How Does It All Work?
The owner financing process is actually pretty simple.
First, If you not already begun, start identifying areas you want to live and the types of properties in those areas you would want to own. Once you have an idea of what exactly you are looking for and what your budget is, etc, then please contact us, etc (START with the form to the right)
Step 1 – After your provide your contact information one of specialized Housing Consultants will contact you by either phone, text or email for an initial 15 minute telephone Consultation Meeting. During this initial conversation we will get to know you and you will get to know us. Together we will identity exactly what you are looking for in a new home and where are your preferred locations for your new home. Next we will ask you general questions about your family, current rental history, employment status, credit history, types of income and available funds for your home purchase. Based upon your responses we will be to tell you right over the phone if we believe you will qualify for one of our programs.
Step 2 – If you qualify, the next step will be a more detailed loan application process. This will be either via Skype or in-person at one of our physical locations. As we are primarily a state of the art internet based company, we do most of our detailed application process interviews via Skype. Our 3 physical locations are currently located in Houston, San Antonio and McAllen, Texas. If you are located in one of these areas we will be glad to do in-person interview with you instead of Skype. In this application process we will go over in more detail about the type of home your prefer and the locations your prefer. In addition, we will also go over in more detail about your family situation, rental history, employment status, types of income and available funds for your home purchase. Next will we run and examine a free credit report (Remember we typically do not worry about credit but we do need to see your report and make sure there are no issues that will prevent you from qualifying for our program). Finally we will do a detailed Budget Worksheet on all your outgoing expenses in relation to your family income to ensure you can really afford the home you want to own. This process will typically take about 1 hour. If you have the time you can do Step 2 immediately after Step 1, otherwise we will schedule a separate time. Once Step 2 is completed all the information you have provided us is then sent to our corporate office for analysis to determine which of our programs you will qualify and be approved for. This information will be provided back to your Housing Consultant.
Step 3 – Once you are approved, your Housing Consultant will contact you to for your next meeting (In-Person or Skype) and go over the results. Your Housing Consultant will be able to tell you which of our programs you qualify for. In addition we will also identify what the maximum home sales price you qualify for, the maximum monthly payment you qualify for, the down payment and closing costs required and the time frame for all this to happen.
Step 4 – With details of your approval known, if you want to move forward then we will have prepared all the contracts and documents necessary for you to move forward and sign. If you want to move forward immediately this can be done in Step 3.
Step 5 – With details of your contacts and documents executed we will start your program. If you are in our standard Texas Owner Finance Homes program we will able to move forward in looking at homes in approximately 2 weeks. If you are in any of our other programs we will provide the time line for those programs which are typically a while longer.
Step 6 – When you are able to look at homes in our program we will introduce your to your local Real Estate professional. This this person will guide you the rest of the way in purchasing your home and helping you become a successful Texas homeowner.
Step 7 – Close on your new home, get the keys and move in. Congratulations, you are now a Proud Texas Homeowner!