Creative ways to “BUYING A HOME”

GASTONIA, N.C. - Nov. 22, 2013 - PRLog -- The banks have all but turned its back on the “average” American family trying to achieve the dream of home ownership by making loan requirements and standards almost impossible.  A couple with little financial history or marginal credit need not apply at all.  In this economy banks are limiting its standards by extending financing to people with 620 + credit scores.  If the applicant’s credit is below this score level, then a significant down payment of 10-20% of the purchase price is often expected.  For most people, this down payment amount is just not feasible.

Our company takes pride in finding creative financial solutions that is customized to each family’s individual situation.  We work with GOOD PEOPLE with bad credit, and we base our financing criteria on the character of the person applying, not his or her credit score.  A qualified applicant for our programs only has to demonstrate a strong, verifiable work history.

HOW DOES OUR PROGRAM WORK?

Our financing programs usually start as a lease with an option to buy the home at a future date.  Usually, people need about a year or two to get their credit established to a bank acceptable level.  Therefore, we typically begin with a one year lease. (We will however, owner finance from the beginning with a sizable down payment or even a trade for down payment)  During that year, our bookkeeping department is diligently recording all the lease payments.  As long as you have done everything that was agreed to such as paying the lease on time, and keeping the home well maintained, we will try our best to assist you in obtaining bank financing.  We will have a mortgage broker contact you so that we can see where you financially stand in order to increase your credit scores during the lease option period.  The mortgage broker will advise you on what you need to do, or how long you will have until you become “loan-able” by traditional bank standards.  If you are still not qualified for a bank loan, our company will finance you, since you have already proven that you are capable and willing to become responsible home owner.

DOWN PAYMENT ALTERNATIVES:  MONEY, ASSETS, OR LABOR

An option to buy requires an option fee.  When you buy the home, this option fee will be deducted from the purchase price.  Basically, the option fee acts as your down payment for the home.  Our option fees usually range between 5,000 and $10,000.  We understand that this option fee may be financially draining for some families.  Therefore, we will consider a TRADE for the down payment in the form of money, assets, or labor.  Only a qualified skilled tradesman will be considered for a labor trade.

In our experience, we have found that people have little money, but an abundant amount of assets.  Sometimes a person will have an extra car, or a boat, or a diamond ring, or many other things of monetary value that they can trade for the down payment.

If you don’t want to physically or emotionally part with your asset, but you still want to buy the home, we can put a lien on the asset.  When the down payment is paid in full, we will immediately take the lien off the asset.  We will just use the asset as collateral for the down payment.

WORK FOR EQUITY

Our programs are absolutely perfect for a hardworking skilled tradesman who would love to purchase a home.  Often times we will buy a house, completely paint the inside, sell it and then the buyer will completely repaint the walls a different color….So why not give you the credit for doing the work? Most of the homes we buy are purchased at a discount that we can pass on to our customers.  The homes are usually very solid, but are in need of some repairs or updating.  After the repairs are made, the homes would appreciate at an average of $10,000-25,000 in instant equity.  With our Work for Equity Program, we will reduce the price of the home in exchange for a qualified tradesman performing the work on the home in a professional and timely manner.  In this program, we will agree on a Scope of Work that needs to be completed, along with a time frame for completion, and assign a dollar amount to each task.

In this troubling time for our nation, people are often asking, “How does a regular person get a loan for a home?”  We feel that we have come up with some very creative alternatives for helping families buy homes.  We are willing to customize our programs to meet the needs of each family, because all situations are unique.

For more information about buying a home, visit http://www.homebuyersllc.com.