Question: I had trouble paying my bills and think I have bad credit,
can I still buy a home?
Christine: Our Trademarked EZhomebuyers® Program specializes in helping folks
with credit challenges Even though you may have had a bankruptcy, foreclosure,
slow pays on your credit cards or other debt in the past, medical bills, whatever -
we can often help.
The key will be how much cash you have to put toward buying your new home,
and how you have handled your bills since the cause of the problem. The more
cash you have, the more we can help you. If you have very little cash and haven’
t been current on most of your bills for at least the past 6 months, we probably
can’t help right now.
We have saved a good amount for a down payment but I was wondering if
we should put it all into the home. And how much is the minimum down
payment needed?
Keep in mind a smaller down payment will result in a higher monthly payment.
You may not mind a higher payment as long as you can afford it. We like to see
your debt to income ration in the 30 percent range (which we'll know when we run
your application).
I'll give you a quick overview of what your debt-to-income ratio (or DTI).
Your DTI is a comparison between the amount of debt you have and your gross
annual income. It is typically expressed as a percentage.
For example, if your gross income is $200,000 per year, and you pay $25,000 per
year toward your debt, then your debt-to-income ratio is just over 12 percent.
That's the percentage of your gross income that goes toward your debt each year.
Other homebuyers may want a lower payment and like the idea of investing in
real estate instead of putting their money into depreciable such as autos. Putting
a larger amount towards your primary home can be looked at like a consistent
and safe savings plan that also earns a good interest-even better than a saving
account.
And that's especially true when you utilize the investing technique known as the
Accelerator Program, which I'll cover in a bit.
Now the amount needed for a down payment will depend on three things:
1. Your credit score
2. The amount of the home
3. The monthly payment you want and can afford.
The average down payment we have found over a two year period was
$5100.00 in Allen county.
Like a bank if you were to get mortgage, we can offer you better terms if you
decide to put down an amount over the minimum down payment. However unlike
a bank we can accept borrowed funds.
We can also arrange special financing of your down payment that would allow you
to put a smaller amount down now; which would allow you to move into your new
home. And then pay off the remainder of the down payment in a lumps or make
payments in installments.
What kinds of things do you look for on an application?
Our standards for qualifying for a home are simple and fair. They are:
I fall short of a few of the guidelines, so is there anything else I can do??
Applicants with less than favorable credit may qualify by doubling the security
deposit, paying rent in advance or paying with an installment plan.
We heard about your program that helps me payoff the home sooner, what's
that about?
You heard right. On most of our homes, you have the option to pay over your
monthly house payment. And anything extra you pay not only goes towards the
purchase price of your home but we will also match that amount dollar for dollar.
It's called the Accelerator Program TM and it lets you build a huge amount of
additional equity during the EZhomebuyers program ®.
Another way of thinking about it is that you are getting a 100% return on your
invested money (you put in $50 extra - we give you $50 = $100).
No bank or saving account in the world pays you that high of an interest rate.
That's why we highly recommend that families invest in themselves first and the
toys and depreciable afterwards. Ask your Home Support Team agent for the
details once you find the home thats perfect for you.
CAN I BUY THE HOME BEFORE THE END OF THE LEASE?
Yes, you can exercise your option to buy at virtually anytime during the lease
period. On some homes, you’ll need to live in the home for the first 12 months
before exercising the option. Whenever you and your credit are ready you can get
your own financing - which should lower your monthly payment and give you all
the tax benefits (write-offs) of home ownership.
What kind of changes to my new home can I make?
We want you to feel that the home is yours. You can make any improvements
you would if you owned the home. However, we require that you notify us and
obtain any required local permits and follow the proper building codes.
CAN WE BUILD A DECK OR A FENCE?
Like we said above, we want you to make those additions. You should enjoy the
benefits of home ownership. The freedom to decorate and add the amenities you
want are all part of the freedom we offer you as a client and future homebuyer.
How quickly can I be approved for a new home?
Once you’ve seen the outside of the house and looked in all the windows, you
need to contact us for an appointment to complete an application form. You can
also complete an application form on-line to speed the process. After we receive
of your application, we can usually pre-approve you by the next business day.
Click Here To Download Your Application
Could you explain Your No Bank Qualifying, Owner Financing Program?
Our revolutionary No Bank Qualifying Owner Financing is available on many of the
homes we have available. Please keep in mind we can be very flexible with our
financing because the Owner of the property is one of our affiliates.
