Home Ownership Application

Description:

We only qualify off income! You can enter our Path to Home Ownership Program at any level depending on where you are in your life. The end goal is for you to purchase the home. We only qualify based on income, just like a bank (since the bank will require this). We help fix credit or other qualifying issues while in our program.

We have 4 levels:

Bronze-Renter: At this stage, you rent, just like a normal renter, so no payments go towards the purchase price. This way you can enjoy living in your home while working to purchase it. At this level, we can help you save for a down payment through an extra amount each month. The end goal is for either us to finance you the property or to end up qualifying for a bank loan. We give 20% extra credit at tax time to help our Path to Home Ownership clients reach their down payment goals quicker. The goal is to achieve home ownership. This home would require $2275 first months rent, plus a $2375 reservation fee to move in. $4650 total.

The next level is our Silver level, which once you reach 3.7% down, we sign a lease with the first option to buy. This is a commitment on our parts, where we will not sell the house from underneath a client (I’ve seen many other so called rent to own owners do this and we are completely against it). It also shows a commitment from you that you are working to save and really have home ownership as a goal. Since FHA loans require 3.5% down, at this level, it is possible to become bank qualified if all your qualifying issues are in order. $13320.00 plus first months rent of $2375.00, $15695.00 total.

The next step would be to save 10% down (or you can enter at this level) This is our gold level. At this point, we actually finance the house and the payment goes towards principle and interest. $36000.00 total to move in and purchase the house. If you went through our previous levels, they count toward the $36000.00 If you went through our Silver level, it would be $22680.00 (we credit you the $13320.00) to move up to the Gold level. The more you put down, the lower your payment will be.

The final step is our Platinum level, which is bank qualifying. At this point, the bank will finance you and the payments will be lower.

During the program, we refer you to a credit repair agency if you have credit issues and have a mortgage broker look at your situation and advise you on what you need to do to become bank qualified (fix debt to income, fix credit, down payment amount, more time on the job, etc).

At any point during our program, if you become bank qualified, you can purchase the home and will become a homeowner!