New Lease Option Program for Previous Homeowners Who Lost Their Homes
Finally, an Option to Select a Home at Today’s Prices while Rebuilding Credit
An innovative lease/option program designed for previous homeowners who lost their home to foreclosure, short sale, or bankruptcy is being rolled out in January 2011. This new opportunity allows consumers who have experienced a hardship in the past few years and lost their home an alternative to renting. The Home Again program allows the credit challenged consumer to enroll in a credit counseling service to determine their eligibility for this program and begin repairing their credit. Home Again will take a pre-qualification application, run credit, check other eligibility criteria, and upon approval – provide a price range for the pre-qualified lease optionee to start shopping. The consumer works with a real estate agent trained in the program to help them locate a home meeting their pre-qualification conditions. Once a home is identified, Home Again will inspect the home to ensure compliance with the program.
This program is open to the clients of any real estate agent. Consumers who are not working with an agent, may contact Sierra Home Investors to be referred to an approved agent.
Upon inspection approval, the agent will put in an offer to purchase on behalf of Sierra Home Investors, the affiliated investor group paying cash for the home. When the home closes escrow, the consumer will take occupancy as a tenant with an option to buy the home within two to six years. Participating licensed real estate agents who bring a customer to the Home Again program earn 2.5% commission when the home closes escrow.
The program requires:
$75 with initial application
$200 for the chosen home’s inspection by Home Again
5% option consideration (minimum $5000)
Balance over minimum, if applicable, can be paid over 12 months
Rent is determined at .9% of purchase price
For example: $100,000 home = $900 Rent
10% of Rent is Set Aside for Down Payment
When the option is exercised, 10% of each months’ rent is credited
Option Price appreciates 8% annually i.e. an option exercised at 24 months for a $100k home will cost $116k
Market Value Option (1) There is an option to buy the home at market value at 72 months
With the high percentage of families who have been negatively impacted by the loss of a family home, often times a result of circumstances beyond their control, Home Again offers a fresh start to rebuild their credit and work towards home ownership again in the shortest time possible.
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For more information about the Home Again program, or to schedule an interview with Cheryl Muzinich, please feel free to visit the website or call/email Cheryl directly.
(1) If the home has not increased in value at the 8%/year, the Market Value Option allows an Optionee to purchase the home at the market value in month 72 plus 10% (can not be less that 10% above original purchase price). They are still credited their Option Consideration and Security Deposit, but not the monthly credits that would otherwise be available when optioning in months 24-71.
- Contact Information
- Cheryl Muzinich
- Program Manager
- Home Again
- Contact via E-mail
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