In most cases, you need to provide a down payment and monthly payments, and
of course, the more you put down, the less it is each month, and vice-versa. We
will try to work with what you have to help you buy a home. The Owner Financed
interest rate may vary based upon your credit, but it is generally much lower than
conventional sources. You need to go by to view these homes ASAP because
most of our homes don’t last long due to our flexibility in financing.
Our program is designed so you have the choice to eventually purchase the
home, and not just rent it. And it gives you time to fix any credit issues or save
additional money as needed.
Your entire down payment goes towards paying down your home. Then, each
month, there is a monthly option fee in addition to the monthly rent payment,
that is also applied toward the purchase price. This is like a savings plan to help
you save money toward the purchase of the home. We will sell you the house
according to the agreed upon terms.
How do set up a home showing?
You can call with the address of the home you want to see and when
( after hours leave a message by pressing '0' )
Or click below on "Request a home Showing" to set up a showing online
can I still buy a home?
Christine: Our Trademarked EZhomebuyers® Program specializes in helping folks
with credit challenges Even though you may have had a bankruptcy, foreclosure,
slow pays on your credit cards or other debt in the past, medical bills, whatever -
we can often help.
The key will be how much cash you have to put toward buying your new home,
and how you have handled your bills since the cause of the problem. The more
cash you have, the more we can help you. If you have very little cash and haven’
t been current on most of your bills for at least the past 6 months, we probably
can’t help right now.
We have saved a good amount for a down payment but I was wondering if
we should put it all into the home. And how much is the minimum down
payment needed?
Keep in mind a smaller down payment will result in a higher monthly payment.
You may not mind a higher payment as long as you can afford it. We like to see
your debt to income ration in the 30 percent range (which we'll know when we run
your application).
I'll give you a quick overview of what your debt-to-income ratio (or DTI).
Your DTI is a comparison between the amount of debt you have and your gross
annual income. It is typically expressed as a percentage.
For example, if your gross income is $200,000 per year, and you pay $25,000 per
year toward your debt, then your debt-to-income ratio is just over 12 percent.
That's the percentage of your gross income that goes toward your debt each year.
Other homebuyers may want a lower payment and like the idea of investing in
real estate instead of putting their money into depreciable such as autos. Putting
a larger amount towards your primary home can be looked at like a consistent
and safe savings plan that also earns a good interest-even better than a saving
account.
And that's especially true when you utilize the investing technique known as the
Accelerator Program, which I'll cover in a bit.
Now the amount needed for a down payment will depend on three things:
1. Your credit score
2. The amount of the home
3. The monthly payment you want and can afford.
The average down payment we have found over a two year period was
$5100.00 in Allen county.
Like a bank if you were to get mortgage, we can offer you better terms if you
decide to put down an amount over the minimum down payment. However unlike
a bank we can accept borrowed funds.
We can also arrange special financing of your down payment that would allow you
to put a smaller amount down now; which would allow you to move into your new
home. And then pay off the remainder of the down payment in a lumps or make
payments in installments.
What kinds of things do you look for on an application?
Our standards for qualifying for a home are simple and fair. They are:
 | A favorable rental history. Any evictions on record will require a larger | |
| deposit. | ||
| Be able to furnish proof of monthly income three times the monthly payment | |
| of your home. | ||
| Good references from previous creditors; car or student loan, store credit | |
| card, previous landlord. |
I fall short of a few of the guidelines, so is there anything else I can do??
Applicants with less than favorable credit may qualify by doubling the security
deposit, paying rent in advance or paying with an installment plan.
We heard about your program that helps me payoff the home sooner, what's
that about?
You heard right. On most of our homes, you have the option to pay over your
monthly house payment. And anything extra you pay not only goes towards the
purchase price of your home but we will also match that amount dollar for dollar.
It's called the Accelerator Program TM and it lets you build a huge amount of
additional equity during the EZhomebuyers program ®.
Another way of thinking about it is that you are getting a 100% return on your
invested money (you put in $50 extra - we give you $50 = $100).
No bank or saving account in the world pays you that high of an interest rate.
That's why we highly recommend that families invest in themselves first and the
toys and depreciable afterwards. Ask your Home Support Team agent for the
details once you find the home thats perfect for you.
CAN I BUY THE HOME BEFORE THE END OF THE LEASE?
Yes, you can exercise your option to buy at virtually anytime during the lease
period. On some homes, you’ll need to live in the home for the first 12 months
before exercising the option. Whenever you and your credit are ready you can get
your own financing - which should lower your monthly payment and give you all
the tax benefits (write-offs) of home ownership.
