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Will I be approved or declined”. This is the biggest concern that people have anytime they fill out an application.
This is a very unnerving feeling which causes a great deal of unnecessary stress.
Determining qualifications shouldn’t be a mystery.
We understand this which is why we created the proprietary and completely transparent iApproveMe Application process where applicants approve or decline themselves BEFORE they ever waste time filling out an application or spending a dime.
Makes a little too much sense, doesn’t it?
Gone are the days of sitting on pins and needles waiting for the phone to ring while hoping and praying that your application gets approved based on some phantom criteria known only by a select few who reside behind the curtains in some ivory tower.
No longer will you be abused based on your credit score or past derogatory credit.
We look at three simple criteria:
1. Do you have the necessary down payment to get into the home?
2. Do you have the financial ability to make the payments on time?
3. Are you serious and committed to getting qualified for conventional mortgage financing during the contract term or paying the home off during the contract term?
If the answer to these three questions is yes, YOU’RE APPROVED!
Yes, we know it seems too good to be true, so allow us to explain how and why we have been able to get clients into everything from new construction to multi-million dollar waterfront homes without subjecting our clients to the traditional invasive underwriting requirements based on credit score and past credit history.
We are professional real estate investors, not bankers, and as such we have a tremendous amount of experience with investment property. Several of our officers and directors have significant backgrounds in mortgage banking and have underwritten and originated mortgages for the top banks and lending institutions nationwide. This provided a first hand look at how loans performed based on the underwriting criteria used by the banks.
It was this experience that led us to develop a more common sense underwriting approach.
As investors, what we look for are financial ability, stability and commitment to a successful purchase, takeout or refinance by our tenants or buyers.
Why don’t we care about credit scores or past credit history?
Quite frankly, because they aren’t insurance policies that guarantee that a monthly payment will be made or made timely, whether you have an 800 credit score or a 400 credit score.
Credit reports are a rear view mirror approach to someone’s past payment history and they are not always indicative of your current payment abilities. Derogatory credit generally happens because you had a single income stream that got interrupted from a job loss, layoff, downsizing, accident, disability, divorce or death. Eliminate the income from anyone and it’s only a matter of time before they are forced to juggle and miss payments.
It’s simple economics, not an indicator of desire to pay on time.
We’re more focused on your current abilities to pay and your desire to get everything straightened out so you can qualify for conventional mortgage financing during the contract term if you’re going into one of our 24-60 month plans or payoff the home during the contract term if you’re going into one of our 10-30 year plans.
And, we’re there to help you every step of the way by providing step by step guidance via our Mortgage Qualifier Fast Track Program which will guide you through the process of mortgage qualification in 76 days and show you how to generate additional streams of income for free from the comfort of your own home to help guard against a payment default.
Yeah, we know. It makes so much sense so it can’t possibly be true, right?
We understand which is why we invite you to personally reach out and contact any of our past clients who have graciously provided their testimonials and contact information.
So, you’re probably wondering, “That all sounds great but what does it really take to qualify and get a home?”.
Let’s break it down and calm your nerves and eliminate any skepticism you may have.
The Qualification Criteria
1. Do you have the requisite down payment? In other words, do you have a down payment consistent with FHA/Fannie Mae/Freddie Mac guidelines based on the purchase price of the home you are interested in purchasing via a rent to own or owner finance scenario?
Down payments typically range from 3.5% to 5% for most deals we do and are based on FHA/Fannie Mae/Freddie Mac lending guidelines. Inquire for further details based on your location and purchase price to determine the exact percentage.
2. Do you have the financial ability to make the payments on time? A simple debt to income ratio calculation you can determine yourself will answer that. Generally speaking, your housing ratio needs to ideally be no more than 29% of your gross monthly income and your total debt to income ratio needs to be no more than 41%. To make it easy, for your housing ratio, simply use the maximum monthly house payment you want to make. Then, divide it into your gross monthly income like this:
1. Gross Monthly Income: $10,000
2. Maximum Monthly House Payment: $2,500
3. Housing Ratio (10,000/2500) = 25%
For your total or “backend” ratio, it’s the same calculation but uses the total of your house payment and all other monthly recurring payments that appear on your credit report (so, this does NOT include things like insurance, utilities, etc., it’s strictly credit related payments like credit cards, car loans, mortgages, etc.)
1. Gross Monthly Income: $10,000
2. Total Credit Payments + House: $3,500
3. Housing Ratio (10,000/3500) = 35%
3. Are you serious and committed to qualifying for conventional financing during the contract term? With our fast and easy Mortgage Qualification Fast Track Program, you’re only 76 days away from doing everything humanly possible to qualify for conventional financing during your contract term.
It’s fast. It’s easy. We’ll show you how.
No, really. That’s it!
If you answered those three questions satisfactorily, you’re approved.
Simply start the iApproveMe Application right now and you’ll have taken the first step towards home ownership.
JUST SOME OF THE CITIES WE HAVE HOMES IN
Along With Many Other Cities .......