How does our Contract for Deed & Rent to Own program work for Agents?
Banks require a lot of boxes to check! It's not just about having great credit, stable income and money down, there's a whole lot of other rules and guidelines that get looked at as well!
Rates are still historically low for those folks who check ALL the boxes the banks require, but for those folks who need a little more time to work on a few things in order to get bank financing, Home Solutions Group provides multiple options so folks don't have to wait to get into a home they want right now!
We’ve been helping folks get into a home right now without the banks for years and helping our Agent and Lender partners close more deals, make more money and help more clients!
Our program allows clients to pick a home off the MLS or from our inventory of off-market homes (when applicable).
* WE purchase the home now (typical closing time is 21-45 days).
* Your client does a Lease Option or Contract for Deed with us/our partners.
* They are able to “buy” the home with financing or cash anytime they want to up to a max of 3-5 years typically. (and no prepayment penalties).
* We are buying the house TODAY at today’s value and the Lease Option/CD Buyer is buying it at “tomorrow’s value” since it will be typically 1-5 years down the road.
* The price of the home, monthly payment and time frame are all case by case and mainly depend on your client’s down payment, time frame to qualify to buy, and reasons for needing our program.
* Much like a bank, the more someone can put down, the lower their monthly payment will be and the better their future purchase price will be. (Best part is this is ALL credited towards the purchase if/when home is purchased on a lease option or refinanced on a contract for deed).
* Unlike a bank, though, we have no minimum credit scores and use more “common sense” underwriting. We say “YES” when the Banks say “NO”.
* Our process is very transparent and clear. Your Tenant-Buyer knows exactly what their monthly payment will be every month the whole 1-5 year time frame and exactly what the purchase price (or refinance amount) will be!
* They will get a portion of their monthly payment credited each month to the house every month they pay on time!
* They are able to fix up and repair/update the homes and will gain any and all sweat equity on the home if there is any.
* They cover all utilities, lawn care/snow removal and most repairs and fixes just like it’s their own home.
* We work with you and your client to put together a game-plan so they can get financing and pay us off as soon as they’re able to.
The best way to get started is to do a group email to [email protected] AND include [email protected] and obviously your client so our team can set up a group zoom or phone call to go over their specific situation and answer all their questions.
Of course if you prefer a group text message instead, please text me at 651-274-6171 AND our Buyer Specialist Erik Moody at 651-587-5419 and of course your client!
As long as they meet the general requirements listed below in either of our programs, we should be able to help them still get into a home now and you still get to be their agent and get paid a commission now instead of the whole deal blowing up and maybe it works out down the road!
Home Solutions Group’s Rent to Own/Owner Financing Levels
GOLD LEVEL (Rent to Own or Contract for Deed)
* 1. No minimum credit score
* 2. Min. of $60,000 a year combined HOUSEHOLD income (before taxes)
* 3. MUST have a minimum of $20,000 OR 10% down of future purchase price (whatever is higher )
* 4. No felonies or evictions (*certain city rules may apply)
* 5. Pick a Home From the MLS or Choose from Existing Homes in Our Inventory
SILVER LEVEL (Rent with Option to Purchase or just Rent if preferred)
* 1. Minimum credit scores of 575 or higher
* 2. Min. of $60,000 a year combined HOUSEHOLD income (before taxes)
* 3. No felonies or evictions (*certain city rules may apply)
* 4. No dangerous breeds of pets (pitbulls, Rottweilers, Dobermans, etc.)
* 5. Must not be more than 2 unrelated parties (like not 3 or more roommates etc.)
* 6. Must have 2 months’ rent for deposit available (in the bank or gift from someone) and 1st month’s rent
* 7. Typically need 45 days or so for time to close
* 8. Hundreds of Homes to Choose From!
Set up a call today so we can help you save the deal! Or if you just want to learn more about how our programs work, we’d be happy to set up a zoom or call with you as well! www.CallJesse.net