Discover a pathway to Home Ownership
The problem we see people facing more and more everyday is that banks have made it increasingly challenging for people who have blemished credit, newly or self employed, new to the country, going through a divorce, or short on down payment to get approved for a mortgage. Not only that, but every year prices go up faster than wages can keep up. This makes it extremely difficult to save for a down payment, never mind qualify for a mortgage. Right now it may seem like home ownership is unattainable for you, reserved only for those who have money, better credit or a better job. Give us a call and see how Home Purchase Solution can help you become a home owner.
Home Purchase Solution – A modern approach to Rent to Own.
If you have always wanted to own your home but are unable to secure conventional financing, our Home Purchase Solution may be an ideal option offering you a modern approach to Rent to Own. The program enables you to enhance your credit and financial position, so that lenders look more favorably upon you to qualify for financing.
It is possible to move into your dream home today, while saving towards the purchase of your home.
This will be your home, so being part of this process is important and we want you to feel like the home-owner from the start.
- We negotiate the price with the seller and arrange all financing, legal contracts, inspections, etc.
- When it comes time to inspect the property we want you there with us.
What will it cost me? Our monthly payments are comparable to a mortgage of around 6% and flexible amortization terms, along with the property tax, insurance and utilities
Do I live in the home today? YES, you get to live in this home today instead of waiting a few years. And during this time we will be guiding you to improve any credit blemishes to accomplish the successful completion of the program.
Is an initial deposit required? A deposit of no less than 3% or greater of the homes purchase price is required and if life’s circumstance limits your ability to provide a deposit today… Ask about alternative options by requesting a free consultation with us.
Some scenarios that are suitable for our program;
New to the Country
Lack of down payment
Time to repair your credit or investigate the best financing.
What happens as the term is coming to an end? As we get closer to the end of the program we will contact you to make sure everything is in order and you are ready to exercise your option to purchase.
When that date arrives…
A mortgage agent is available to help you secure financing to ensure you receive the best interest rate available. We are with you every step of the way.
Did you know that on average, home owners are 26 times wealthier than renters? This sounds ridiculous doesn’t it? But it’s true! Just imagine if you owned a $150,000 house with 5% down ($7,500) and house values increased by just 3%. In one year you would have paid down your mortgage by at least $1,731 and your home would have increased in value by $4,500. This would increase your family’s wealth by $6,231 (or 83.1%) in just one year. Compare this with the $0 you would get as a renter. It’s easy to see why owning your home is the easiest way to build a better future for you and your family.
We provide a family first approach to our program. Our Realtor will provide online access to listings in your area, and work side by side with a you to help guide and show you houses until you find your desired home. You do not pay the commissions since the seller is paying these fees. In many cases Realtor fees may be anywhere in the range of 2-8% of the selling price. That could mean thousands of dollars, matter of fact we’ll also help guide you throughout the entire process which typically involves a home inspector, appraiser, mortgage agent/ broker, lender and lawyers.
If your curious to know about specific areas you desire to live just drive by and see the outside of the homes and get a feel for the general neighborhood. However, to get inside you will need to get in touch with us and make an appointment to view the properties.
The time frame required to find a home can take anywhere from 30 days to upwards of several months. This may be due to several variables;
Seller may require a lengthy closing period due to the fact that they still have to find a home or don’t move in to their home for a specific period of time.
We may require time to select a partner that will work with us to help you with the Home purchase program.
There may be limited homes available on the market within your specific purchase price point.
Once we have conducted an initial phone call or pre qualification we can quickly asses if the program is an ideal fit for you. Once we have determined if the program is a good fit and your comfortable we arrange an in person meeting to ensure we have answered all your questions. Following this step we ask that you complete a full application, which entails gathering of information similar to the details you would provide when qualifying for a mortgage. In addition we ask you to pull your own credit information (score and report), instead of us accessing your bureau so that we may help educate you on the steps to understand and read a bureau.
We then run a full analysis and provide a package outlining the type of program and payment options that may be best suited for you to consider. Once we have finalize a payment option and review the contract you then begin looking for homes that appeal to you and your family
In some instances may discover that you are better suited to obtain a mortgage and we will help you through the process.
Additionally if the home is valued at a price point beyond your agreed purchase price, we cannot sell it for more than we originally agreed.
We are often asked what do you feel is required to help provide assurance that the client will be successful in any program of this type
- Utilize a gross and total debt service ratio more stringent than the banks
- Requirement for some clients to improve credit before entering our program
- No less than 3% of purchase price as deposit
- Educate clients abut credit and have them access their own credit
- Routine check-ins with clients to ensure credit improvement
- We appreciate/escalate the homes purchase value to the client at less than given areas historical appreciation rates.
- You do have the option to register on title before program is completed
- You do have the option to purchase before your term is completed
- The programs are structured to provide an additional year beyond the expected term required to qualify for financing
However the amounts paid for these items are included in your monthly payment. We will provide you with confirmation of the amounts paid for both property taxes and insurance, to ensure these fees are transparent to you. If for any reason either the property tax or insurance fees are adjusted throughout the term of our agreement these changes applied to your costs. Once again we will provide you with confirmation of the adjustment in amounts, by showing you the city or insurance companies invoice(s) to ensure these fees are transparent to you.
In addition you will be responsible for insurance to cover your personal property.
Why Choose Us?
- We develop ethical and transparent relationships with our colleagues.
- Implement a proven system that will continuously provide sound, predictable, winning results.
- Commit to rigorous screening and due diligence practices to ensure successful outcomes.
- Remain accessible and responsive to our clients.
- Developing and nurturing loyal relationships with our partners.