Frequently Asked Questions
BuyhouseEZ financing, in a nutshell, is financing that is backed by investors rather than a traditional bank that typically has more stringent underwriting criteria. The program is designed for the home buyer who has money for a down payment (10%) and the financial ability to afford a monthly house payment.
We make qualifying for financing as E-Z as possible. Start by contacting a member of our professional and friendly real estate team. In general, you’ll be asked to complete a straightforward Qualification Questionare Form, submit 2-years of tax returns, proof of employment or income (such as W-2’s), and a renter verification form. We can usually make a determination within 2 to 4 business days after receiving all of your information.
It varies, but you’re in control of much of the process. The first step is to become qualified for BuyhouseEZ financing, a process that typically takes 2-4 business days after receiving all your information. The second step is to find your home through working with a qualified realtor. That may happen immediately or may take some time as you look for precisely the home (location, square footage, price, physical amenities, etc.) that works best for you and your family. If you’re not finding precisely the right home right away, don’t be discouraged….just continue to work with your realtor to find the house that is right for you. Don’t have a realtor? – call us and we can refer someone that can help you.
Don’t be discouraged. Qualification is based primarily on your having a 10% down payment and sufficient income to support your house payment. If you’re not immediately qualified for the home you want, one option is to look for a more affordable home. Another option is to wait until your income increases through raises, a job change or promotion, a spouse working or other changes, and reapply for our financing program. We want to work with you. Remember, our mission is to convert you from a renter to a homeowner!
No. Our program is designed to provide homes that are in a fully “move-in ready” condition, homes have to be pre-inspected by a licensed third party inspector for precisely that reason. While there is nothing at all wrong with a “fixer-upper,” we’ve found that the transition to being a home-owner is more stress-free and more successful when the new homeowner does not have to deal with contractors, immediate repairs and the disruptions of “rehabbing” their new home.
As the new homeowner, all of the responsibilities for caring for the home and making necessary repairs are now yours. But there is some good news in this as well. First, as the homeowner actually living there, you are in the best position to see and learn of repair issues as they may develop. Secondly, when and if repairs are necessary, you (as the homeowner) will be the person best motivated to see that the repairs are “done right” as part of the investment and protection of your long-term investment in your home.
Absolutely. This is your home, and making improvements over time reflects what is often called “pride of ownership.” The only requirement is that any improvements make to your home be in compliance with all local building codes and ordinances
Generally speaking, the most important tax benefit is the tax deductibility of the interest and property tax portion of your monthly payment. Here, you should consult with your accountant or tax preparer to determine how and to what extent these benefits best apply to your situation.
This is your home and is therefore your home to later sell if you wish. You would simply go through a standard sale process (with or without a licensed realtor). The new Buyer would, at closing, pay your agreed sale price and out of this you would pay the remaining balance owed to the Investor, if any. The remaining sale proceeds represent your equity in the home and, after paying any commissions or other transaction costs, fully belong to you.
We, of course, hope that does not happen and our qualification process is designed to assure that your home payments are realistic and affordable. But we understand that life throws us curves at times.
In the event something causes you to fall behind in your payments, the first step is to communicate directly and honestly with us. Our team will determine what potential paths for resolution could be. If the problem is a short term or temporary matter, there can be mechanisms to allow for catching up on the payments or some similar arrangement. If the problem is a long term, repeating or persisting problem, the vendor’s last resort is to turn to your Land Sale Contract and take legal steps to take the property back. This is why direct and honest communication is so very important in this kind of situation.
Of course. You can Contact Us on our website or send an e-mail to [email protected] or call us directly at (888) 55-OWNEZ. We will typically get back to you within one business day, if not before. And we thank you in advance for your interest in the OwnEZ Program!