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Frequently Asked Questions with Owner Financing and Lease Purchase Programs

I don't see any homes on your list to fit my criteria,what should I do?

You should come back to this website and check again in a few days. Plus, our Automatic Email Notification will send you an email when a new home becomes available.
Make sure we have your current email and you'll never miss on a home because you forgot to check the website. With our e-mail updates you will be able to act immediately whenever a listing with your dream home is posted.

If I change my email, how do I update it?

If you change your email, just click on the link located in the upper right area on most of the pages, or click here:
This will take you to the first page you saw when you first time visited this website. Just fill in your information as if you were a new visitor.
IMPORTANT: As stated before, these homes are in a high demand and are sold very quickly. Therefore, it is advised that you keep your email updated with us in order to receive the Email Notifications of new homes.

When I apply for a certain home, how do I know I'll get it, before someone else?

As said before, just applying doesn't constitute a binding agreement. We had many occasions where buyers applied and communicated to us (through phone and emails) not once, but 2, 3, or 4 times, they wanted "that home" and we approved them for "that home", but these Buyers did not put an Earnest Money Deposit on the home. Someone else stepped forward, brought us the check - that was the end of story.
The only way you can guarantee that a certain home is reserved for you is by putting an Earnest Money Deposit on that home. If you want the house, please remember to tie it up.

How long does it take to move into property?

Usually in a few days, there are no lengthy escrows or mortgage approvals.

Do you perform a credit check, and what happens if I have a bankruptcy or credit problem?

Yes, credit check is done in most cases. But things like bankruptcies, collections, being turned down for a bank loan or other credit problems are no concern to us in regard to getting you in one of our homes. We want to be familiar with your credit issues so we can better guide you to repairing your credit.
If the credit is extremely bad, you can still get approved but we won’t be able to be flexible on your down payment, or in some cases we may require you to pay a slightly larger down payment.

How do I figure out what kind of a home I can afford?

The best is to evaluate your family’s net income (after expenses) and compare it to required monthly payments required for our homes. You want your monthly obligations, including monthly house payment, to be within 40-50% of your net income.
It is always advised to stay in your comfort zone.

How can I buy a bigger home than the one I can afford?

This is a trick question... But here’s the answer:
You do it the smart way by making two small steps, instead of taking a risk. You first buy a home you an afford right now, and then a few years down the road you sell that home, take the equity (profit) you realized and use it to purchase a bigger home.
You can also continue saving, but chances are that you will never be able to save as much as fast as you would by getting into one of AnyCredit homes. Remember, our programs allow you to build equity and also profit from potential appreciation.
The market is changing and in a few years you might not be able to buy even what you can buy today. It is always easier to make two small steps to get where you want, than to try to make one big step.

How much of a down payment will I need?

That depends on your monthly payment, gross income and the price of the home. However, a range can be as low as $4,000 or up to $75,000 for most of our homes. The rule of thumb is 5% for a Lease Purchase program and 10% for Owner Financing program. Remember, we accept borrowed funds and can give you up to 45 days to make the down payment.

What if I don't have 10% CASH to put down?

As we said earlier, you can take advantage of our "Down Payment Assistance Program" where you can get into a home with as little as 5% down. You would qualify for this program if you have the ability to make extra monthly payments allowing you to build the needed equity during the lease term.

What happens with the down payment or "option consideration", do I lose it?

At closing, your rent credit and option consideration are both applied to your down payment, or a reduction in the purchase price. So, it is 100% yours!

What is the next step when I decide to get my own financing?

Once you credit improves and you're ready to obtain your own loan, you would contact a lender or a mortgage broker to start your loan application. We can recommend certain lenders, but you are advised to do your own due diligence and find the best possible terms for yourself.
NOTE: it is a smart idea to start working with a mortgage broker from the beginning, and have them guide you through your credit repair process.

I've been turned down for a bank loan so many times, is there any guarantee that I'll be able to get a bank loan?

We can not guarantee whether you'll be able to get your loan or not, because we have no control over your finances, your employment, your debts, etc. You'll have to take care of that end, and make sure you pay all of your bills on time, from now on. But if you take care of that, we can almost assure you that getting a loan will be substantially easier than it is now and here is why.
Your lender is interested in the equity you have and in the history of payments you have been making. If you go for a loan for the house you have been living in, the lenders would want to see 5% to 10%, or more in equity, which you can easily have taking into consideration the down payment, monthly rent credits and the increase in the property value (if applicable). Having all that equity will make getting a loan a lot easier.
They are also interested in your ability to make timely payments. They want to see a history of timely payments and the dollar amount you've been paying. For example, if you are going for a loan that will have a monthly payment of $1,500, your lender wants to see proof that you are capable of making such a payment. In other words, the lender wants to see that you were making payments close to that amount. So as you can see the amount of monthly payment is important.
With our program you'll have a package with careful documentation showing the equity you built, the timely payments, and the amount of payments you've been making. This package will have everything the lenders want to see, and documented in a way they like to see it, so you'll be able to get a "refinancing" loan and may even put some $$$ in your pocket at that time.
NOTE: it is critical that you make all of your house payments on time! We advise you to set up an automatic draft from your bank account. This way you will have the perfect history, considerably increasing your chances of getting a great loan.

What happens if for some reason I still don't qualify for financing?

When anyone whether they could qualify or not comes to the end of a term, they have several options. First, they can walk away from the property. This is not recommended at all, since you would lose the money invested, but certainly it is an option.
Secondly, they can extend it for a second year until they have a sufficient credit history to complete the purchase. Extending for a second year wouldn't hurt, because at the end of the second year they would have even more equity accumulated. By extending it, the price and terms may be slightly adjusted according to the market, but all of your accumulated equity will be preserved.

Is your program really as good as it sounds?

We are proud to say this program is unmatched by anyone in your area! It is the most complete package, from A to Z, where you get into your home on easy terms, but on terms that are acceptable to your future lender. We see a lot of people selling houses on Lease Purchase or seller financing, but in most cases, the deal is not structured in your favor so the buyers are not able to get financing and very often lose the deal. So it's not only the house you have to find, you have to look at the whole package keeping in mind that one day you'll have to go for a bank loan. It has to be properly documented.

Should I buy a new car, or stop renting and buy a home?

We'll make this to be the last question, and let you find the answer! Here are some quotes for you...
"Real Estate is one of the only assets in the entire world that appreciates, or goes up in value reliably."
"Most car models drop a third of their value in the first year and the vast majority are worth less than half their original price after three years."