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Frequently Asked Questions
- Do I need good credit to buy a home?
- No, but it makes becoming a proud homeowner easier. Although we can
structure some deals to allow you to become a homeowner without the use
of banks and financial institutions.
- Will I need a large down payment?
- In some cases you will need some kind of money to buy a home unless you
have perfect credit. If your credit is less than perfect that are some
grant programs that provide money as a gift to become a homeowner.
Usually with the grant programs you will have to bring at least $1,000
to the table to pay for attorney fees and closing cost.
- I don't think any lender will loan me money, is there a way I can still
become a homeowner without any banks?
- Well there are times that we can become the bank and provide financing
for you. These types of cases are for buyers that have money for the
down payment but don't have the income stream banks normally require. In
these cases we require a 5-10% down payment with $5,000 being the
minimum amount we will accept. The reason we require such a down payment
is to show how serious you are about keeping and maintaining your
obligation.
We can make it easy for you to become a homeowner without the banks so
we need you to invest in your home, which lets us know that youa re a
for real about becoming a homeowner. Our financing is the same way as
banks and amortorized the same as well. Our interest rates are usually a
point or two higher than a bank but you will be locked in a a rate that
won't change regardless of what is going on in the economy. Also
mortgage companies will let you refinance your home to a better rate
after around 6 months of on time mortgage payments.
Also with our in house financing you may never have to deal with a bank
to purchase your home. This good for those of you that have horrible and
trashed credit.
- If I have good credit do I get a better deal on the house?
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Yes, anytime we have to pay certain expenses, some of those fees are
added to the purchase price. Although our prices no go above the
appraised value, since no mortgage company will allow to sell a house
for more than it is worth. But the less we have to pay to put you in a
home, the better the deal will be for you.
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I don't have the 5-10% to put down on a house, is there a way you can
help me?
- Well the only other option available for you is to take advantage of our
rent to own homes. These rent to own homes are the same as
Rent-A-Center. You normally pay a little more per month, but the down
payment is less than actually purchasing the home. The price that you
pay for the home will be around market value. If you pay a little more
per month we will give you a credit that will go towards the purchase of
your home.
With rent to own homes, we have lenders that will finance your purchase
after one year of on time monthly payments. Once you get into our rent
to own homes, we can't sell it to anybody else, which means you can fix
the house up like you want, with our permission.
- If I bought a home can I still qualify as a first time homebuyer?
- As long as it has been over 3 years since you bought your last home, you
can still qualify for first time homebuyer programs.
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