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Frequently Asked Questions:
What does it cost to get started looking for a home? Depending on if you can pay our retainer in one lump sum or need to make payments, your investment could be as little as $1,600. What other things will I need money for when I buy a home with you? You will be responsible for whatever earnest money is needed to get your home under contract. Of course, that money will get credited to your purchase, but you will need it available when you get an accepted offer on your home. This dollar amount is never cast in stone because it is negotiable with the seller, and every area across the country has a different customary amount that sellers expect. What kind of payments can we expect? Your payments will be whatever our investors monthly cost is, or sometimes just slightly more. Their cost is always based on 100% financing for the purchase price, plus taxes and insurance. Why do I see lenders advertising VERY LOW payments but your payments seem a little higher? Please be realistic. Lenders will always quote the Lowest Possible Rate for those with perfect credit and a large down and they won't include taxes and insurance. Remember, you are not perfect credit and you are not bringing in large down payments. We are investors acquiring non-owner occupied financing at the best rate that are offered to us at the time. All of our investors have great credit but financing cost what it costs. It is out of your control and ours. So our best option is to offer you a payment a little over what our cost is. We assure you that we are always looking for ways to decrease your payment if possible. But it is what it is. How much of my monthly payment is credited to my future purchase? Typically we do not offer rent credits simply because we are charging so little each month as it is. Most investors inflate your monthly price to offer you credits, but we do not. We would rather keep your cost low! How long will we have to make these payments? As soon as you can get your own financing on this property, we want you to. Your payments with a traditional lender will depend on your credit at that time, but regardless, we want you to refinance this home into your own name ASAP. Then all of your payments thereafter will be going to YOU and YOUR EQUITY and not to us. How long does it usually take to turn our credit around and buy it back from you? We do 2 year lease options to make sure enough time is given. However, the good news is, if you will stay focused on your credit improvement and follow the guidance of your credit counselor, we are usually able to sell you the home in 6-12 months. For some it takes longer. STAY FOCUSED and do WHATEVER IT TAKES to make it fast. You can't afford NOT to OWN. What is the retainer for and why is it necessary? We are a "for profit" company. We need to make money to stay in business. When we collect money from a client up front it does a couple of things. First is it enrolls you with your credit consultant and begins your journey with them immediately. Second, it allows us to line up the rest of our team to begin helping you. Agents, investors, consultants, lenders, appraisers, inspectors, and all else who are needed to pull this off for you. As you can imagine, our contacts and team members would not be happy to spend time and money helping you if you aren't serious about actually following through with a purchase. So, this is a way of asking for a small deposit to show you are serious. What is the name of your company? New Horizons Financial Group Inc. What types of homes may we look at? We like to say "pick from ANY HOME on the market", but that is only half true. We will not buy manufactured homes. And we will not buy houses in bad neighborhoods as determined by our local agent and our investors. You NEED to understand, this home is not only a home for you and your family, but it is an investment property for us or our investors. As such, the home needs to make sense for an investor to buy or else we can't buy it. For the most part they want to make sure the home is a safe investment. And so do you, so this is mostly common sense if you will look at it through their eyes. For the most part, you can look at any home for sale. How long will this process take? It depends on how long it takes you to find a house in your area and get it under contract. For some of our clients that takes only a weekend. And for others, they are still looking and making offers several weeks later. How many offers will I have to make before I will a have home under contract? This depends on a lot of factors. Our experience is that in most cases you will only need to make a couple. But some have their first offer accepted and others have to make several. How will you determine if I qualify to work with your program? We can pretty much work with any credit situation. Provided that we all agree that you can likely be finance able with in the next couple of years. Can I talk to other tenants or clients you have helped? We respect the privacy of our clients and due to their sensitive credit situation and to respect their personal and private lives, we will not give out our clients contact info. You can rest assured that we will treat you with the same courtesy. Does this really work? Is it really as simple as it seems? We have successfully implemented this program for over 8 years. We have successfully helped hundreds of clients and have a proven track record that makes our program dwarf the national averages for success. This system gives you the best possible chance for success that you will likely ever be offered from any investor in America. Do I have to use your real estate agent? Yes you do. Not only are our agents trained properly as to how we buy homes, but our agents represent us and our investors. If you can get your own home loan with your own lender, then you can choose any agent you want to work with. But if you need access to our investor pool or to our lease option services you will need to work with our selected agent in your area. What if I have already been working with an agent of my own? We will need to introduce your agent to ours and let them work out the details. How do you know how much house I can afford? You will tell us where you want your payments, and we will just double check that what you tell us also works with your debt to income ratio. A good rule of thumb is to keep your total debt to income less than 50% with a house payment anywhere from 25-45%. Our consultant will help you with this in more detail when you enroll with us. Are you a legitimate business? Is this a scam? I have been taken advantage of by investors in the past... We are as legitimate as they get. Incorporated in the State of Washington, members of better business bureau, and perfect track record. How fast can we start looking for a home once we pay the retainer? We usually have you in contact with a local agent within 48-72 hours of our receiving your retainer in our office. Can I work with you if I live in a state where you are not currently doing business? Unfortunately no. We need to grow at the right pace and not over extend ourselves by trying to do business in areas we are not prepared to open up. Have you ever taken a retainer from someone and not been able to help them out? We have always been able to work something out with those we accept a retainer from. If we can't help you, we will tell you right from the beginning and give you your money back before wasting your time and ours. If you have the cash to fix it up on your own and if you have the ability to either hire out, or do the labor yourself, we will consider it on a case by case basis. Generally speaking though, we will only buy slightly distressed cosmetic fixers. Can we buy a home with a pool? Yes, but keep in mind that usually a pool requires higher insurance payments due to increased liability, and you will obviously have to cover the cost as part of your monthly payments. What if I don't have money right now but really want to start this process? Take advantage our payment plan and BEGIN NOW!! When would NOW be a good time to finally own your own home? Are there others out there running this type of program that I can compare your services with? You are more than welcome to look. But we have yet to learn about anyone doing what we do and with the success we have proven. Usually you will be dealing with a private investor who has a few homes to offer you and that investor really doesn't care if you succeed or if you fail. He will make money either way. Is the retainer the only money I will be paying you or your investors as a profit for doing this for me? No. The retainer should be all that you have to come out of pocket with. The rest of our charges are built into the transaction in a way that doesn't require you to write us a check. What % interest rate will your investors be getting on their loan? We can't quote a specific interest rate. However our investors will go to their lender and obtain the best financing available to them at the time. All of our investors have great credit, but rates will vary based on federal interest rates, and loan specifics based on the home they are buying. |
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