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This program works just like a regular
mortgage from a bank. The only difference is that it is
simple and easy to qualify.
| 1. |
Make sure your gross monthly income is at least 3.5
to 4 times the monthly payment or rent. (If the
monthly payment is $500, monthly income should be at
least $1,750.)
Make sure you have the down payment or security deposit
plus 1st months rent if you are leasing.
Must have a credit score of 490 or above.
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| 2. |
If you meet the guidelines above, schedule a time
to look in the house and make sure it is one you are
interested in.
|
| 3. |
Fill out our online application
(There is a $30 application fee to cover a credit
report)
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| 4. |
If your application is accepted, pay the Down payment
or Deposit plus 1st months rent and sign the agreements.
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| 5. |
Receive keys and move in |
The down payment will normally range from
$500 to $6,000. More can be put down if you desire and it
will lower the monthly payment.
The length of our loans will are normally
30 years and you are welcome to get your own financing at
anytime.
The interest rate will usually range from
7.5% to 9.5%. The interest rate will be fixed for the first
3 to 5 years.
To calculate what your payment might be
use this mortgage
calculator.
There are no closing costs and only one
owner financing document to sign.
Taxes and insurance will be added onto
the monthly payment so that there is no large lump sum to
pay at the end of the year.
This program is ideal for individuals
that find it hard to qualify with a bank or mortgage company.
You will be able to get into a home very easily, build up
equity, and improve your credit score. Once this is done
and you have a track record, it is much easier to qualify
with a traditional bank and lower your payments and get
a lower fixed interest rate.
You can receive all the benefits of homeownership
now without the hassle of bank financing. |
