We are sure that you have questions.
Here are a few of the more commonly asked questions, with answers:
I Have Damaged Credit - Can I Buy A Home?
Of
course! You'll be glad to learn that you actually can buy a home with
damaged credit. In fact, it's quite common. To do so often requires a
flexible seller who is willing to help finance part of your purchase
price. You see, there are a lot of lenders who specialize in financing
homes for folks with credit problems. To reduce their risk, they may
simply reduce the amount they loan. This means the buyer must have a
big down payment or the seller must be willing to finance the
difference on a second mortgage. Getting you a loan is generally not a
problem, however finding a flexible seller who doesn't need all their
cash immediately, may be more difficult.
Is My Debt Ratio Too High? *or* Just How Much Home Can I Afford?
You
may be surprised to learn how much of a home you can afford. Generally
accepted standards say that your new house payment added to all your
other monthly payments, should not exceed about 40% of your gross
(that's before income tax) for you and your spouse. Keep in mind, that
does not include items like insurance, clothing, food, utilities,
entertainment, etc. You should add only those items with fixed payments
such as cars, furniture, credit cards, mortgage, student loans, etc..
If an item doesn't show on your credit report, it probably won't count
against you as a debt.
If I Can't Easily Verify My Income, What Options Are Available?
If
you feel you can't buy a home, because you can't verify your income,
think again. Some of our happy customers felt the same way before
contacting us, but they found himself in the home of their dreams
within 30 days. There are several little known ways to verify income
and many loans available that don't require it. In fact income
verification is one of the easiest problems to fix in the home buying
process.
If I Have Nothing To Put Down, Can I Really Get Financed?
It
may surprise you to know we've helped other folks buy a home of their
dreams with little or no money down. Conventional wisdom says it can't
be done but conventional wisdom is almost always wrong. Frankly if you
have no money and very bad credit, there's nothing we can do for you.
However if your credit in a reasonably good, and you have provable
income, we have several programs available for you now. These programs
are brand new and not widely known and are designed to help good folks
buy a home with little or no money.
What About Your Lease Option Program?
Are
you tired of making monthly rental payments? Think of all the money
you've wasted in rent over the last few years. What do you have to show
for it? Home ownership may seem to many to be an impossible dream.
Saving enough money for a down payment while paying rent or trying to
secure a mortgage with a low paying job or bad credit history, are only
a few of the obstacles that make buying a home seem so difficult.
Wouldn't it be great if some of these monthly payments could have gone
toward the actual purchase price of your home? Now they can! With our
unique "Lease Option" program you can realize your dreams. The "Lease
Option" program allows you to lease and occupy a home -while at the
same time building equity towards the sale price that we set the day
you sign the "Lease Option" agreement. This way, you enjoy the pricing
and value of ownership today even though you won't finally purchased
the home until later. Plus, you also know that the work you do in the
home will not be wasted when the lease is over. Best of all, through
this program, while you're living in your home of the future, you're
also building equity, improving your credit, and putting yourself in a
position where home ownership is not only possible, but easy. This
unique program truly makes home ownership a possibility for anyone with
something to work with. To see the homes that are currently available
Click Here.
I Have a Down Payment, But What If I Want To Get Owner Financing?
If
you're looking to buy a home and feel that owner financing is your best
option, you've come to the right place. We have several homes available
and since we own them, we are free to work out special financing
arrangements to suit your needs. We can provide owner financing for all
or part of the purchase price, regardless of your credit, debt ratio,
income verification, and other factors that prevent deserving folks
from getting bank financing. However, this will require a down payment
to make it possible. Simply put, the more you have to work with, the
easier it will be to get you in the home quickly, sometimes in just a
couple of days, and under great terms. If you have a good down payment,
the best thing to do is contact us now or call us to discuss your
needs. To get a list of homes to tour, click here, and even if we don't
have one available that you like, we'll add your name to our VIP list
and we'll find the one as soon as possible. Don't procrastinate because
beautiful homes like these, which you can buy with owner financing are
rare indeed. If we didn't own them, we couldn't offer such easy terms
and obviously the demand is bigger than the supply. If you're serious
about buying now, your best option is to start now. It costs nothing
and there's no obligation. Just click here to look at the property we
currently have for sale. Remember, regardless of whatever kept your
from buying a home in the past, don't let it stop you now! You're
talking to the owner direct, not a Realtor. We're free work it out
between ourselves without banks dictating the rules. So, if you have a down payment and want a home of your own, click here. The choices are
simple: Do nothing, and continue to make your landlord rich, or continue to be stuck in a home you want to get
out of *or* Get the ball rolling by viewing our homes that are
currently available and ready for your inspection. The choice is yours
and yours alone. One more thing. We keep a list of serious folks who
are looking for a home on file at all times. We notified these folks of
new properties available first. They get a shot at them before anyone
else even knows about them. Sometimes we do not even have a chance to
advertise them on our web site. So, even if you don't like one of our
current homes, make sure you fill out our Buyers Form to help
us get started helping you find the home of your dreams. It costs
nothing to explore your options.
