Buying a Property with TMG E-Vestments
Let’s face it, lending guidelines have changed and tightened up quite a bit. Getting into a home used to be hard and now it’s even more challenging!
Something as simple as an old or incorrect item on your credit report can stop the loan process.
10 points on your credit report can result in a denial! It’s a very stressful process we know but don’t worry we have a solution to your problem!
Our lease purchase program allows you to get moved in and settled into a home you will eventually purchase while working directly with our lenders to prepare for finance while living in your dream home.
Are you fed up with throwing away your hard-earned money every month on rent?
Do you want to put your family into a place they can call home?
What’s stopping you?
Credit? Past Issues?
With our lease purchase program, you don’t have to face the scrutiny that lenders put you through until you’re ready!
We structure 12-month leases which give you time to get ready for financing all while leasing the property you’ll eventually purchase!
You’ll be paying rent for 12 months while you get ready for financing but you’ll receive rent credits with our program!
- Low option fees ranging from 4-5% put towards the purchase price
- Most past credit problems are not an issue
- The purchase price is agreed upon and locked in
- You will receive tax benefits such as depreciation etc
- You are able to check out the area and house thoroughly before purchasing the house
- The property continues to build equity while you are living in it. That equity is yours when you exercise your option!
- We offer a home warranty on all properties to cover most repairs such as A/C, water heater, etc.
- Option fee is fully credited to the cost of the house.
- Part of your rent payment every month is credited to the purchase price, which can also be used towards closing costs.
- We work directly with loan officers to assist you in obtaining permanent financing
What is the criteria for our lease-purchase program?
Lease-Purchase Program Criteria
Leasing Criteria
INCOME VERIFICATION
Income should be at least three times the rent in gross monthly income and verifiable from an unbiased source such as applicant’s pay stub, bank statement, tax forms including W2 or 1099, or a job offer letter submitted on company letterhead.
- Applicants must provide contact information for the HR Department, the name of their department head or direct supervisor, and the main business telephone number.
- Applicant’s employment history should reflect a minimum of 6 months with your current employer. Transfers or relocations must have correspondence showing an accepted job offer. Any verification fees required by the employer must be paid by the applicant.
- Self-employed individuals must provide verification of income through one of the following, a CPA prepared financial statement or a copy of your current and previous year’s tax returns filed with the IRS and two most recent bank statements.
RENTAL HISTORY
Applicants are responsible for providing information including the names, addresses, and phone numbers of landlords with dates of tenancy for the previous 2 years.
Mortgage payment history will be considered if you owned rather than rented your residence during the previous 2 years.
No forcible detainers (evictions) within the last 1 year.
No history of any damage to previous residences or an outstanding balance due to previous landlords.
CREDIT REQUIREMENTS TMG E-Vestments works with all applicants on a case by case basis with regard to credit.
Scores – Although other items are important, most lease option specialists are looking for applicants that are no more than 60 points away from FHA finance.
Any outstanding debt to a prior landlord may result in the denial of your application.
Credit history must show that the resident has paid bills on time and does not have a history of debt write-offs or accounts that have gone into collections.
- Bankruptcies – Case by case basis
- Foreclosure – Certain time restrictions apply and are set by the lenders.
- Tax Lien – Normally must be paid before financing.
- Most credit problems are not an issue.
- Judgment-Must be resolved for most lenders.
CRIMINAL BACKGROUND CHECK
We will check local and national criminal databases for all occupants 18 years of age and older. We do not rent to any person required to register as a sex offender. Criminal backgrounds involving violent crimes, prostitution, domestic violence, and/or involving the possession of weapons or illegal substances are all grounds for denial of an application. An exception may be made depending on the type and or age of the offense, please provide details to your application and leasing coordinator. Failure to disclose any criminal history may be grounds for denial of an application.
RENTAL CRITERIA FOR PETS
Policies on domestic pets vary from property to property. If multiple pets are allowed most owners allow a maximum of two pets per property. The following guidelines apply: All pets must be current on vaccinations. (Vaccination records must be submitted along with photos of pets at the time of application). A non-refundable pet fee is required for each pet. The pet fees are $500 for each pet and are non-refundable.