With conventional financing there are certain minimum credit standards that must be met. If a customer does not meet the required criteria, there are two options. The first option is to go through our Credit Restoration Program. In many cases a customer will be ready to qualify for a conventional loan within six months to one year. There are, however, certain customers with more severe credit problems or those who would prefer not to wait six months to a year to re-establish their credit. For these people, we provide the second option. This is our Lease to OWN program.
The Lease to OWN program requires an affordable down-payment. A non-refundable $1000.00 payment is needed from the customer to take a house off the market for 10 days. The balance of the down-payment is due prior to move in. We do some limited background checks, but almost everyone will qualify for a home under this program. There are no other deposits required for security. The down-payment moves you into your home!! Once you move in, you will have a level payment for the next 24 months which is amortized over 40 years and includes Principal, interest, Tax and Insurance. While you are making payments, you are reducing your loan balance each month by the amortized portion of the loan, just like a conventionally financed home. Many people prefer to lock in at today's prices rather than wait and risk prices going up dramatically. While there may be credit challenges that prevent you from qualifying for a mortgage, almost everyone qualifies under our Lease to OWN program !!
We have investors who will carry the title to these properties. The payments you make are to the Management Company that manages these properties for the investors.
All customers are handled in the same manner and may come from Realtors, Sales Consultants or directly from outside sources or advertising. Click on the red banner to see our available houses. Remember that the ONLY requirement for this program is the down-payment.
Once you decide that you are interested in the program, you will need to complete an application and pay a $25 non-refundable application fee. A copy of your driver's license, the fee and the application will be sent to the Management Company for consideration. The Management Company will review the application and run a credit report. The purpose of the application and credit report are to get some basic information about you, the customer. The details provided will assist the Management Company or Investor in locating you, the customer, in the event that you default on any portion of the agreement.
Once you select a house, a $1000 non-refundable payment is required to remove the house from the market for 10 days. The Management Company will prepare the contract and forward it to us for presentation to you, the customer, and to obtain signatures. The executed contract and the $1000 payment will be forwarded to the Management Company.
The Management Company will contact you after the receipt of the contract and payment to discuss the remaining details. This will include payment of the remaining down-payment, details of move in and any other issues that still need to be addressed.
The total monthly house payment due from the customer will include principal, interest, taxes and homeowners insurance. All payments are due on the 1st of the month and considered late on the 5th. Late payment fees will be assessed.
After the Purchasers have signed the contracts and moved into the home, they are permitted to make changes to the house and to the property, as long as the changes are within code and do not require a permit. Structural or permanent changes which require a permit will need the approval of the Management Company. As long as the changes are an improvement to the property, the changes are typically approved, i.e. a fence or a pool.
WE MAKE IT POSSIBLE FOR ALMOST EVERYONE TO REALIZE THE AMERICAN DREAM OF OWNING THEIR OWN HOME!!