- If you do not qualify for a home loan at this time due to credit issues.
- You have 5% deposit vs. 20% down payment.
- You will work with our Preferred Mortgage Lender to see what you will qualify for.
- The lender will advise FRES what you will qualify for at the end of the 3-year Program.
You agree to work with the preferred Mortgage Lender for the 3 years of the program.
Checking in and getting advice of any large purchases that could jeopardize the purchase of your home.
Checking credit every 6 months. (Soft pull that will not affect your credit)
Your monthly payment of the Lease option will be equal to or slightly greater than your mortgage payment at the end of the 2 or 3-year program when you close on your home.
Your 5% deposit will be credited to you at the closing of your home.
If you do not close on your home this will be non-refundable.
To get started –
Fill out a pre-qualification application.
Background check Authorization
Proof of funds for deposit.
Meet with our preferred lender.
Meet with one of our preferred Realtors – (shop for your new home)
Once the application is approved and 5% funds have been deposited and cleared, the Tenant/buyer will start looking for their home with the Realtor. The home cannot be over the amount the lender has specified.
The Realtor will let Faith Real Estate Solutions (FRES) know once a home has been found. FRES will do final approval and put a contract on the home.
Tenant/Buyer will hire their own independent home inspector not affiliated with FRES.
FRES will also do their own inspections.
Once everything is a go with all inspections. The transition of client will take place.
FRES becomes the Realtors client and the Tenant/Buyer becomes the client of FRES.
Once a closing date for the house is set the lease and option to purchase will be executed and a move-in date will be set for the Tenant/Buyer.