Best of Luck!
Here is just a sample list throughout the city.
Keller Williams Realty
Those that do offer owner financing usually offer it at a much higher rate than a bank would offer to a well qualified buyer. The interest rates I've been seeing are 8-10% where current market rates are around 4% or lower. They also want a minimum of 10-20% down payment. Most buyers who want owner financing, because of bad credit, don't have the down payments needed to buy and can't afford the higher interest rate that an owner requires to take on the additional credit risk.
My advice to you is to either wait until your credit improves, if that is an issue, and buy when you are able to budget for it. Or take the time to sit down with a loan rep to find out what you qualify for and review the many low down or no down payment loans that are available today. For more details on buying a home, go to my website at http://MySanAntonioHome.net.
If any of these are of interest, shoot me an e-mail, text, or call me and we can go see them :)
On another note.. you may be surprised at the things we can get around for first time homebuyer loans.. We've been fixing credit and putting together tough loans for 16 years now. If we are able to get you a new loan, you are not bound by the limited selection of homes offered as owner finance... You will need less money down, and have a much better interest rate.. Something to think about... Never hurts to see what needs to happen to get you there... In most cases, its not nearly as hard as people think :)
Jason C Campbell
Platinum Top 50 Finalist
Option One Real Estate
Here's the thing - any creditworthy person with 3.5% down can get a mortgage with a rate under 4% for thirty years. But that's a "fake" interest rate, in a way, because the Fed is holding down interest rates to stimulate the economy. If it was a lender's own money, the rate could be 5%, 6%, or more. I don't know.
Sellers want to sell, they don't want to lend money at 4% or less. They don't want to "sell" to someone with only enough down payment to cover closing costs, and they can't get mortgage insurance to protect them against a buyer's default.
So buyers really don't have anything to offer a "seller" except a promise - give me the deed, and I promise to make the payments.
It's just not that good a deal for sellers right now.
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Prosperity, REALTORS & Consulting
9820 Lorene Ln
San Antonio, TX 78216
Personal Fax:(210) 519-3058