For consumers who want to live in the home of their choice
and secure today’s purchase price while they rebuild their credit, there is a solution that removes the largest roadblock to regaining their dream home! For would be home buyers who
have at least 8% of the sales price for deposit and closing costs on a home but
who do not currently qualify. (Credit issues, income issues, recent BK,
foreclosures or short-sales.)
(If you do not have the 8%, keep reading.)
This innovative program allows you to buy the home of your choice today while working to qualify with
a traditional lender in the future. Don’t just rent! Help
them to Rent to Own or Lease to Own and start on the path to home ownership today!
This program is available in all areas of the Phoenix Metropolitan Area. Our partner NOVA Home Loans will work on your credit for free and get you to the approved process as soon as possible. They might even be able to get you to a score needed to buy right away and you don't even know it yet.
If down payment is an issue, there are also programs where the down payment will be made for you. Contact us!
The "Rent to Own" program is simple:
uses their Real Estate agent to pick out the home they want.
Client moves in! (House of their choice is bought for them) They
have fixed lease payments for up to 6 years.
When they qualify with a lender, they simply close escrow. Any
appreciation, above our fixed schedule, is yours to keep!
While you are living in the home in good standing you have an
active purchase agreement in place , any market price appreciation of the home
above the agreed to purchase price, accrues to you. If you are able to sell
the home to another buyer at any time, the excess profit is also your to keep, or
is retained as home appreciation after you are able to qualify with a
lender during the 6 year lease period.
Minimum Property Value & Maximum
$150K minimum value
and $2M max price.
required, 10% deposit required for all amounts ABOVE current
SFR/PUD/Townhome. No rural, up to 5 acres.
Average or better, minimal deferred maintenance
Owner occupied only
Income Documentation and Type
Wage Earner or;
Employed: Bank Statements OK w/previous tax returns
Wage Earner: Most recent 30-days pay stubs and 2 yr W-2s
& at least 12 mos. personal bank statements SE: Last 24 mos. bank stmts. & 2 yrs
personal & business tax returns ALL:
Total Deposits Required
5%-10%* Deposit Account
plus 3%* Transaction Fees *based on price of home
Sourced: If less than 2 months seasoning subject to further review and approval.Reserves
3 months; 6 months if purchase amount considered jumbo
Calculated using YR 1 payment.
Back End Debt-Ratio
Calculated using YR 6 payment.
Verification of Rent/Mortgage
12 months history using cancelled checks/e-statements
Minimum 550 (NOVA Home Loans can help with this)
Number of Open Trade Lines
3 with a 2 year history
Must be current (Late payments last 12 months require
signed explanation. Subject to review.)
May include establishing payment plan prior
to approval. If in plan, must be current.
Any outstanding tax liens greater than
$5,000 must be under payment plan.
No seasoning required (Must be satisfied/discharged)
Shot-Sale, Deed in Lieu, Foreclosure
No seasoning required
Current short sale/foreclosure must be completed prior to closing
on subject property
Permanent resident aliens
There is a possible solution for anyone to own a home. Stop throwing your money away to rent. Create an account on our site today or just reach out to your Agent at Xceptionl Realty Group and we will get you into a home.
Report by Ricky KhamisRealtor Report2016 Best Year for Housing in a De
"I'd say he's doing great! I am a business partner of the team and I can say that he has been nothing but outstanding in every regard to mortgage lending. He has a true desire to serve his clients and serve them well. "