Home Buyer
The Home Buyer Deferred Purchase Program assists you in improving your financial situation to get you into home ownership.
Who can we Help?
Self Employed
Many lenders currently ask for three years of financial statements to prove income in order to borrow on a traditional mortgage. While you are waiting for the three year reporting period, you are watching the price of your future home go up. The Home Buyer Deferred Purchase Program allows you to live in YOUR home while you get yourself ready to apply for a traditional mortgage.
Credit Challenged
No one understands how unexpected life situations might affect your credit score better than us, you should not let that stop you from becoming a home owner. Whether it is a bankruptcy, consumer proposal or just bruised credit score, we are here to give you time to repair your credit standing while living in YOUR home.
Newcomers
You are excited about your new life but frustrated that you cannot buy a house because of the lack of credit history, we are your solution. The Home Buyer Deferred Purchase program gives you time to build credit while living in YOUR home.
Divorced
A divorce is not only an emotional experience but is also financially draining. Avoid renting, give your family stability instead. The Home Buyer Deferred Purchase program provides you with the time you need to rebuild your life while you live in YOUR home.
Homeowners Drowning in Debt
Are you tired of all the collection calls? You need a fresh start. We will help you sell your home, pay off your debt, and rebuild your equity while living in YOUR new home.
Your Own Unique Situation
Just like snowflakes, no two people are alike. Your life situation is unique. If you think the Homeowner Deferred Purchase program can help you, give us a call.
What do you need to Qualify?
Down Payment
We require a minimum down payment of $12,000 or 4% of the purchase price (whichever is larger.) So, for a $350,000 home you would need $14,000 ($350000 x .04) at the start of the Home Buyer Deferred Purchase program. 100% of your down payment would be credited back to you at the end of the program.
Income
While the Home Owner Deferred Purchase program gives you time to improve your financial situation, our goal is for you to get a traditional mortgage at the end of the program. Your income determines your affordability. Our high success rate is partly attributed to our preparedness to accommodate mortgage rule fluctuations. In other words, we are confident that the budget we provide for you is the budget you will qualify for at the end of the program. As a rule of thumb, an annual household income of $90,000 is needed for a $350,000 home
Credit History
While your credit score does not necessarily disqualify you into the Home Owner Deferred Purchase program, it will determine the length of time we will need to work with you to get you mortgage ready.
Your Choice of Home
During the home buyer deferred purchase program, you will be responsible for maintenance and repair of your new home. While your home shopping, our expertise will guide you from buying a house that might be problematic down the road.