What kind of changes to my new home can I make?
We want you to feel that the home is yours. You can make any improvements
you would if you owned the home. However, we require that you notify us and
obtain any required local permits and follow the proper building codes.
CAN WE BUILD A DECK OR A FENCE?
Like we said above, we want you to make those additions. You should enjoy the
benefits of home ownership. The freedom to decorate and add the amenities you
want are all part of the freedom we offer you as a client and future homebuyer.
How quickly can I be approved for a new home?
Once you’ve seen the outside of the house and looked in all the windows, you
need to contact us for an appointment to complete an application form. You can
also complete an application form on-line to speed the process. After we receive
of your application, we can usually pre-approve you by the next business day.
Click Here To Download Your Application
Could you explain Your No Bank Qualifying, Owner Financing Program?
Our revolutionary No Bank Qualifying Owner Financing is available on many of the
homes we have available. Please keep in mind we can be very flexible with our
financing because the Owner of the property is one of our affiliates.
In most cases, you need to provide a down payment and monthly payments, and
of course, the more you put down, the less it is each month, and vice-versa. We
will try to work with what you have to help you buy a home. The Owner Financed
interest rate may vary based upon your credit, but it is generally much lower than
conventional sources. You need to go by to view these homes ASAP because
most of our homes don’t last long due to our flexibility in financing.
Our program is designed so you have the choice to eventually purchase the
home, and not just rent it. And it gives you time to fix any credit issues or save
additional money as needed.
Your entire down payment goes towards paying down your home. Then, each
month, there is a monthly option fee in addition to the monthly rent payment,
that is also applied toward the purchase price. This is like a savings plan to help
you save money toward the purchase of the home. We will sell you the house
according to the agreed upon terms.
How do set up a home showing?
You can call with the address of the home you want to see and when
( after hours leave a message by pressing '0' )
Or click below on "Request a home Showing" to set up a showing online
| Frequently Asked Questions about the Award-Winning EZhomebuyers® program |
Join our Homes Hotlist to know about new listings
BEFORE the homes are advertised to the public.
BEFORE the homes are advertised to the public.
Still Looking for The Perfect Home?
| The 1 - 2 Punch |
When you join Homes Hotlist your first to hear
about new home listings.
When your pre-approved you are first in line to
get called for the new homes.
So join Homes Hotlist by clicking on the folder
above. Then get pre-approved by clicking here
about new home listings.
When your pre-approved you are first in line to
get called for the new homes.
So join Homes Hotlist by clicking on the folder
above. Then get pre-approved by clicking here
What does "Work for Equity" mean?
We manage a large inventory of homes and tenants are constantly moving in and
out of our homes. When someone moves out, they often don't leave the home in
peak "move-in" condition. These homes generally just need some TLC, like
painting, cleaning or replacing the carpets, minor cosmetic repairs, general yard
work, and an overall cleaning.
Before we go in and make it ready for a new homebuyer or tenant, we may offer
the home on our Work for Equity Program, where you can save money and build
equity by doing the work yourself.
We normally discount the sales price enough to cover the cost we would pay for
the repairs. Since you could do these repairs yourself without hiring a contractor,
you can do it cheaper than we could so you save money and build "equity", or
value. It's a great way for a "handy person" that doesn't mind doing some work to
get into a home.
If the home hasn't sold in a few weeks, we will usually schedule our contractor to
complete the repairs, and then the discounted sales price and this program will no
longer be available. Check out more on our renovations, click here
What is a credit rating and why do I need it?
Credit ratings are nothing more than an attempt to estimate your ability and
willingness to repay a loan or debt, based on your credit history. A higher credit
score means lower risk. That means you can get money cheaper. When preparing
to get a home loan you can easily save thousands of dollars by applying simple
techniques we will show you.
A credit history is a record indicating your trustworthiness and ability to repay a
loan. Your loan activities are reported by your creditors to the credit bureaus, who
then report your repayment history as delinquent (negative ), regular (positive), or
neutral (non-rated).
No credit bureau is allowed to evaluate your ability to repay a loan; creditors do
have the privilege to rate you privately, but they are prevented from publishing
their evaluations. You must know how to read, repair, improve your credit history –
we make it EZ!
We have an 'Ugly' house we need to sell first -Can you help us?
