People with poor credit are often worried they will never be able to purchase a home. However, there are other options available, and homeownership can be in your future. SWE Homes in Houston, TX, makes it possible with owner financing, an option for prospective buyers turned down by banks or mortgage lenders.

The traditional method of bank financing may prove difficult, or even impossible, for those with a poor credit history. Owner financing, or an installment sale, makes it easier for homebuyers to purchase a property—and here’s how:

• Easier To Qualify: Consider the home seller your lender when you agree to owner financing. Installment agreements allow homebuyers to accept payments over time. For example, the seller may agree to a $2,500 per month payment over a period of 30 years. Unlike conventional loans, this method makes it easier to buy a house, without factoring in a credit check.
• No Associated Costs: Owner financed homes are convenient for buyers because there are no associated loan costs. A traditional lender’s loan has many fees tacked on, from origination and title insurance to home appraisals and processing.
• Personal Credit May Improve: Agreeing to an owner-financed home may also improve your credit score. By paying monthly installments on time and simply being a homeowner, an individual’s credit may improve over time.
• Move In Faster: Traditional loan methods require a wait time for financing to process, but a buyer and seller can close the deal much faster, allowing for a quicker move-in date.
• Flexible Payment Options: There’s greater flexibility when you shop owner-financed homes for sale as opposed to other properties. Sellers may be willing to negotiate down payments, and there are many different payment options to consider, including balloon payments, interest-only, or negative amortization. You may even agree to mix the payment types in some situations.

There’s no reason to avoid buying a home for sale just because of your credit history. SWE Homes makes it as easy as possible to obtain a property through owner financing. Even if you have no credit at all, you could be eligible. For more information on their financing services, visit the SWE Homes website, or call (713) 413-1000.