BUYING YOUR DREAM HOME IS AS EASY AS 1-2-3
1:
Select a home to purchase or use a property that you have already selected.
2:
Submit your application to Home Approval Online for guaranteed approval!
3:
Receive your certificate of approval and you can be in your new home within a few weeks!
What do I need to do for approval?
- Get pre-approval to determine your lending range
- Select a home
- Provide a 10% downpayment
- Provide 3 character references
Mortgage Programs and Rates
What exactly is Home Approval Online?
Home Approval Online programs offer solutions for individuals with credit history or income verification issues that render institutional or bank lending negligible.
How long does it take to close?
Typically, this takes between 21-30 days. In many cases, the time is much shorter. It will depend, for example, on how quickly the appraisal is completed.
Does Home Approval Online work with homes that have not yet been built?
Yes, you may utilize the Home Approval Online acquisition program for constructing your desired home. Typically, this will require a higher consideration (20%).
During the application process and until closing, do I need to keep a minimum balance in my checking account?
No, Home Approval Online does not have any of these type restrictions.
I understand that Home Approval Online does not check my credit. But I am in the middle of a bankruptcy and I have tax liens too. Will I be approved?
Applicants that provide three solid character references and are able to make their consideration (down payment) will be approved.
Can I get a 30-Year term on my home acquisition?
Our term is spread over 17 years and 8 months (212 Months), which is equal to a monthly principal and interest payment of 1% of your note balance. This allows for you to build equity faster and helps in getting an actual mortgage loan with a lower interest rate sooner. On a case-by-case basis though, we do consider amortizing the term for up to 30 years.
If an appraisal hasn't been done yet, how much will it cost me to get one done?
This will depend on what part of the country you are in. Appraisals can run from $300 to $500. The size of the home can be a factor in how the appraiser sets their fee.
What if I only have 5% available as a consideration (down payment)?
Currently Home Approval Online requires a minimum of 10% or $15,000 consideration, whichever is greater. We recommend that you speak to friends and family whom you think might be able to help out. We do not check to verify where the funds come from and we do not require them to have been in your account for months before you close. In some cases, an exception may apply.
How is Home Approval Online able to get me into a home with no credit check?
Because we do not check credit or verify income, your acquisition will ultimately cost you slightly more. The higher cost is justified by the resulting higher risk. If your credit is good, an institutional or bank lender will serve you better.
Is the American Home Approval program a "hard money" type program?
No. The term "hard money" refers to an excessively high interest rate much like what you would get from a loan shark or even a high interest credit card. "Hard Money" interest rates start at 20% and go much higher. The Home Approval Online program is technically not a loan.