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Time

How Long Does The Process Take?

If we have a home in inventory that works for you, you can be moving in today.

If you’re using our Home Finder Program, the process can take anywhere from 24 hours to 6-8 weeks depending on your requirements and the availability of inventory in the market you want to purchase a home in. For example, if you need to be in a specific school district, it limits the amount of available inventory for rent or sale at any given time and so it can take some time to find the perfect home. When using the Home Finder Program, it’s important to get signed up as soon as possible to afford yourself the greatest amount of time for the search possible which will in turn provided you the greatest selection to choose from.

Cost

How much is the down payment?

Down payments parallel current FHA, Fannie Mae and Freddie Mac guidelines for FHA, conforming, non-conforming, jumbo and super jumbo mortgages. So, your down payment will be exactly what it would be if you were qualified for conventional mortgage financing. A breakdown is provided below to give you an idea. It’s important to note that because our contracts are in compliance with the IRS Installment Sales Contract Guidelines and are classified as a bona fide sale where you become the legal homeowner immediately, you can access fully vested funds in a 401k without penalty or taxes using a loan that you repay to yourself while your investments stay in your 401k.

If you are short on down payment funds and need to move, contact us immediately because we have a variety of creative options and payment plans that may work for you.

The reason the down payments pattern current lending guidelines for mortgage lenders is because at some point during the contract term you will need to refinance and when you do, your mortgage lender will have to follow the Loan To Value (LTV) guidelines for the mortgage you’re applying for and this will generally require an equity position in an amount equal to the standard down payment guidelines.

FHA 3.5% Down
Fannie Mae/Freddie Mac 5% Down
Jumbo 10% Down
Super Jumbo 20%+ Down

FHA Loan Limits vary by what’s called an MSA or Metropolitan Statistical Area so it’s necessary to determine the loan limit for the market you want to purchase a home in but generally speaking, the loan limit is $347,000 in most MSAs nationwide for a single family dwelling. High cost areas like some areas in California, Nevada, New York, Florida, etc., have much higher FHA loan limits and can exceed $800k. To see what the FHA loan limit is for your MSA, click through to HUD’s website and enter the county and state you want to purchase a home in.

Fannie Mae Loan Limits are as follows: $417,000 for the contiguous United States and $625,500 for Alaska, Guam, Hawaii, and the U.S. Virgin Islands

Freddie Mac Loan Limits are the same as Fannie Mae

Jumbo Loans are loans above $417,000 and below $650,000 in most states.

Super Jumbo Loans are loans above $650,000 in most states.

There are some “high cost” states that have variances on these loan amounts but this will provide a general rule of thumb.

Buying a Home with Seller Financing!

Many home buyers today are having a difficult time getting approved for bank financing. Even traditionally good borrowers are having a difficult time qualifying with today’s tougher lending guidelines. That’s where iHelpSell comes in.

We understand that banks are turning down many good home buyers. We take a common sense approach to qualifying you to buy. If you can show the ability to make the payments and have a reasonable down payment we will provide financing for you regardless of your credit score.

No Bank Qualifying means you are able to purchase homes listed on this website AND in the MLS even if you can’t qualify for a traditional bank loan. Many of our buyers are going through a short sale, foreclosure, bankruptcy, have late payments and collections. Many are self employed and can’t verify their income traditionally. You don’t have to satisfy the demands of a traditional lender to buy a new home!