SOLUTIONS FOR EVERYONE!
TEXAS LEASE HOUSES believes that everyone deserves the opportunity to enjoy the benefits of home ownership. We offer traditional sources of financing with ome of the best rates and most qualified loan officers.
However, we understand that traditional financing programs offered by banks and mortgage companies can make it very difficult for people with credit issues to obtain a loan to purchase a home. For these buyers, TLH has invested a great deal of time and money developing a one-of-a-kind owner financing program aimed at helping almost anyone get into the home of their dreams.
OPTION #1
Texas Lease Houses owner finance program allows people to qualify for owner financing in two ways. The first program is designed for people that have 4% to put down on their new home, but don’t qualify for the financing through traditional methods. With a 4% down payment, the homebuyer can choose a home from our inventory of homes and obtain financing from the investor that purchased the home. The investor will finance 96% of the purchase price for the homebuyer.
OPTION #2
GET THE DEED!
The second program offered to homebuyers is customized for people that don’t have a 4% down payment for the home, but still want to earn the opportunity to take advantage of our owner financing program. In this situation, the prospective homebuyer can lease the home they plan to purchase for 12 months, and upon paying 12 consecutive on-time payments, become a "Perfect Tenant". The homebuyer can select a home in our inventory and get into the lease with the stated deposit and first month's payment. Upon making the 12th consecutive on-time payment, the lease deposit is transferred into the owner finance program and becomes a down payment for the buyer.
99% Financing
TEXAS LEASE HOUSES owner financing program allows homebuyers to select from either a 5 year fixed rate balloon mortgage or a 30 year fixed rate mortgage. The 5 year balloon mortgage interest rate is determined by taking the current 1 year LIBOR rate at the time of contract, and adding 3.75% to it to arrive at the mortgage interest rate (subject to a min of 8-9%). On a 5 year balloon, the mortgage payments are calculated the same as a 30 year mortgage, but the loan is due at the end of the 5th year. During the 5 year term of the loan, the homebuyer will have plenty of time to repair any credit issues and qualify for a mortgage using traditional financing. The second program is a 30 year fixed rate mortgage, and its interest rate is also based on the 1 year LIBOR plus 5.75%. The 1 year LIBOR rate is published on various web sites including www.bankrate.com, and in many financial publications including The Wall Street Journal.
BENEFITS
When a homebuyer purchases a home through this unique program offered by TLH, the transaction is closed at a title company, ownership transfers to the buyer, and the deed to the home is transferred to the homebuyer along with all of the benefits of homeownership. The homebuyer pays minimal closing costs at the title company that total approximately 1% of the purchase price. The initial deposit when returned to the tenant from the previous home (conditions apply) often covers this expense. The benefits of homeownership include the following:
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The ability to build equity in the home as the loan is paid down each month
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Payments are locked in for the entire term of the loan
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Tax benefits – homeowners get to deduct mortgage interest paid on the loan
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Pride of ownership – the homeowners name is on the deed
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It will be easier to refinance with the homeowner’s name on the deed
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Positive payment history will be reported to credit bureaus every 3 months
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Homestead exemption can be filed allowing protection from creditors
This is truly a one-of-a-kind program designed to provide almost anyone the ability to own a home. If you are interested in participating in this unique program, please contact me at 817-500-5844 or drop me an e-mail. |