Adriane Terrell is one of a handful of Certified DFW Realtors with the largest nationwide corporate investor that acquires single family homes to rent to qualified individuals. The investor provides each qualified resident with a separate Right to Assume the FHA Mortgage Agreement for the home during the term of the lease. It is up to the resident to determine if they want to buy a home by ASSUMING THE MORTGAGE. There is no obligation to buy the home at any point in time. The home may be leased for up to 5 or more consecutive years in Texas. Lease is just renewed at the end of each year.
THIS IS A LEASE BACKED BY AN FHA ASSUMABLE MORTGAGE.
The Lease with the Right to Assume the Mortgage Program is generally for individuals and families who are interested in home ownership, but who may have questions about the stability of the real estate market, their ability to afford and maintain ownership, and/or who may want to test a specific neighborhood before making the decision to buy a home. If you decide you do not like the area or you are relocated you can CHANGE OUT THE HOME. There are many things to consider when buying a home, which is why the opportunity to "test drive a home before you buy" may be of interest.
I have saved the TWO best part for last!!!
First, when you decide to Assume the Mortgage you have been locked into TODAY'S INTEREST RATES.. You were locked in to the interest rate at the time of contract. So say you decide to Assume the Mortgage a year to 5 years later you are getting TODAY'S INTEREST RATE.. NOT THE INTEREST RATE THAT IS 1 TO 5 YEARS FROM NOW.
OKAY SO MAYBE THIS IS THE BEST PART.. WHILE YOU ARE LEASING THE HOME THE HOME IS ESTABLISHING EQUITY FOR YOU!!
WHAT DOES THAT MEAN?? SIMPLE IT MEANS THAT WHEN YOU ARE READY TO ASSUME THE MORTGAGE YOU CAN USE THAT EQUITY TOWARDS THE DOWN PAYMENT AND CLOSING COSTS. EVEN IF IT IS $100,000 EVERY PENNY CAN BE APPLIED
Here are the qualifications. Read them carefully and see if you will be a good applicant for this amaze balls program..
* Everyone in the household 18 years or older must apply.
* ONLY Requirements: Experian credit score of 580 or higher credit score.
*$3,600+/mo. Household Income
*Payment Max 1/3 Household Income
*2+ Months of the lease amount in Savings ($4,000 minimum)
*No More then 50% Max Debt-to-Income
*24 plus months of paying rent or a mortgage on time
*If self employed show 2 months of bank statements showing your income.
Once you receive your Pre-Approval letter. Much like you would with a traditional mortgage. Then you and I go shopping (with one of the only Realtor in DFW that is a FHA Assumable loan Certified Preferred Realtor. The home price can be the max allowed by FHA around $485,000 or as low as $120,000. Home must meet FHA home requirements. (safe, sound and sanitary, move in ready)
**WHEN YOU ARE READY TO ASSUME (TAKE OVER THE MORTGAGE YOU CAN USE THE EQUITY THAT ACCRUED WHILE YOU WERE LEASING THE HOME TOWARDS YOUR DOWN PAYMENT AND CLOSING COSTS****
Your next steps is to fill out this form and you'll be hyperlinked to the website for more information. You'll need to upload all your financials and your 3 bureau credit report. It'll take 24 to 48 hours to receive your pre-qualification letter.
Make sure you enter ADRIANE TERRELL OF MIKE MAZYCK REALTOR AS THE REFERRING SOURCE.
Once you apply you'll need to text me or email me your 5 digit customer code and I'll attach you to me so you can save $400 off the process.
Mike Mazyck Realty
( 972) 971-4883
Copyright © adriane terrell | All Rights Reserved. Mike Mazyck Realty is. An Equal Opportunity Company. Equal Housing Opportunity. Each Mike Mazyck Realtor is independentl. Listing information is deemed reliable but not guaranteed.