Now that Phase 1 is complete you are ready for Phase 2 – Financing.  Our private financing program and payment schedule is based on the same payment schedule as any loan from any bank or mortgage company.  Meaning, upon conversion your payment will be based on a FIXED interest rate and the purchase price of the house; minus any down payments (cash & credits).  In addition, you will be building equity in your home every month and receive the tax benefits of homeownership at the end of the year.

 

So how does it work?

It is really quite simple.  After completion of Phase 1, you are qualified.  All you have to do confirm you do want to take the next step and move to Phase 2.  This is your choice, if and when; we don’t force you into anything!   After you confirm your desire to move to Phase 2, your manager will review your account and meet with you to discuss the details of your financing.

Details such as:

    • Your Long-term Goals
    • Your Short-term Goals
    • Any Additional Down Payment
    • Available Interest Rates
    • Length of the Loan

All of these factors are important so that we can make sure you are not only receiving a home you will be happy with but also a financing program; today and in the years to come.  The only other step in the process is for you to supply our loan originator with documentation to prove you are who you say you are.  This is due to federal regulation passed into law in the beginning of 2014 – any legitimate financing company must comply.

FEDERAL COMPLIANCE HAS NOTHING TO DO WITH YOUR APPROVAL!

If there are any questions or concerns about one of the below listed items please let your manager know – we will work it out with you.

Documents to be collected:

    • Copy of an identification (Drivers License, Passport, Etc.)
    • Copy of social security card, green card, itin #, etc.
    • Copy of one month pay stub
    • Copy of W-2’s or 1099’s for the last 2 years
    • Copy of last two tax returns
    • Copy of two months bank statements

Once the details of the program are decided and the federal compliance completed, your manager will have the paperwork drafted and meet with you one more time to finalize everything.

It really is that simple!

 

Once you have entered into Phase 2 you have all the same rights and responsibilities as any other homeowner.

    • If you want to sell the house and move – No Problem
    • If you want to refinance with a different lender – No Problem
    • If you want to pay off the house sooner – No Problem
    • If you want to keep the loan for 30 years and pay off the house – No Problem

And just like in Phase 1, we have employed the same customer orientated approach when we designed Phase 2.  That means there are no balloon notes, adjustable interest rates, or prepayment penalties.  We want to help you succeed and be part of something positive in your life; we want to encourage you to take another step – Phase 3 and Go Beyond Owner Financing.

To get here, you have to take the First Step and Submit Your Information .  Then  Find a Home that is right for you.

 If at any time you have questions please Contact Us and one of our experienced managers will be happy to help.

We look forward to meeting you and you becoming our next success story.