Home Buyer Program
How can I own a home without getting a bank loan?
It seems to be drummed into us that the only way to buy a home is to get a mortgage from
a bank. Nothing could be further from the truth!
All over the country people buy homes using alternative financing
- it happens all the time! Just look in the classifieds section
of the Denver Post and you will see a ton of adverts from folks
looking to
sell their home by offering alternative financing. This is especially
attractive for buyers who can't qualify
for bank financing.
Alternative financing can take many different forms. You may
have heard of terms like "owner carry"
(commonly shortened to "OWC" in adverts), "rent to own", "lease purchase", "subject
to" and "lease option". These are all terms for
situations where homes are bought and sold without solely relying
on a bank providing financing to the purchaser.
The Caledonia Property Home Buyer Program
We at Caledonia Property offer a home buyer program for people who don't have much cash for a downpayment and/or
have poor credit. We use something called a lease option and here is how it works:-
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Our tenant buyer signs a lease agreement that commits them to making a monthly payment to Caledonia Property
The tenant buyer also signs an option agreement which gives them the option to purchase the home they
will be living in, for a fixed amount, and during a set period (usually 2 years). To make this option agreement
valid they make a downpayment to Caldedonia Property which is less than that usually required by banks.
All the terms are included in the contract agreements which are
designed to protect our tenant buyers as well as Caledonia
Property.
Over the period of the option agreement the tenant buyer works to fix their financial affairs so that they
are able to qualify for a loan from a bank and complete the outright purchase of the home.
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This program is based on tried, tested, legal, ethical,
and practical methods. We do not take advantage of your run of bad luck and we are not trying
to make a quick buck. Every agreement we make is in a legal contract and we actively encourage you to seek
professional advice before signing with us.
Terms that are fair
For those of you that have encountered lease options before, look carefully at our terms; you will be surprised at
just how fair they are compared to those of other programs. For those looking at this for the first time, please
take the time to read about our program and make sure you feel comfortable with what we are offering.
Is this for you?
Our program is not for everyone! If you went through a tough
period for a while and are now bouncing back to financial
stability this program could be a perfect fit. Our program
works best for someone who is
committed
to becoming a home owner and putting everything in order to be
one. On the other hand, if you have a long and recent history
of credit problems and just can't reasonably commit to a
2 or 3 year program, it is not for you.
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