Why don't I just list with a Realtor?
That's
certainly an option, but obviously a Realtor won't make you payment for
you while they're attempting to sell your house. We're willing to make
your payment and maintain it until our tenant/buyer gets their own
financing. We'll give it our personal attention, and you can forget
about it until our tenant is ready to buy.
How much of a down payment will I need?
That
depends on your monthly payment, gross income and the price of the
home. However, the down payment can be as low as $2,000 on some of our
homes. We do however ask that you put as much as possible down as it
will make it easier to get you financed. Remember, we can accept
borrowed funds and we can work with you with several different options
to obtain your down payment. However, we want to avoid characterizing
our down payment as a 'security deposit' applied by a renter.
When will you sell the home?
We
can't give you an exact time. It will be up to the tenant/buyer to make
that decision within the time frame they have. We can tell you we get
paid when they buy, so obviously we'll be pushing them to do so...
quickly! In the meantime, your payments will be made, which relieves you of the financial burden.
What if the tenant/buyer tears up my home?
There's
no way we can guarantee you our tenant won't damage your home since we
won't be living with them. But under our agreement, if that happened, we would repair it at our expense.
Our objective is to find a buyer who will eventually qualify for a
loan, and not a 'tenant'. Damages are rarely a problem. Again, if it
happens, we'll fix it as per our written agreement.
How do I know I can trust you?
We
understand your concern. We'll meet face-to-face after you call. You'll
find we don't make empty promises... We shoot straight and we know this
business. We believe we can create a solution that will work for both
of us. If not, or if you're not comfortable after we meet, we'll shake
hands and go our separate ways. Honestly, we view our business
relationship more personally that just handling a house... We want you
to be confident, and able to sleep well every night without worrying
about your home or your payments. In fact, we wouldn't enter an
agreement with anyone if we weren't confident in that person... and we
don't expect any less from you. We're willing to devote our time and
resources to your house, but only if you feel comfortable with
arrangement.
What if the person we put in the house does not pay?
Remember, that is our problem. If they don't pay, we will.
How do I know you'll make my mortgage payments?
Why
would we not make the payments? We don't make any money until we get
the home re-financed into the next person's name. That would be like
working all week and not going to pick up our paycheck on Friday.
We
can pay you directly and let you forward it to the mortgage company
yourself. Or, we can set up a third party escrow company to collect
from us and pay it for you. You can also choose for us to pay your
lender directly. This is the most common technique. We handle all the
paperwork. If we didn't pay, the lender would immediately notify you.
So you're always on top, whichever method you choose. Remember that
making the house payment is our problem, we bought your home subject to
you mortgage.
Also remember that any increases in taxes, insurance or homeowner's dues are our responsibility.
What if I want to purchase another home?
We
will give you a contract showing the payments are being made by us, so
it will be a 'wash'. Example: $700 home payment on the mortgage, offset
by $700 income from contract. We'll free up your debt ratio so you can
qualify immediately. Be sure and let us know if those are your
intentions.
We heard about an Accelerator Program, what's that?
On
most of our homes, you have the option to pay up to $100 per month
towards the purchase of the home. We will match that amount towards
the purchase of the home. The Accelerator Program lets you build up to
a predetermined amount in additional equity during a 36-month lease
period.
What if the Property Taxes go up?
We
pay the property taxes and the Real Property Insurance. If they go up,
we absorb those increases. You will have to pay for your utilities,
club membership and association dues. This seems fair, since you
receive the benefits from those. You will also need an insurance policy
for your personal possessions.
Can I buy the Home before the end of the Lease?
Yes,
you can exercise your option to buy at virtually anytime during the
lease period. On some homes, you'll need to live in the home for the
first 12 months before exercising the option.
What kind of improvements can I make?
We
want you to feel that the home is yours. You can make any improvements,
however, we require that you notify us and obtain and required local
permits and follow the proper building codes.
Can we build a Deck or a Fence?
Like we said above, we want you to make those improvements. You should enjoy the benefits of home ownership.
Will the price of the Home go up?
NO!!
We freeze the price of the home for the duration of the option (usually
24-36 months). At any time during that period, you can purchase the
home for the option price. By freezing the price of the home, you won't
be 'shooting at a moving target' when you talk with the lenders.
How soon can I move into one of your homes?
We
only show homes that are currently available. So if you see one of our
homes you can move in immediately. We will continue to notify you of
homes that we have available. However, be sure to let us know of your
specific needs so that we may contact other investors for properties
that meet your desires.
Your Program is Unique, should I tell others?
We
provide a $250 finder's fee to you if you refer someone to us that
contracts for one of our homes. When they sign the lease, we'll send
you the fee. Yes, you can refer yourself and use the fee as part of
your down payment!
