Home Buying Program for the Credit and Financially Challenged
There are two major barriers to homeownership in America. The first barrier is acquiring the money for down payment and closing costs. The second barrier is meeting the credit standards to qualify for a loan. The two barriers work together creating a cycle that is hard to break. That is, the worse your credit the more money you need for down payment, the better your credit the less you need. But, if you had the money for a large down payment chances are you wouldn't have the credit problems! Or conversely, if you have perfect credit you probably have money and don't need a loan with a low down payment requirement. See what I mean? This cycle is hard to break and will likely keep a large percentage of Americans trapped as renters...never enjoying the safety and security of homeownership.
NHBA has recognized the above imbalance and has created a system with the specific needs and criteria for homeownership. While most real estate agents and mortgage companies are not interested in helping people with these challenges NHBA is prepared and has the tools to assist you with your needs. We guarantee that with our combined efforts and teamwork you will soon enjoy the benefits of homeownership.
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How The Program Works
Before being accepted into the home ownership program NHBA prescreens every applicant. During the analysis NHBA personnel calculate current debt, monthly income and then age all outstanding derogatory debt on the applicant's credit report. Using established relationships between debt, income, and credit aging. NHBA ensures that the customer will be able to purchase a home within 24-months or less.
Applicants who are accepted and enroll in the NHBA program will have their information reviewed by a mortgage professional and will be classified as either Qualified or Non-Qualified Approvals. Qualified Approvals, those with acceptable employment, income and credit, will purchase their home right away. Non-Qualified Approvals will choose from one of the following Rent-To-Own options while NHBA helps you become Qualifed.
- Lease Purchase, allows you to live in your home as a renter and then purchase it at the end of your lease.
- You simply continue living in your apartment or rent house while you are becoming qualified to purchase your own home.
It is your choice but regardless of which Rent-To-Own option you choose NHBA helps you Qualify and ultimately purchase your home.
Whether you are a Qualified Approval, purchasing a home right away, or a Non-Qualified Approval who participates in the Rent-To-Own program until you can purchase, NHBA allows you to select your home. Once you are approved for financing, NHBA or its designee purchases the home for cash and then resells the home to you for market value. In the process NHBA helps cover your administrative closing costs...you save a lot of money.
The cost to participate in the NHBA program is based upon your monthly income and is typically one half of what it would otherwise cost to buy your home through a bank or mortgage company.
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