Yes. We can buy ugly houses. We provide a wholesale option that would allow for
a quick close. As most banks make it cumbersome to get financing for houses in
dire straights, we opt to ask the seller to take a contract to purchase. This gives
us time to do the needed repairs. Fill out a free home evaluation.
I'm losing my house in a foreclosure - should I even call you?
Yes , and you should call us quickly. We can help but because the foreclosure
clock is ticking we will need to act fast. Call us immediately to find out how we
can help you stop the foreclosure, save and even repair your credit, and perhaps
getting money that same day!
We are committed to working fast for you when facing this challenging situation.
Because once the foreclosure clock starts the only way to stop it is with quick
action and cash - we offer both. And we will deal with the bank so you will get no
more harassing calls and letters. Fill out a confidential questionnaire, click here
How do I measure my credit rating?
Your credit rating is a composite of the information contained in your credit report
plus the information provided directly to the lender. Lenders use three types of
information to determine your credit rating:
1) The lender’s personal evaluation of your potential. Objective criteria give the
lending institution a pretty good idea of how you stack up as a credit risk.
Borrowers, however, of ten seek amounts beyond their credit limit. The lending
institution leaves it up to the loan officer to pass judgment concerning the fine
points of a loan decision, based on his or her professional interpretation of the
objective data provided by the credit report scoring system and the “20 percent
rule.”
2) A credit scoring system. Banks and similar large lending institutions, such as
finance companies, savings and loan companies and credit unions, generally
employ a scoring system used to rate your credit worthiness. An example of such a
scoring system is provided in this chapter.
3) Short-term debt-to-income ratio using the 20 percent rule. Lenders will calculate
what percentage of your annual income your short-term debt represents. (Long-
term debt, like a mortgage, is not considered here.)
You are generally allowed no more short-term debt than 15 to 20 percent of your
total annual income. As you look at your credit information, you will discover weak
points that stand in need of improvement as well as positive points that can be
emphasized.
In addition, you'll know the amount of credit for which you qualify given your
income, Net worth, credit record and other relevant factors.
Can we hire an inspector to look at the house I choose?
Yes. You can have an inspection done by a professional inspector. And we also do
an inspection of each and every home before we sell them. This way there are no
surprises after closing for a piece of mind guarantee.
WHAT IF THE PROPERTY TAXES GO UP?
We pay the property taxes and the Real Property Insurance. If they go up, we
absorb those increases. You will have to pay for your utilities, club membership
and any association dues. This seems fair, since you receive the benefits from
those. You will also need an insurance policy for your personal possessions.
Your Program is Unique, Should I Tell Others?
Most of our clients come to us because someone cared enough about them to tell
them about us. And we all know someone who has talked about moving. Because
of this we provide up to $500 finder’s fee to anyone who refers someone to us,
whether buying or selling. When we sign, we’ll send you the CASH. EZ as that!
Do you only work with folks that have bad credit?
No, we work with home buyers that have all types of credit. If you have good
credit, a steady job, and some cash for your down payment and closing costs,
purchasing your next home from us is a piece of cake! If you can purchase a home
by obtaining new financing (which we will help you with), you also get our best
price!
Our goal is to help everyone get a new home. Our on staff Realtor has access to
many different lending institutions. He will get you the best market rates
available based upon your credit and overall financial strength and condition.
Coming Soon...
We are in talks now to offer all our clients valuable discounts, coupons, wholesale
services, and information on all kinds of neat activities, community events and
workshop to inform and entertain. It is our quest to set ourselves apart and
provide you with the greatest value as a way of saying, Thank You.
We manage a large inventory of homes and tenants are constantly moving in and
out of our homes. When someone moves out, they often don't leave the home in
peak "move-in" condition. These homes generally just need some TLC, like
painting, cleaning or replacing the carpets, minor cosmetic repairs, general yard
work, and an overall cleaning.
Before we go in and make it ready for a new homebuyer or tenant, we may offer
the home on our Work for Equity Program, where you can save money and build
equity by doing the work yourself.
We normally discount the sales price enough to cover the cost we would pay for
the repairs. Since you could do these repairs yourself without hiring a contractor,
you can do it cheaper than we could so you save money and build "equity", or
value. It's a great way for a "handy person" that doesn't mind doing some work to
get into a home.
If the home hasn't sold in a few weeks, we will usually schedule our contractor to
complete the repairs, and then the discounted sales price and this program will no
longer be available. Check out more on our renovations, click here
What is a credit rating and why do I need it?
