Special Home Purchase Program
SELLER FINANCING WITH THE HOME OF YOUR CHOICE
Non-Bank, Easy Qualifying
W-2, Self-Employed, Bank Statement, Foreign Nationals, ITIN
To get started – contact us now by clicking here and filling out our short contact page.
You Pick The Home You Want! Non-Bank Qualifying!
TRE Consultants has been in the housing business in Texas since 1992. In 2022 we initiated a special program for home buyers that are unable to qualify for a conventional mortgage loan, but still desire to enjoy the benefits of home ownership through Seller Financing. This special Seller Financing program is open to any home you wish to purchase. The home does not have to be currently listed on the MLS with Seller Financing (most are not). Please note: You must have 15% of the purchase price plus closing costs to qualify.
In this program, TRE will work with you to locate a home that you like and that fits your needs. TRE will buy the home that you want from the seller, and then resell, with Seller Financing, to you. TRE will add a modest mark-up to the purchase price which in most cases is offset by the reduced price TRE purchases the house for (because of a quick cash closing). When you buy the house from TRE with Seller Financing, the price you pay is equal to, or below, the current appraised value of the property as determined by a Texas Licensed Appraiser (required).
This program is open to any buyer that can meet the non-bank program requirements, including ITIN borrowers, self-employed buyers, wage earner buyers and Foreign National buyers. You pick the home you want , you are not limited to seller/owner financed homes. Any home on the market might qualify. You must have a job and ability to repay the loan as determined by a Texas Licensed Loan Originator, however, non-bank type income documentation and credit profiles can be used to qualify.
The following pages contain guidelines for qualifying buyers and qualifying properties and potential acceptable mortgage note terms available to be placed in the program.
This program process is very similar to regular home purchase procedures and the steps to the program are briefly outlined below:
Step One:
If you meet the below buyer guidelines, you must obtain a pre-approval from our selected Texas Licensed Loan Originator. Approval considers many factors that typical programs do not allow. We help you through this process and assist with paperwork and submittals.
Step Two:
Upon approval, you contact our in-house Licensed Real Estate Agent that is familiar with your needs and you enter into a Buyer Representation Agreement.
Step Three:
Using the MLS and other sources, you and your agent identify your new home of your choice, meeting the guidelines below. TRE will purchase that home (takes about 2 weeks) and enter into a purchase contract with you as buyer under a Seller Finance arrangement.
Step Four:
The terms of the purchase contract to you with Seller Financing, including earnest money, appraisal and inspection, are carried out and the contract closes. The Insured Title to the property is granted to the you and the you enter into a mortgage loan with the Texas Licensed Lender or Seller Financing (for compliance).
Step Five:
You take possession of the property and enjoys the benefits of home ownership.
To get started – contact us now by clicking here and filling out our short contact page.
Buyer Qualification Guidelines
Approval:
You must obtain a pre-approval before the search for a home process begins. You will be asked to submit documents, outlined below, for review and, upon acceptance, the issuance of a Pre-Approval Letter from the Texas Licensed Lender. Approval letters are accepted only from our selected lenders.
Acceptable Buyers:
U.S. Citizens
ITIN Buyers
Permanent Resident Aliens
Foreign Nationals
Identification:
US Citizens: Current Drivers License, SS card or Passport
ITIN and Foreign Nationals: Current Passport and Matricula Card
Matricula cards only are not acceptable.
Income: Buyer must be able to show ability to repay the loan. Some forms of documentation are below:
W-2 wage earner: Current paystubs (3 months)
Self-Employed: Bank Statements, P & L, proof of business
Bank Statement: 6 months bank statements showing sufficient deposits
1099- Year end 1099 from last year, current income, checks, etc.
Work History:
Must be currently employed and if self-employed it is best to be in current line of work for the last two years.
Credit Score:
If buyer has established credit through Social Security number or ITIN number: Minimum 500 credit score
If no established credit: 2-3 trade lines from alternative credit sources
Documents Required for pre-approval:
Application (we send to you to fill out)
Identification documents
Income or bank statements
Paystubs if applicable
1099’s if applicable
Written verification of employment if applicable
Proof of Funds for down payment and closing costs
Property Guidelines
Purchase Price:
The program is available for homes with a sales price of $125,000 – $450,000
Area:
Any Metro and Suburban area
No rural properties without special exception
Any Metro area and it’s surrounds in Texas
Neighborhood:
Ideally the selected house would be average for the neighborhood
Types:
Single Family Residential (preferred)
Duplex
No commercial or mixed use property
Condition:
House must show pride of ownership
No major foundation or roof defect
No unusual or architectural style not consistent with the neighborhood
Appraisal:
An appraisal by a licensed appraiser, selected by lender, will be required that indicates property value is no less than sales price. If appraisal comes in lower than sales price, buyer may cancel contract or fund the difference
Inspection:
An inspection of the property by a licensed home inspector will be required
Agency:
Buyer must be represented in the purchase under a Buyer Representation Agreement with Texan Real Estate or an approved licensed real estate company. Any representation fees will be paid by the property seller.
Loan Guidelines
TRE is not a Licensed Loan Originator or Mortgage company. The below guidelines are suggested by the approved Licensed Texas Loan Originator or Mortgage Company.
Loan Amount:
Up to 85% of purchase price of the home or appraised value of the home (whichever is less)
Term:
10-30 year fixed or adjustable rate, fully amortizing mortgage. No pre-payment penalty or balloon payment
Interest Rate:
TBD by licensed loan originator. RMLO will provide all details and disclosures.
Typically not to exceed maximum rate set by Consumer Financial Protection Bureau APOR
Note*** Rates are high at the moment due to current economic conditions. However, you may refinance the loan without penalty at anytime during the loan when rates and terms may be more favorable.
Title:
Granted to buyer at closing with Title Insurance
Closing:
Title company specified in the sale contract
Documents Provided at Closing:
Note, Deed of Trust, ancillary docs and all state and National Disclosures required by law
Escrows:
Tax and insurance escrow required. Home Owners Insurance must be provided by you (your choice of insurance company)
Payment Includes:
Principal and Interest
Escrow for taxes and insurance
Monthly servicing fee ($25.00)
Place of payment:
Servicing Company or as directed by Noteholder. Servicing Company provides statements, year-end tax reports, handles you escrow payments and will provide you with methods to make your payment.
Payment date:
1st of each month during loan term. Late Fee if not paid by 15th of month
Costs (approx.): Origination Fee: 1% of loan amount
Doc Prep: $500.00
Funding Fee: $500.00
Appraisal: $450 (est)
Lender Title Policy: $125.00
Inspection: $225.00 (est)
Tax Cert: $45.00
Loan Set Up Fee: $125.00
To get started – contact us now by clicking here and filling out our short contact page.