Here are some frequently asked questions that may help you better understand how Advantage Owner Financed Programs can help you can take the first step towards home ownership.
Advantage Owner Financed Programs welcomes the opportunity to help every American realize their dream of home ownership by providing the support and guidance of our staff throughout the home buying process.
Advantage Owner Financed Programs mission is to provide access to government-sponsored down payment assistance programs to anyone wanting to take advantage of this unique opportunity to become a homeowner.
Advantage Owner Financed Programs success would not be possible without the trust of our customers in finding affordable homes they can be proud of. Advantage Owner Financed Programs has helped to “bridge the gap” to home ownership by turning rent dollars into home owner dollars.
Advantage Owner Financed Programs
• Combined gross household income should be $3,000 per month or higher, with no limit.
• Buyer credit scores should be 540 or higher for our Owner Finance Almost Any Home Program.
• Buyer credit scores below 540 can benefit from our Assisted Home Purchase Program.
• Minimum of 5% Down Payment of the target home’s asking price.
• Bankruptcy should have been discharged 12 months ago or earlier at the time of Closing. (The Client cannot participate if bankruptcy was discharged less than 12 months ago unless they have paid 24 on-time payments to the Bankruptcy Trustee.)
• Foreclosure should be 24 months or more in the past at the time of Closing. (The Client cannot participate if the Foreclosure occurred less than 24 months ago.)
• Advantage Owner Financed Programs will not negotiate to purchase a home until the earnest money is placed in escrow at the title company and the down payment is verified.
We have had decades of real estate experience, allowing us to solve complex problems that home buyers face and provide real life solutions that can make dreams a reality! Please note that we are NOT Realtors, real estate agents, mortgage brokers, lenders, or a bank. However, we utilize several of these specialists to ensure the Approved Participant receives top-of-the-line service.
If you are ready to learn more, register for our Program.
If you are a Realtor or Lender, register to become an Approved Service Provider.
No, we are a local group of private investors who purchase single family homes for all cash. We then sell them using owner finance at regular market interest rates to buyers that cannot qualify for conventional financing. This allows our investors to earn both short and long-term monthly income.
Advantage Owner Financed Programs look for stability in employment and income as well as good rental history and other payments such as cars, credit cards, student loans, etc. We can also look at other alternative payment history on utilities, car insurance, daycare, rent to own, cell phones, and cable TV.
Buyer Qualifications
Combined gross household income should be $3,000 per month or higher, with no limit.
Buyer credit scores should be 540 or higher for our Owner Finance Almost Any Home Program
Buyers with credit scores of 540 or less will benefit from our Assisted Home Purchase Program.
Minimum of 5% Down Payment of the target home’s asking price.
Bankruptcy should have been discharged 12 months ago or earlier at the time of Closing. (The Client cannot participate if bankruptcy was discharged less than 12 months ago.)
Foreclosure should be 24 months or more in the past at the time of Closing. (The Client cannot participate if Foreclosure occurred less than 24 months ago.)
Yes. Advantage Owner Financed Programs is there every step of the way from your initial registration process until you move in.
Advantage Owner Financed Programs looks for stability in employment and income as well as good rental history and other payments such as cars, credit cards, student loans, etc. We can also look at other alternative payment history on utilities, car insurance, day care, rent to own, cell phones, and cable TV.
Combined gross household income should be $3,000 per month or higher, with no limit.
Buyer credit scores should be 540 or higher for our Owner Finance Almost Any Home Program
Buyers with credit scores of 540 or less will benefit from our Assisted Home Purchase Program.
Minimum of 5% Down Payment of the target home’s asking price.
Bankruptcy should have been discharged 12 months ago or earlier at the time of Closing. (The Client cannot participate if bankruptcy was discharged less than 12 months ago.)
Foreclosure should be 24 months or more in the past at the time of Closing. (The Client cannot participate if Foreclosure occurred less than 24 months ago.)
No. Perfect credit is not required, as we have far more liberal approval standards than conventional loan programs. Remember, we are not lenders, we buy the home you select for cash and owner finance it to you at regular market interest rates. If you have had credit problems in the past that are now (or can be) resolved, and/or if you can document some type of catastrophic or uncontrollable event that caused your past credit hardship, you may still be qualified.
REMEMBER: It is not IF you are qualified, but which Program you qualify for. Take just a few minutes right now to determine your eligibility for our program and let an Advantage Owner Financed Programs Home Counselor pre-qualify you for our Program.
We know that each buyer has specific needs, so we strive to meet those needs with quality service and individual attention. We pride ourselves in being able to offer a vast array of loan options and financial assistance that you’re looking for. While going through the process of purchasing through Advantage Owner Financed Programs, we will guide you through the home buying process. Below are some of the problems we are able to work with on an individual basis.