Credit ratings are nothing more than an attempt to estimate your ability and
willingness to repay a loan or debt, based on your credit history. A higher credit
score means lower risk. That means you can get money cheaper. When preparing
to get a home loan you can easily save thousands of dollars by applying simple
techniques we will show you.
A credit history is a record indicating your trustworthiness and ability to repay a
loan. Your loan activities are reported by your creditors to the credit bureaus, who
then report your repayment history as delinquent (negative ), regular (positive), or
neutral (non-rated).
No credit bureau is allowed to evaluate your ability to repay a loan; creditors do
have the privilege to rate you privately, but they are prevented from publishing
their evaluations. You must know how to read, repair, improve your credit history –
we make it EZ!
We have an 'Ugly' house we need to sell first -Can you help us?
Yes. We can buy ugly houses. We provide a wholesale option that would allow for
a quick close. As most banks make it cumbersome to get financing for houses in
dire straights, we opt to ask the seller to take a contract to purchase. This gives
us time to do the needed repairs. Fill out a free home evaluation.
I'm losing my house in a foreclosure - should I even call you?
Yes , and you should call us quickly. We can help but because the foreclosure
clock is ticking we will need to act fast. Call us immediately to find out how we
can help you stop the foreclosure, save and even repair your credit, and perhaps
getting money that same day!
We are committed to working fast for you when facing this challenging situation.
Because once the foreclosure clock starts the only way to stop it is with quick
action and cash - we offer both. And we will deal with the bank so you will get no
more harassing calls and letters. Fill out a confidential questionnaire, click here
How do I measure my credit rating?
Your credit rating is a composite of the information contained in your credit report
plus the information provided directly to the lender. Lenders use three types of
information to determine your credit rating:
1) The lender’s personal evaluation of your potential. Objective criteria give the
lending institution a pretty good idea of how you stack up as a credit risk.
Borrowers, however, of ten seek amounts beyond their credit limit. The lending
institution leaves it up to the loan officer to pass judgment concerning the fine
points of a loan decision, based on his or her professional interpretation of the
objective data provided by the credit report scoring system and the “20 percent
rule.”
2) A credit scoring system. Banks and similar large lending institutions, such as
finance companies, savings and loan companies and credit unions, generally
employ a scoring system used to rate your credit worthiness. An example of such a
scoring system is provided in this chapter.
3) Short-term debt-to-income ratio using the 20 percent rule. Lenders will calculate
what percentage of your annual income your short-term debt represents. (Long-
term debt, like a mortgage, is not considered here.)
You are generally allowed no more short-term debt than 15 to 20 percent of your
total annual income. As you look at your credit information, you will discover weak
points that stand in need of improvement as well as positive points that can be
emphasized.
In addition, you'll know the amount of credit for which you qualify given your
income, Net worth, credit record and other relevant factors.
Can we hire an inspector to look at the house I choose?
Yes. You can have an inspection done by a professional inspector. And we also do
an inspection of each and every home before we sell them. This way there are no
surprises after closing for a piece of mind guarantee.
WHAT IF THE PROPERTY TAXES GO UP?
We pay the property taxes and the Real Property Insurance. If they go up, we
absorb those increases. You will have to pay for your utilities, club membership
and any association dues. This seems fair, since you receive the benefits from
those. You will also need an insurance policy for your personal possessions.
Your Program is Unique, Should I Tell Others?
Most of our clients come to us because someone cared enough about them to tell
them about us. And we all know someone who has talked about moving. Because
of this we provide up to $500 finder’s fee to anyone who refers someone to us,
whether buying or selling. When we sign, we’ll send you the CASH. EZ as that!
Do you only work with folks that have bad credit?
No, we work with home buyers that have all types of credit. If you have good
credit, a steady job, and some cash for your down payment and closing costs,
purchasing your next home from us is a piece of cake! If you can purchase a home
by obtaining new financing (which we will help you with), you also get our best
price!
Our goal is to help everyone get a new home. Our on staff Realtor has access to
many different lending institutions. He will get you the best market rates
available based upon your credit and overall financial strength and condition.
Coming Soon...
We are in talks now to offer all our clients valuable discounts, coupons, wholesale
services, and information on all kinds of neat activities, community events and
workshop to inform and entertain. It is our quest to set ourselves apart and
provide you with the greatest value as a way of saying, Thank You.
| We would greatly appreciate you reviewing this section- your answers are probably right here. If you look through it carefully and still have a questions call our 24 hotline at (260)436-5000 for a free recorded message. To speak with a client care specialist dial extension 222. |
