Question 1

What is owner financing?

Accepted Answer

Owner financing is when the seller of a property provides financing to the buyer instead of the buyer obtaining a traditional bank mortgage. At Advantage Home Buyer Programs, we are private investors who purchase homes and then owner finance them to our approved participants at market rates and terms for 30 years with no pre-payment penalties.

Question 2

What credit score do I need to qualify?

Accepted Answer

Our main program requires a minimum credit score of 560. For applicants with credit scores below 560, we offer the Assisted Home Purchase Program (AHPP), which includes a 4-24 month preparation period to help improve your financial profile before purchasing.

Question 3

What is the minimum income requirement?

Accepted Answer

We require a minimum combined gross household income of $4,500 per month. This ensures that participants can comfortably afford their monthly mortgage payments.

Question 4

How much down payment do I need?

Accepted Answer

The minimum down payment is 5% of the target home's asking price. Earnest money and down payment funds must be verified during the application process.

Question 5

Can I choose any home?

Accepted Answer

Yes, you can choose almost any home listed on the MLS through our approved Realtor Service Provider Network. You are not limited to a pre-selected inventory of homes.

Question 6

Are there any upfront fees?

Accepted Answer

There are no upfront fees except for a credit report fee during the application process. You can obtain your credit report free at www.annualcreditreport.com.

Question 7

What are the loan terms?

Accepted Answer

We offer 30-year fixed loans at current market interest rates with no pre-payment penalties. This means you can pay off your mortgage early without any additional fees.

Question 8

Can I qualify with a bankruptcy or foreclosure?

Accepted Answer

Yes. For bankruptcy, you must be at least 12 months discharged or have 24 months of on-time trustee payments. For foreclosure, it must be at least 24 months in the past.

Question 9

How is Advantage Home Buyer Programs different from a traditional mortgage?

Accepted Answer

We are not a bank, mortgage broker, or lender. We are private real estate investors who purchase the home you select and then owner finance it to you. This allows us to work with buyers who may not qualify for traditional financing due to credit challenges.

Question 10

Do Realtors earn commission on these transactions?

Accepted Answer

Yes, Realtors in our Service Provider Network are paid full commission on the appraised value price of the home. We assist with necessary paperwork and ensure all transactions meet MLS compliance protocols.

Frequently Asked Questions

Still Have Questions?

Frequently Asked Questions

How Does Your Program Work?

Are You A Lender?

Why Do You Offer Such A Program?

Do You Offer Support From The Beginning To The End Of My Home Buying Process?

Will You Be Representing Me In An Agency Relationship? Are You A Realtor?

How Do I Qualify For This Program?

Do I Need Perfect Credit In Order To Qualify?

What Credit Problems Will You Accept In Your Program?

What If I Am Not Ready Today? Can Advantage Homebuyer Programs Assist Me In Getting A Home Later?

This All Sounds Too Good To Be True?

Is There A Fee For Your Service?

What Priced Homes Qualify For Purchase Under This Program?

Will You Buy Any Type Of Home For Us?

Do I Have To Be A First Time Homebuyer, Or Can Anyone Qualify Under This Program?

What Are Your Interest Rates?

Are There Any Income Restrictions?

Are The Homes Offered Through Advantage Homebuyer Programs New Or Used?

How Does The Home Buying Process Work? Do You Have Several Houses From Which We Can Choose?

If I Buy A Home From You Can I Still Have All The Inspections I Want On The Home?

What If I Don't Have Any Money For Downpayment Or Closing Costs?

How Long Will It Take To Buy Through Your Program?

What If I'm Ready To Buy A Home Through Advantage Homebuyer Programs Now, But Have Several Months Remaining On My Lease?

Do I Have Control Over What My Payment Will Be?

What Are The Next Steps To Start My Enrollment In The Advantage Homebuyer Programs?

Still Have Questions?