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Seller financing Information:
881HOME is pleased to announce that they have received lender approval to provide seller financing on all their existing homes. We´ve accomplished this by removing a loan term known as the "due on sale" clause.
This revolutionary concept of providing both housing and financing all in one place is another great example of why we continues to provide Southern Arizona families with fast, friendly, affordable housing.
The new loan terms are determined by the following criteria:
· Credit score
· Household income
· Amount of down payment
· Current U.S Loan interest rates as published by www.bankrate.com
· Payment history to 881HOME
The escrow closing costs are directly related to the sales price.
THE FOLLOWING APPLIES TO EXISTING HOMES IN STOCK:
Q. What are the terms of my purchase agreement?
A. We offer your choice of a 24 or 36 month easy qualifying purchase agreement. In order to receive rental credits towards the purchase price, the buyer makes timely monthly rental payments. Conventional financing may be acquired at any time during the term and in place prior to the expiration of the contract.
Q. How do I go about acquiring conventional financing?
A. At least 90 days prior to the expiration of the purchase agreement we recommend that you begin contacting lenders about your financing. We do have a list of lenders and mortgage companies that have worked with our clients in the past available in our office.
Q. What if I can't make all of my down payment?
A. In the event that this is not paid within the terms of the contract, 881HOME may grant you an extension provided payments have been made in a timely manner. If you have been approved for conventional financing, the balance of the down can be included in the financing, provided payoff to us occurs prior to the contract expiration date.
Q. Can I get my financing before the contract expires?
A. Yes, based on the requirements of the contract, if the down payment has been paid in full, or if conventional financing is sufficient to pay the sales price.
Q. What if I choose not to complete my purchase agreement?
A. When you´ve made the final decision to purchase your home with us, be sure you take the time necessary to be sure your ready. For many families the purchase of a home is the largest investment a household will make. The agreements are legally binding contracts and have worked wonderfully for hundreds of families.
Q. What happens if my agreement expires without meeting the requirements?
A. If your contract expires and you have not secured conventional financing, we will re-evaluate it for current market pricing, therefore there is a possibility that the price and rental amount of the home may change if you go beyond your original contract term.
Q. What does 'Freshly Remodeled' mean?
A. Our homes come to us from many sources, and they typically have: fresh paint, tile and grout, cabinets, light fixtures, landscaping, and many other custom touches. 881HOME contracts with several remodeling crews who have many collective years of experience putting new life into desert homes. In this way, we ensure that all homes meet or exceed our standards for quality housing.
Q. What are the qualifying requirements for the "Rent to Own a New Home Program"?
A. A credit application gets you started. We differ from a traditional lending institution in that we are the owner of the vast majority of properties in our website. More weight is given to your down payment and job history, rather than credit score. Each application is evaluated individually.
Q. Do I need to pick a house you already have built?
A. We have the ability to purchase homes in all areas of Tucson and with virtually any National builder. The advantage of purchasing an existing home is faster move-in. Construction time is currently 5 to 6 months to completion.
Q. How does the new home program differ from the "E-Z Qual" program?
A. We require a minimum 10% down payment up front before we enter the purchase contract with a builder. Since the home is either just built or is being built, the terms of purchase for new homes are more difficult than those of existing homes in stock.
Q. Do you accept trade-ins?
A. We will look at all properties presented for trade-in, evaluate the current market value and the equity you have in the home. Each proposed trade in is carefully examined to determine a fair trade equity.
Q. How much will I owe in monthly rent?
A. Monthly payments vary according to the price of the home selected. In almost all cases the monthly rental amount is directly related to the value of the home as well as what comparable homes are renting with option for.
Q. How is the term of my lease-purchase program decided?
A. You can choose a 2 or 3-year purchase program to best suit your situation. Our formula will determine a fair market value for your new home at the end of your purchase term and this will be the "locked-in" purchase price.
Q. How much of a down payment is required for us to become owners?
A. As a general rule we currently are asking a minimum of 10.00% down payment, which can be paid in installments during the course of the RTO term. Each house has an amount we are asking for to get started known as the purchase deposit. When your monthly rent is paid on time, you will add to this a credit. We have flexibility to go lower, provided your credit scores and household income can support this.
Q. Do you cooperate with licensed realtors?
A. Yes, however the amount of commission we can offer is directly related to the amount of a purchaser´s down payment. On conventional sales where a buyer obtains their own loan we offer between 3-5% of the sales price (check with us on which property you wish to sell). There are many properties left in our inventory that will require a short-sale, or reduced payoff to the lender(s). In these cases, all proposed commissions are subject to the approval of each lender.
On rent to own contracts we pay a leasing fee up to $250.00 at the time of move-in and the balance of the commission at closing. In all transactions we do require use of our standard contracts and forms that have been successful in hundreds of transactions in Southern Arizona.
Note - the information here is subject to change(s) and/or updates periodically. 881HOME´s current Standard House Lease and Purchase Agreements shall take precedence over all points of summary covered here in the Website.
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