with traditional methods, but you will still be able to secure your own home and being the repair of your credit for the future.
One of the fastest growing methods of alternative financing is Austin owner finance situations. Austin owner finance solutions have been popping up all over the place as too many homeowners are finding less and less buyers for their property while desperately needing the money from the sale of their homes. (See: What is Owner Financing?) This has put them in the unenviable position of either slashing prices and losing all of the equity they’ve built, or finding new methods to make things work. While many are unwilling to take on the risk, some homes for sale in Austin have owners that will gladly take a sizeable down payment and then monthly checks for the balance with an agreed upon interest rate. This gives them the instant cash they need and a monthly income to look forward to until the balance is paid in full. This also gives you a new home while able to dodge the obscene loan qualification criteria that traditional lenders would cripple you with.