How To Buy A Home Today Without Bank Financing!

How To Buy A Home Today Without Bank Financing!

Good credit, bad credit, lots of money or no money. Whatever your situation is you can still buy a house today.

Thank you for taking the time to read this free report from our company, Revival Property Group, LLC. We are a company that buys houses all over the Dayton Metro Area. We buy beat up homes and renovate them to “like new” condition and then sell them on lease-options to individuals who may have credit problems, problems obtaining a conventional mortgage, or have little money available for a down payment. I’d like to tell you a little about how you can benefit from the services our company offers and how you can buy a house regardless of your current financial position.

What’s a Lease Option?

A Lease Option is simply an agreement by the Seller to sell to a Buyer land and a house on that land for an agreed price within an agreed upon time, this being no different than any other real estate sale. The difference involves the financing. In a normal real estate deal the buyer is required to pay the full amount to the seller at the closing. This is usually done by the buyer obtaining a mortgage through a lender who in-turn pays the seller. This tends to deter more first time homebuyers than any other factor.

To get a mortgage with a decent interest rate, a buyer is required to have a fairly good credit score (600 or higher), and have a decent sum of money for a down payment and closing costs. Closing costs themselves can run several thousand dollars and a 10-20% down payment may be required. This can vary depending on the lender. Some lenders will provide 100% financing but you will be required to pay a monthly mortgage insurance fee that can add $50-100 to your payments. Or they will do a “special” 80/20 mortgage where they give you a mortgage for 80% of purchase price and the remaining 20%, which most people pay as a down payment, will be a second mortgage that tends to have a high interest rate, fluctuating interest rate, or a balloon payment. Obtaining 100% financing has become very difficult with the current mortgage industry slump. So if you didn’t go with the 100% financing and you decided to pay a down payment, you would be required to pay another $8,000-16,000 out of your pocket on an $80,000 house.

Did That Answer Your Question?

So how does our lease option program work? Our main objective is to match your needs with one of our properties. We work with you one-on-one to first determine what type of property you are looking for (number of bedrooms, floors, square footage, etc), the location, and a monthly payment that fits your budget. Our next step is to see if we currently have a property that fits your needs or one currently under renovation to be ready in the next month or two. If we do not, than our company goal is to find your property, have it renovated, and ready for you to move into within the next 6 months.

How Do We Structure Our Lease Options?

Our lease options run for 6-36 months and our option fee requirements are around 3% of the purchase price depending on the property and your current financial situation. Here's an example with a $75,000 home:

To secure the option to purchase the property you would put down what is called an "option fee". The option fee for a $75,000 home would be $2,250 (3% of $75,000). We then set up a lease for the property that is very similar to a rental agreement. The monthly payment for a $75,000 home would be around $700 per month. This includes your monthly payment, taxes, and homeowners insurance. This can also include a portion of the rent payment going towards the purchase of the home. Depending on the length of the lease-option and on your current financial situation this can be anywhere from $50-300 of your monthly payment going towards the purchase of the home! The main difference between a typical rental and a lease-option is in a lease-option you act as a homeowner. Therefore, the general maintenance for the home is your responsibility. All utilities go into your name and upkeep of the home is part of your obligation. However, this makes many individuals nervous that have not been homeowners before. So we take it a step further than other companies. When we purchase our homes we usually do many repairs to the property. On all the repairs that we do we give you a 1 year warranty. Therefore, if the new furnace goes out or the new faucets start leaking we'll repair them at no cost to you. Most of our homes are complete home remodels so our 1 year warranty tends to cover most of the home.

At the same time you are living in this beautiful, newly renovated home that you own you will also be working with our mortgage broker specialist who can significantly repair your credit score over the course of a year. He will work with you to increase your score, which will increase your ability of getting a low interest conventional mortgage. After 12-18 months, and with a new and improved credit score, he will guide you in obtaining financing with a traditional lender. Three great things about refinancing at this point include:

1.) Your high credit score will allow you to refinance at a low interest rate, which will decrease or keep your current monthly payments the same.

2.) You will not have to pay any expenses out of your own pocket.

3.) You will have our mortgage specialist helping you through the entire process making this a hassle-free transaction.

We Set You Up For Success Not Failure

We take pride in preparing you for the future and not just getting someone in one of our houses. We work hard to find a home that fits your needs and, most importantly, your monthly payment abilities. We purposely set you up with payments that will be higher or equal to the payments you will have once you get financing through the bank. Our mortgage broker will work diligently with you to repair your credit so you can obtain an FHA loan with a low 7% interest rate fixed for 30 years. So now instead of worrying about unexpected increases to your monthly mortgage payment, you can look forward to a possible decrease to your monthly payment.

Is This Legal?

Lease options are completely legal and during a time like this, when mortgages are becoming harder and harder to come by, they make home ownership possible to individuals with average credit scores.

Benefits of a Lease Option

Faster equity growth: Equity accumulates much faster (five times or more!) than with conventional financing through a bank or lender.
Rent money is working towards purchase: Every month a portion of your rental payment (typically $50-$300) is credited towards your down payment or off of the sales price.
Minimum cash out of pocket: When you purchase a home the conventional way, you must pay at least 10% down plus closing costs and prepaid fees. When you buy with a Lease to Purchase, you only pay a 3% option fee. This will save you between 25% and 85% every time you buy a home.
Profits from appreciation: Since the sales price is locked in before closing (as specified in your agreement), any increase in property value will mean that your equity (what you owe minus what it's worth) is increasing in the home.
Credit problems okay: Qualification restrictions simply do not exist. You will be approved at the sole discretion of the landlord/seller.
No lengthy escrows or mortgage approvals: Your approval will be based solely at the discretion of the landlord/seller instead of a lender who can take up to a month (or longer) to render a decision.
Control of the home: You will be put in full legal control of the home for a specified period of time without actually having to own it.
No taxes, less liability: Since you do not own the home (yet), you will not have to worry about property taxes and your liability exposure will be dramatically reduced.
Quick move in time: You can typically take possession of the home in a week or less, instead of conventional move in times of one to three months, after your offer was accepted.
Time: Before you actually buy the home, you will have 3-24 months (depending on your agreement) to repair your credit, find the best interest rates, investigate the home and research the neighborhood and/or schools.
Minimal maintenance: Large maintenance problems or any maintenance problems that are covered by our warranty will not be your responsibility.
Privacy: Your name will not be on the deed or in the public records until you exercise your option to buy.
Peace of mind: You will have full control of the home and can maintain or improve it however you wish.

Our Guarantee

We guarantee that you will be treated courteously, and your time will be respected. We keep all information confidential unless otherwise told by you.

Sounds fair, doesn’t it? You have nothing to lose and everything to gain. We would like for us to get together and discuss your future home. We will do everything that we can to make sure you are 100% satisfied with the process. We would urge you to contact us today either by phone or by submitting your information online if this proposal is of interest to you and remember that you have nothing to lose and everything to gain.

Thank you for taking the time to read this free report and we hope to hear from you today.