Buying property or tract of land is a big decision, and both the property you choose and the financing you decide to use will have huge impacts on what you’ll pay and the speed of the process.
Buying owner-financed land in Texas is a great way to reduce your costs, access more flexible rates, and avoid a credit check. Keep reading to learn more about these awesome benefits of buying owner-financed land in Texas.
Quicker Closing Timeline
One big benefit of buying owner-financed land is the quicker closing process. Traditional lending can take quite a bit of time, from getting approval to waiting on underwriting and legal. All that back and forth can be slow and complicated.
Owner financing lets you skip the red tape you’ll find when going to a bank for a loan, helping you get started building your new home sooner.
Lower Costs for Closing
For land buyers using traditional lenders, closing costs can really pile up. In fact, closing costs will usually add up to between 2% and 6% of the total loan amount for traditional lending.
While owner financing won’t drop your closing costs down to zero, it can significantly reduce the fees and you’ll need to pay to buy a piece of land.
Flexible Rates
When buying a home using a traditional lender, the rates you get will be dictated heavily by things like the market and government-required minimums. While the market will still play a role in the rates you’ll be able to access through owner financing, the system will allow you and the seller to agree to far more flexible rates and minimum downpayment.
No Credit Check Needed
One of the biggest hurdles standing between Americans and property ownership is poor credit history. Your credit history will not only affect whether you qualify for traditional lending in the first place, but also the rates you’ll be able to access for that loan.
By buying owner-financed property, you can skip the credit check that stands between you and a bank loan. Don’t let bad credit or no credit stand between you and owning the property of your dreams. Buy land without credit with Santa Cruz Properties.
Find the Right Piece of Owner-Financed Land for Sale Near You With Help From Santa Cruz Properties
Land has long been considered one of the best long-term investments a person can make, and owner-financing makes that investment more attainable for all. Whether you’re looking for a place to settle down, a vacant lot to invest in, or property for your next commercial venture, Santa Cruz Properties can help you find the right piece of land for sale in Texas.
Reach out to us at Santa Cruz Properties to start looking for the perfect property for you, your family, or your business. We can help you find the right owner-financed property at the right price.
