1.) The mortgage business is very volatile now and a lot of alternate programs are gone. Can I still buy a home?
-Remember that buying is a better idea than renting. Yes, many of the rather irresponsible loan programs have been stopped. The good FHA and SONYMA loans are alive and well. They require more documentation than the higher interest loans. We give buyers one year or longer to qualify so they don't need to get the sub-prime loans. So, it is more important now to work on your credit profile immediately after moving in. Waiting until the last year was okay in the past. Today, it will require earlier attention and discipline. These are beneficial steps anyway, so we like the new environment better.
2.) My credit has been damaged by bankruptcy. How can I buy a house?
- Our Lease Option program does not require a credit check. Your low move in cost and rental reference qualifies you. Once you are in your house, we can refer you to a mortgage broker who will help you improve your score.
3.) I want to paint, add an extra room and buy a pool! Can we do that?
- We assume you are going to buy the house, not rent it. You are encouraged to customize and personalize. This increased value will benefit you alone. The price we set will not change during the option period.
4.) Can we have pets?
- Our objective is to remain in the background as much as possible. We do require a $500.00- $700.00 refundable option deposit for dogs which will be returned to you when you go to the bank for financing. Pets must be licensed and our program does not allow aggressive pets with a record of attacking or destroying property. There is a $25/month charge for each dog or cat.
5.) I don't have 10-20% down payment. How can we buy a house?
- Our low move in costs are around 4%, and each month we add your earned monthly credit to your move in cost. We expect you to remain in our program until your credit or income improves to the point where you qualify for an FHA 3.5% down payment loan. We will give you the names of local lenders who can give you advice, and a plan for your future mortgage.
6.) What if I am transferred out of state before I get a bank loan?
- You can sell the house at a price above the price we set when you moved in. The new buyers will pay you the difference. You simply exercise your option to purchase right before the new buyer get's title.
7.) Who pays the school, county and village taxes?
- It is included in your monthly payment.
8.) Who pays the insurance?
- Easy to Own Homes Inc. has a policy to cover the structure. Just like the taxes, insurance is included in your payment. We require you to maintain a renters policy ($10-$15 per month) to cover your contents in the home. Since our office is colocated with State Farm, it is very easy to get this renters policy on the day you take possession of the home.
9.) I'm interested in the program. What do I need to do?
- Drive by any of our properties in your area. If you want to see the interior, call us at 458-7047 or print and fill out the application on our website and return it to our office via fax, email or drop off. The process is easy and fast. Once you decide to take a home, all your landlord information for the past two years along with authorization to call them, copies of your last National Grid bill, a copy of your renters insurance, and photo ID.
10.) What do I bring with me when I sign paperwork?
- The process is easy and fast. Our staff will have faxed or e-mailed the documents ahead of time so you can review them and write down any questions you may have. Bring in your deposit payment and required pro-rated amount for the current month in the form of a cashier's check, a copy of your renters insurance policy, and photo ID. After the initial signing, we will sign you up for an ACH draw from your bank account. We can't accept personal checks or cash.
11.) What if you don't have a house in my area?
-Sign up for our email service which updates you on the upcoming homes.
12.) What if we can't get a bank loan by the end of our 1 year option period?
-As long as you have treated the house as an owner, and followed our program guidelines, we will usually renegotiate the terms and keep you in the house.
13.) I'm a first time homebuyer. Can you help?
-Most of our buyers are new to the home buying process. We will guide you through the bank financing hurdles.