How do I apply?
Click HERE and fill out the application. You will immediately receive a confirmation email confirming that your application has been received and requesting that you call us to schedule an appointment to finalize your approval. There is no application fee and absolutely no money is exchanged until you submit an actual purchase agreement for the home you ultimately decide upon. And, that won't occur until after you are approved. Approval normally comes within 24 hours from your appointment with us and at that time you will know that exact approval amount of the home you are able to purchase. And, as a pre-approved buyer you will get advanced information on our newly acquired properties long before they are advertised on our website or in the newspaper.
What is Rent to Own Financing?
"Rent to own" is a generic term applied to many different types of non-traditional agreements and financing. There are many people using the term in a variety of ways and it doesn't always mean the same thing. In some cases, Rent to Own means that you are renting, and you might be able to own someday through an option to purchase. That is NOT what we offer nor do we think it is a good deal for you.
Our program is referred to as an "Installment Land Contract", "Escrowed Contract For Deed Purchase" or "Owner Financing Purchase". It allows you to own from the very start and enjoy the benefits and tax advantages of home ownership. This allows you to become a homeowner with the seller financing you directly. There is no bank qualifying required or outside lender involved. It is a private agreement between buyer and seller and is overseen by the attorney who acts as a neutral third-party Escrow Agent.
Application Fee
There is no application fee whatsoever. It is free and risk-free to apply and is done easily online. APPLY NOW. After you are approved no money is due until you submit an actual purchase agreement for the home you've ultimately chosen. Upon submission of the purchase agreement $1250 is paid and credited towards your down payment. We will schedule a closing date to be held at the attorney's office or our servicing agent's office. Your remaining down payment balance and closing costs ($850) are due at closing in the form of certified funds, wire transfer, cashier's check, etc. No personal checks are allowed at closing. As soon as closing is complete you are given the keys to your new home.
Monthly Payments
Monthly payments are required to be automatically deducted from your bank account. This will occur on the same day every month and you must have sufficient available funds in your account to cover your payment each and every month. We are very strict about timely payment and make no exceptions to our enforcement of these. We charge late fees and bank charges if the bank draft doesn't clear and require the payment including the late fees to be made with a cashier's check immediately.
Your monthly payment will include both the principal and interest on a 30-year amortized and fixed rate loan. In addition, you will pay the estimated amount for taxes, servicing agent fees and insurance as part of your monthly payment. The servicing agent will escrow these amounts and disburse directly to the county tax collector and insurance company. This means there are no surprises at the end of the year with property taxes or insurance.
There are two types of applicants that we most commonly help. Those with good credit that lack the down payment needed to purchase. And, those with less than perfect credit.
Here are the two programs we offer:
100% Owner Financing-Perhaps you have good credit and can get approved by a bank or mortgage company. But, you lack the large down payment that lenders are now requiring. We can help. We will finance 100% of the purchase price.
Any Credit Owner Financing-If your credit is challenged we can still help. With as little as a $1900 down payment we can finance the purchase of your home. This program is based solely on your income and job history. Your credit score will not affect an approval decision and you will not be turned down due to credit score. Just be 100% honest and totally serious and you will own your own home.
What if I need help financing my home?
We are able to extend, based on your credit and situation, an interest rate of between 6.9% and 10.9% and although this is lower than the interest rate offered to individuals with credit challenges by some banks and mortgage companies, we still encourage you to refinance as soon as you can to achieve an even lower monthly payment. Whether it is next year or five years from now, we will assist by reporting your on-time payment history when you apply for the new loan. We structure the transaction as a Contract for Deed that allows you to take possession of the deed when you are able to rebuild your credit and refinance conventionally in the future.
Who is in charge of the maintenance?
This house is yours. You are not a renter. You are the owner. We sell and finance very fine homes in good or new condition. We will not pay any bills or reimburse you for repairs, maintenance or expenses. You can improve it, paint it, change the wallpaper, have more kids there, have pets, whatever. Bottom Line, we want you to enjoy your home, improve your credit and achieve the goal of refinancing.
What do my payments include?
Your monthly payment will include both the principal and interest on a 30-year amortized and fixed rate loan. In addition, you will pay the estimated amount for taxes, servicing agent fees and insurance as part of your monthly payment. The servicing agent will escrow these amounts and disburse directly to the county tax collector and insurance company. This means there are no surprises at the end of the year with property taxes or insurance.