As a seller, you want to appeal to as many buyers as possible. I understand that. And since you are financially stable, you want to offer owner financing. I understand that too. It has been done for many years and you feel you can assist a buyer improve their credit. Well, hold on to your hat, because times have changed!
President George W. Bush signed into law the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) on July 30, 2008, to be implemented within one year. The State of Texas implemented the SAFE Act into legislation in 2009. Included in this law is a small provision that requires a seller financing a one-to-four-family residential transaction involving property other than your primary residence (homestead) to now be licensed as a Residential Mortgage Loan Originator (RMLO).
The only two exemptions to this law is if the seller is seller-financing their personal, primary homestead or if the seller is extending financing to a family member.
To be clear, seller financing is still allowed in Texas, but the seller has to be a licensed RMLO or meet one of the exemptions noted above.
Are you dealing with an informed real estate agent that will keep you out of legal trouble?