Do you have at least 15% of down payment but don't qualify for a mortgage? Mortgage Alternative Program (MAP) may be the answer.
MAP Helps Those Who…
Are self-employed and need to use bank statements to verify income Have had a recent foreclosure, short sale, bankruptcy or credit problem Are tired of renting and ready to purchase before home prices rise Are eager for more stability in their living situation Are likely to cure credit issues and obtain mortgage within 6 years
How MAP Works
Buyer has 13-15% they can deposit to escrow, can demonstrate the ability to make monthly payments and wants to buy a home now! Buyer picks out home and Cove purchases it. Buyer moves in today and while renting from Cove, has up to six (6) years to close escrow at guaranteed, pre-determined prices.
Single family homes (no condos/units); owner occupied only Previous bankruptcies, foreclosures and short sales OK (no seasoning) Bank statements OK (income sources/cash flow verified)
MAP Process Overview
Investor pre-approves potential buyer and approves property Investor & buyer enter into six-year term: - Purchase Agreement - Lease Agreement Investor buys home (all cash, no contingencies) Buyer pays fees to Investor, puts down-payment in escrow Buyer moves in
Answers to Frequently Asked Questions
Buyer can close escrow anytime, no pre-pay penalty Buyer can break contract anytime, with required notice, acceptable property condition, and pre-determined fee Rent comparable to rents in the area No part of lease payment applied to purchase price No tax benefits during the contract Customer upgrades or changes to home during contract require Cove approval If home is worth more than contract price anytime during 6 years, equity belongs to buyer
For further questions, please feel free to contact Endrico Patolot at 323-747-3489 or email at RICO@A1REALTORS.NET.
11308 Foster Road, Norwalk, CA is a newly listed home. Ready to move-in and with a lot of upgrades. Live in the main unit and rent the guest quarter at the back. Very nice and clean. Furnitures and appliances maybe included for discounted price, if the buyer would like to keep them.
Beat foreclosure, Foreclosure help, Shortsale help, financial rescue, Shortsale assistance, Avoid Foreclosure, Save my home