What kind of financing do you
provide?
We provide short-term, intermediate
financing to help families, who cannot
immediately qualify for a conventional mortgage, buy
a home. We typically finance the house for two
years so that you can qualify for a new mortgage
loan to fully transfer the house into your name. During
this two-year period as you enjoy living in the home,
you will clean up your credit, improve your financial
situation, earn credits towards the refinance, and establish
a solid 12-month payment history. The primary method
of this short-term financing is provided by a lease with
purchase option. This method of owner-financing is well
accepted by most lenders and superior to most programs
you see today due to its simplicity and relatively low-cost
of implementation.
---
What is a Lease with Purchase Option?
A lease with purchase option is a cost-effective way to set up intermediate, short-term financing. It is good for you because it allows you "try out" the home for two years to see if the home is truly a good fit for you. It allows you to simultaneously establish a great payment and tenant history essential to qualifying for a mortgage loan.
Very few people in the local area understand the specifics of this kind of transaction. We specialize in it. We have seen some of our friendly competitors do this for some tenants but despite this, no one does more of these transactions than we do. Unlike many rental homes available today, we offer nearly everyone who lives in our homes the opportunity to buy.
---
How much money do I need to get a house?
You will typically need to save enough money for the following fees, deposit, and rent items to join our Lease-to-Own/Lease-Option Program.
- Credit listing report - No credit scores ($10/applicant)
- Criminal background check ($15/applicant)
- Security deposit
- 1st month's rent
- Purchase Option fee
- Pet Fee ($200 for the 1st pet, $50/pet after the 1st)
- Administrative fee ($100)
Partial months will be prorated and credited on the 2nd month of your tenancy.
---
What will happen if we cannot get it refinanced
after two years?
We are not in the business of removing
people from houses especially from historically good-paying tenants. If you have maintained the house, made
timely payments to us, and been a good resident, we can (for
a small fee) extend the contract one year to give you more
time to qualify for a refinance. We can extend the contract
one-year at a time until you do qualify for a refinance.
However, for each one-year extension, you may be subject
to a small extension fee, a monthly rent payment increase, and/or a
purchase price increase. |
|
What kind of people do you work with?
We work with good tenants who are serious about one day buying their own home. We
want people who will have pride of ownership and be good neighbors. We look
for people who have a reliable job and income, financially responsible, and
have a good tenant history. Having decent credit is preferred but not required.
We look at every family on a case-by-case basis.
---
What qualifications do you look for?
We generally have easy qualifications for our
applicants. The two most important things we look for are: whether
you are currently employed at a job in good standing, have a good tenant history and verifiable landlord references. We understand that you may have experienced
foreclosure, repossessions, bankruptcy, overdue medical bills, or other credit
challenges in your past. Good news! We not only understand those
challenges but we also believe in giving people second
chances! If you have the necessary upfront money and are gainfully
employed with a good tenant history, we believe you will be a strong
candidate for our Owner-Financed Homes. Because we want people to be successful in their new homes, the monthly house payment cannot be more than 40% of your household "net", take-home income.
---
Will you accept a deposit to "hold" a house?
No, we cannot accept any deposits to
"hold" a house. It is not fair to someone who may be qualified,
has all the funds, and ready to move in. We continue to market
the houses until that time an applicant pays and
signs our contracts.
---
How do I get started?
You must have visited the home first before we can
accept any paperwork. Go to our list of Available Homes and
get the directions to visit the house you are interested in. Additionally, listen to our 24-hour Hotline 706.610.3976. Then come back
and out an application and fill it out completely. Call us for a telephone interview. You
do not need to send any money at this time. You should also subscribe to our
FREE OwnerFinancesHomes.com News & Updates to
receive the latest home availability list.
---
What paperwork do I need to submit?
You
will be required to completely fill out our application and submit photocopies
of your Drivers License, Social Security cards, and proof of income (check stubs, bank statements, 1099 forms, and/or income tax form). We prefer for you to fax the documents to us at 888.696.3441 for our review. You will also be asked to submit a $15/person background check fee AFTER the telephone interview. We can only accept Money Order or Cashier Check payments.
---
What Other Rules & Regulations must I follow?
We charge an additional $200 for people who have pets and $50 per pet thereafter. This is a one-time charge. People who do not report pets will jeopardize their tenancy with us.
We have a limit of 4 vehicles for most properties and they are not allowed to be parked on the yard. Our properties are not meant to be used for vehicle storage facilities or a used car location. Vehicles on yards damage the curb appeal and lowers the value of the property consequently your ability to refinance the home.
You must maintain the yard adequately. Ill-maintained yards lead to pest infestations, rodents, lowered property value, and angry neighbors. You must do your part to uphold community standards.
---
|
