If you've ever walked into a bank to ask about buying land, you know how it can go: a long application, a credit check, piles of paperwork, and sometimes a “no” at the end of it all. For many hardworking families, that “no” is where the dream of owning land stops.
It doesn't have to. Owner financing is a different way to buy, and it's how Cayetano’s homesites are usually sold. Here's a simple look at how it compares to a bank loan.
A Few Key Terms to Know
· Owner Financing: You buy your land directly from the seller (Cayetano) and make your monthly payments to them. No bank in the middle.
· Credit Check: A review of your credit history that banks use to decide whether to approve your loan.
· Down Payment: The amount you pay up front. The rest is financed and paid monthly.
· Fixed Rate: An interest rate that stays the same for the life of your loan, so your monthly payment never changes.
· Open Contract: A loan you can pay off early, at any time, without any penalties.
Who Says Yes?
With a bank, your credit score usually decides everything. A low score, a short credit history, or no credit history at all can mean a higher rate or no loan.
With Cayetano's owner financing, there's no credit check. You buy directly from us, so you don't have to convince a bank. If you're ready to make a low down payment and a monthly payment that fits your budget, you're ready to start.
How Much Do You Need to Get Started?
Many bank land loans ask for a large down payment, which can take years to save.
With Cayetano, the down payment is low, so you can stop saving and start owning sooner. Every month you wait is another month of rent you won't get back.
What If You Want to Pay It Off Early?
Some loans charge a fee if you pay them off ahead of schedule.
Every Cayetano loan is an open contract. You can make extra payments toward your principal or pay off your lot completely, any time, with no penalties. Paying a little extra each month, or putting your tax refund toward your loan, can help you finish sooner and pay less interest.
Is the Land Ready to Use?
A loan from a bank only covers the purchase. Raw land often still needs utilities brought in before you can live on it.
Every Cayetano lot is move-in ready, with utility connections included and ready to connect. Bring a mobile home or build a site-built home: the choice is yours, within your community's restrictions.
Start Building Your Future Today
A bank's “no” doesn't have to be the end of the story. With owner financing, hardworking Texans can own land with a low down payment, a budget-friendly monthly payment, and no credit check.
Ready to see what's available? Contact your Cayetano Sales Rep or visit www.CayetanoDevelopment.com.
Cayetano Development is a Registered Mortgage Loan Originator (RMLO), NMLS # 1667528. Terms may vary by community and buyer.