100% Financing
Bankruptcies OK
Foreclosures OK
Late pays OK
High income to debt ratios OK
Self employed OK
Judgment OK
Outstanding balances OK
Down payment assistance available
Owner financing available
Fund with little or no closing costs
Fund without mortgage insurance
Yes, provided we have funding. You may still become eligible to own a home, by enrolling in our Assisted Home Purchase Program ‘AHPP’ . This program provides debt counseling and budget management by establishing customer “action plans” over a period of 4-24 months.
During this time, you will enjoy our rent credit program. You can receive up to a 50% monthly rent credit towards the purchase of your home while continuing to pay rent at any location of your choice. This could be how you earn additional funds to be used as a down payment or closing costs.
Upon graduation from the ‘AHPP’ program, you will be eligible to purchase a home through Advantage Owner Financed Programs.
You’re right, this is a Great Program! We’ve designed this unique program that separates us from all other companies in the market. Best of all, both you and Advantage Owner Financed Programs wins because you get to become a homeowner and we do not get paid unless you find a home that meets your needs and that passes our strict property inspection guidelines. Our Home Counselor meets with you and takes the time to understand your needs in a home and determine your eligibility under our various Programs.
No. We earn our fees through the process of purchasing the home you select at a discount for cash and then Owner Finance it to you at the appraised value on a regular long term, fixed, market interest rate mortgage. Remember, this is a true sale. It is not any type of lease purchase or bond for deed.
You are the homeowner with 100% of all the rights and privileges of home ownership and you are our customer.
Though we have no fees, you will need funds for normal, traditional costs when purchasing a home.
This includes:
Earnest Money Deposit
Down Payment
Credit Reports for Each Buyer
Customary Home Inspection and Appraisal
Hazard and Flood Insurance
Home purchase prices can range from $100,000 to $900,000 plus.
No, we only purchase single family homes to be occupied by the owner; with a minimum sales price of $100,000. Please Note: mobile and manufactured homes do not qualify.
Which Types of Homes Generally Don’t Qualify? (Considered on a case by case basis.) Please speak with us about these issues prior to viewing:
Homes with major repairs needed
Generally New Construction
Generally Bank Owned or Repossessed Homes
Generally Relocation Company Owned Homes
Condos or Townhomes
Remember, we are not a mortgage company. We don’t lend money. We buy the home you select and then owner finance it to you on a thirty-year, long term, regular market interest rate loan. Our “rates” are competitively priced within the marketplace and therefore vary depending on your overall credit and the type of home you are interested in. It also matters how good of a deal we are able to negotiate with the seller of the home you selected for us to buy for you. Remember, we pay cash for the home you choose and owner finance it to you all at regular market interest rates.
FHA financed example only:
A home purchased with Advantage Owner Financed Programs owner assisted closing cost assistance of approximately $150,000.00 with a total of 7% or $10,500.00 required by the homeowner in down payment. On a standard 30 year, FHA type fixed rate loan, the principal and interest payment @ 7% would be $653.36 per month, plus any local taxes and insurance. (This is only an example using an FHA loan program rate that vary with each situation and daily market conditions- EXAMPLE ONLY.)
Both. Most homes purchased through the Advantage Owner Financed Programs are actively listed in the real estate market through Realtors and For Sale by Owners (FSBO). Homes offered are new and existing, depending on area and price range. Advantage Owner Financed Programs does not own any homes nor are these HUD foreclosures or “distressed “sales. Basically, any home on the open market, listed with a Realtor or FSBO would qualify for the Program.
Once you are pre-qualified and become eligible for the Advantage Owner Financed Programs, our Home Counselors will meet with you to understand what your needs are in a home. We then analyze your information and turn you over to a licensed Realtor to search and identify all the homes available in the marketplace that meet your criteria.
All homes are appraised by independent, state certified, licensed appraisers (a copy of the appraisal is provided to every homeowner). Each home is inspected by independent, licensed inspectors for structural/maintenance review. In addition, every home should have termite certifications and Home Warranties.
Again, as our funding is private, there is only so much money available at any given time. The sooner we can get you approved for the Advantage Owner Financed Programs , the quicker you can find the right home that meets your needs.
The timeline for each event throughout your home buying process is as follows:
Enrollment Phase (2-3 business days)
Qualifying Phase (5 business days)
Property Search Phase (2 weeks available to locate)
Negotiation Phase (5 business days)
Contract to Closing Phase (45 days)
Advantage Owner Financed Programs will negotiate on your behalf, early termination of those lease agreements that have re-letting or early termination clauses as part of the Program. Have a copy of your lease agreement available when you meet with your Home Counselor to determine eligibility for early lease termination.
Call an Advantage Owner Financed Programs Home Counselor today and let us help you take the first step toward home ownership.
You can start the process by calling our 24 hours “eavesdrop” line at 321-710-4645 and continuing to read through to “How it Works” page. Then contact us to be assigned a Home Counselor.
