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It’s a common misconception that people think they don’t make enough money to qualify themselves to be a homeowner. We have families that make under 30k a year combine who we’ve gotten qualified. It all comes down to debt to income ratio. We’ve had people in the 6 figure range not get approved because they’re monthly installment debt (car payments, minimum credit card payments, child support/alimony, and student loans) was too high and knocked them out of a house payment! It never hurts to try!
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If you’re currently in a lease, that’s ok. We’ll have plenty of notice of when your home will be done, so you can plan with your landlord accordingly. If you need to move out early, we’ve partnered with a property management company that can help find new qualified tenants to rent your home so there’s no hiccups in your landlord receiving their rent. If you need to stay just a bit longer, you can ask to go month to month, or get a lease extension. Most landlords are fine with doing this.
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This all depends on what caliber of home you’re looking to build. Most of our “Rent Buster” homes will qualify you for no money down programs. Otherwise, most are 3-5% down, so an average of 6-10k down payment. Some clients we work with have gracious family or friends who gift them the money for a down payment, which lenders will allow you to do!
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The good news is we’ve partnered with a credit repair company that improves peoples scores an average of 60 points in 60 days! Even if you’re in the 500’s we’re still confident you will qualify if you join the credit repair company. Why? It takes 7-8 months to build your home, so that gives us plenty of time to work on your credit so you’ll qualify for your loan at the end of the process. It costs $89 a month, but the best part is we’ll refund you that cost when you move into your home!
Step 1: Prequalify
We'll ask some basic prequalification questions about income, credit, debt, etc. We know exactly what the banks are looking for, so we have a good idea if you should move forward with an official prequalification to get the ball rolling. If not, we'll tell you exactly what to do to fix it. One of the main areas we can assist is credit repair. This is why we say it's just a question of when. Rather than tell you to go get prequalified and then come back to us, we're here to help you through the whole process.
Step 2: Location and Floorplan
Once we're confident you'll be approved, we begin the process of helping you find a lot that you want to build on. Then, we have the price of that lot, impact fees, clearing, etc so we can then add that to the cost of the floor plan and give you a final price and give you a good idea of where your payment will be. Once we know your monthly budget and what you want/qualify for with a monthly payment, we can cater the home around it. Adding a pool, fence, turn around driveways, etc can all be factored and calculated into your payment.
Step 3: Contract and Down Payment
Now it's time to sign the contract. This sets everything in motion and begins the process of building your home. Since our clients are getting end loans, NOT construction perm loans, your loan does not close until the home is finished. This protects you from being forced to get a loan on the home before it's finished, in case something happens between now and when then home is completed that would prevent you from qualifying. Depending on your situation, you may require no money down, or 3-5% down. We collect this at contract signing.
Already thinking of ways this won't work for you? Try again! We've been doing this long enough, and working with enough people that we know what the common misconceptions and problems are, so we've solved them. Check it out.