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Getting owner financed homes Austin is a good way to buy a home in this part of Texas. Owner financed homes are those homes that are financed through the seller. Instead of a bank giving you a mortgage or some sort of mortgage company, the buyer deals with the seller. Anyone can record a mortgage and note on a piece of property as long as it is within the guidelines of the county recorder and both parties are in agreement. This means that even those who have been told that they cannot get a mortgage but would love to buy a house can do so when they choose owner financing. For most of the owner financed homes Austin, the buyer will have to put at least ten percent down. In some cases, however, a buyer can go for as little as eight percent. This is still a good deal for the buyer who will not be able to get a mortgage through a bank with this little down. Gone are the sub prime loans that required little or no down payment to purchase a house. Today, banks want twenty percent down at least as well as stellar credit. Even then, a person is going to have to continue to provide documentation to prove themselves and the decision making process is long. Gone are also the days of letting someone know if they had a loan in a day (or even hours at some mortgage companies). The rules of the game of home buying have changed. Those who want to buy homes or even sell them have to change their ideas as well. If you want to buy a home today, you have a lot of homes from which to choose. It is a buying market in real estate today, a strong one. There has never been a better time to get a good deal on a home in Austin or pretty much anywhere else in the United States than right now. The houses in most areas are at the lowest price they have ever been with regard to home value and a person who has good income can afford the mortgage payments. Unfortunately, the banks are not able to lend as they did in the past. Poor credit risks got the banks in a lot of trouble financially and have also taken part of the blame for the collapse of the real estate market. The banks are no longer extending credit to those who may have a few flaws on their credit history. It is easy to get flaws on your credit history. Go behind on one payment and you have a flaw. Apply for too much credit at one time and you have another flaw. Canceling a credit card may seem like a good deal, but it goes against your credit rating. So banks are not the place for everyone who wants to get a mortgage. Owner financed homes, however, provide the answer. Those who have some money to put down on property can do so and buy the home of their dreams with the owner providing the mortgage. This is the way of the future for home selling and buying; albeit it is hardly a new concept. Those who want to buy homes in Austin can go to a company online that will actually help them step by step through this process. An innovative real estate company online is the way to find Owner Financed Homes Austin . To find these Owner Financed Homes that you can buy without having to go to a bank for a loan, go to Greater Austin Homes.
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