Whether you are trying to buy a home in an area where property tends to be very expensive or if you are buying an Austin luxury home, the house you want to buy might cost more than it’s possible to finance through a “conforming” loan. In that case, pursuing a jumbo loan might be the best option for financing the property that you want to buy.
While the exact criteria required to qualify for a jumbo loan may vary from one lender to another, individuals who hope to qualify for this type of loan program can expect to be held to extremely stringent credit and income-to-debt qualification criteria, and to be required to make a significant down payment out of their own money.
Typical jumbo loan qualification criteria include:
- Credit score of 720 or higher
- Minimum down payment requirement of 20 percent
- Documented proof of income
- Debt to income ratio lower than 38 percent
- (Click Here to prequalify for Austin jumbo real estate financing.)
For those having a difficult time qualifying for a jumbo loan in this tough market, the perfect solution is Owner Financing. With luxury Owner Financing, a seller allows a buyer to make payments over time for the purchase of property. This private financing by the seller can replace a bank loan or be in addition to a traditional mortgage. The payment amount, interest rate, and other terms are agreed upon between the buyer and the seller. The amount financed by the seller will depend on the buyer’s down payment. Also, there is no need to deal with mortgage applications, loan approvals, and credit scores do not matter. In most cases approvals are instant once you find a home you love.
As of March 14th, 2011, there are currently 47 luxury Owner Financed homes in Austin and surrounding areas. Forte Properties has exclusive access to every one of them. We understand that in today’s market it is difficult for most people to get approved for traditional financing. We are here to help you every step of the way through these tough times and allow you to buy the dream home you have been searching for.
If you are interested in learning more about luxury Owner Financing and how it works, or if you are interested in buying an Owner Financed luxury home in Austin Texas, send us an email using our online contact page or give our office a call at (512)981-6865 today. We have the knowledge to ensure your luxury home buying experience is 100% LEGAL and hassle free, a team of professionals ranging from Realtors® specializing in luxury homes in Austin to Real Estate Attorneys with many of years of expertise, and dozens of real world references to attest to our first-class service.