Below, please find some questions you might have regarding the Purchase Assistance Program:

On the Purchase Contract:

1.  Whose name is the purchase contract under? Investor
2.  If its under investor's name, is it considered a cash transaction? It is considered a cash transaction.
3.  If its under the investor's name, where do the borrowers' names appear in the contract? The borrowers name will appear in the contract with the investor and then amended on title.
4.  Who puts the earnest money down? Investor will put the earnest money deposit
5.  On title, where do the buyers name appear?  Will they be put as an addendum to the title? Correct

For the Loan Package:

Take a traditional 1003 from the client. We will need this information. In regards to the conditions needed the following docs are required:


  1. If borrower is Self Employed last two years Federal Tax Returns
  2. If borrower is Self Employed 24 months bank statements
  3. If borrower is a traditional employee W-2's for last two years
  4. If borrower is a traditional employee 12 months bank statements
  5. If borrower is a traditional employee Pay Stubs for the last 30 days
  6. Credit Report
  7. Purchase Contract
  8. Proof of Liquid Assets To Close


If the borrower has a 550-619 credit score the borrower will have to put the 10% deposit plus 3% in fees. If the borrower has a 620+ FICO they will be required to put down 5% deposit plus 3% in fees. The borrower once the information is supplied will be sent a link to complete and then once that occurs the borrower will be disclosed. Upon signed disclosures being returned the file will be underwritten by the investor for approval. Once the loan is approved the processor at our investor will be in contact with the borrower to complete the loan. Closing time should the borrower be on board will be within 30 days.

The HOA is paid through the payment. This is not in addition to the total payment so it is included in their payment.

There is no interest rate because their is no loan :) Remember the home is purchased outright on the borrower behalf so the payment is predicated based on the amount of purchase. So for every $100k in purchase price it's $800.00 up to $350k. Above that it is $500.00 for every additional $100k in purchase price.

So for example if a home was being purchased for $300k the monthly payment would be approximately $2400.00. If a home was being purchased for $450k the payment would be approximately $3150.00 ($2400.00 for the first $300k, $500.00 for the next $100k in purchase price and $250.00 for the additional $50k).

Feel free to contact us should you have any questions: 408-462-0591 or Schedule An Appointment

We also have a lease option program available. For more information on the Leas Option program Click Here

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