Unquestionably, the question we get asked most is, “How does your program work?”.
Fortunately, it’s very simple and there are two basic paths that both lead you to home ownership immediately.
It’s important to understand who we are and what we do because our program and process are proprietary and unique and unlike anything else presently available.
The Virtual Real Estate Investor Association, Inc. (VREIA) is a professional real estate investment firm and OwnerFinance.It is the retail marketing website for our wholly owned real estate acquisitions company, VREIA Properties, Inc.
In a nutshell, what we run through OwnerFinance.It is a no credit qualifying program designed for people that want to purchase a home but don’t presently qualify for traditional mortgage financing.
That’s right, NO CREDIT QUALIFYING!
We don’t care about credit scores or past derogatory credit.
Seems a little counter intuitive at first blush but we use an approach called Common Sense Underwriting when we set the policy guidelines so you could iApprove™ your own application.
Yes, you read that right! You approve your own application BEFORE you ever pay us a dime or waste time seeing homes.
No more filling out applications and then sitting on pins and needles watching the clock and praying for the phone to ring with good news only to be shot down once again and have your application declined.
Who has time for that?
Underwriting isn’t rocket science and the guidelines don’t need to be a mystery. Banks, mortgage lenders, and credit companies do that to obtain psychological leverage and a competitive advantage over applicants.
It’s a highly adversarial relationship designed to penalize people with prior credit issues with higher rates, higher fees and a highly degraded level of customer service……and that’s simply not how we operate.
As a paying client, we feel you should be treated with a Ritz-Carlton level of service, not beaten down and made to feel subhuman over a score on a credit report.
Buying a home is stressful enough and our goal was to make it as stress free and easy as possible. Judging by our raving fan clients who’ve been kind enough to provide testimonials with their contact information, it’s safe to say we accomplished that mission.
There are three criteria that you must meet to qualify:
- Do you have the ability to make the monthly payment on time? We’re not in the foreclosure business and don’t want to be.
- Do you have the funds for the down payment? Down payments pattern current FHA/Fannie Mae/Freddie Mac guidelines and range from 3.5%-30% down depending on loan amount
- Are you serious and committed to getting qualified for mortgage financing? The end game here is to get you qualified so you can refinance us out of the homes and get the deed in your name.
If the answer to all 3 questions is yes, you’re approved.
Why don’t we care about credit scores?
Quite frankly, because they’re not an insurance policy or guarantee of future payments being made. If they don’t guarantee us that a future payment will be made, what relevance do they really have?
Additionally, by using our Mortgage Qualifier Fast Track Program, our clients have rehabilitated their credit scores by eliminating as many as 28 derogatory accounts and increasing the score by 191 points in only 69 days by sending two letters we provided. If a credit report can be legally corrected that fast and with that dramatic of a result, it provides some insight that the score modules used by Equifax, Trans Union and Experian are too easily, illegally manipulated by lenders and creditors.
Why don’t we care about past derogatory credit?
This may be hard to believe, but we’re real people, too, with real problems just like you. We’ve been through our own four letter word called L-I-F-E and understand that sometimes things happen that are beyond your control.
The key now is to move forward and begin a new chapter.
Before we begin, it’s important to note that what we do isn’t “rent to own”.
In fact, it’s infinitely better than rent to own.
In a traditional rent to own scenario, a prospective buyer would enter into a lease option or lease purchase contract and pay an option fee or down payment and then make monthly rent payments until the buyer was qualified for financing, at which point they would then actually purchase the property using conventional mortgage financing and finally own the home.
Doesn’t sound all that bad until you understand how they actually operate.
In the traditional lease option or lease purchase, you’re simply a tenant, not an owner. And, you get to pay for maintenance and repairs just like you would if you were an owner without any of the benefits of home ownership, like the tax deductibility of the monthly payment, equitable title and other benefits associated with owning a home (like not having a landlord).
But that isn’t what you want, is it?
We do things differently.
We structure deals and contracts that are in the best interest of our clients.
How do we do that?
By putting our clients into homes and properly structured owner finance contracts that are in compliance with the IRS Installment Sales Contract Guidelines where they become homeowners, with all of the legal rights and benefits of home ownership today.
These are bona fide sales in the eyes of the IRS and you legally become a homeowner today, not years down the road.
Isn’t that what you really want?
Imagine becoming a homeowner today without all of the delays and hassles of the traditional home buying and mortgage experiences which are riddled with epic frustration and quantum disasters.
Once you’ve contracted on a home and moved in, we’ll work with you to help get you qualified for conventional mortgage financing using our Mortgage Qualifier Fast Track Program and help get you refinanced into conventional financing with the mortgage lender of your choice.
To become a homeowner today using our program, simply pick your path below.
Pick your path
Select Your Home
This is a very simple process. Simply select a home in our inventory that you would like to see or purchase, complete the iApproveMe™ Application and we will call you to provide the combination lockbox code or schedule a showing. Go see the home and if you like it, let us know and we’ll begin preparing the contract right away. The contract will be sent to you via RightSignature for digital acceptance which you can do on your computer, iPad, iPhone, Android, etc. without all that pesky printing and faxing of documentations. Once you’ve accepted the agreement, we’ll provide wiring instructions and you can then remit the wire for your down payment and first month’s payment. Upon receipt, we’ll make arrangements for the keys, garage door openers, and utility information and you can begin moving in immediately.
The HomeFinder Program
If we don’t have a home in inventory that works for you, we can get you one. Simply complete the iApproveMe™ App and then sign up for our HomeFinder Program and we will get you one that matches your exact description. We’ll buy a home or obtain equitable interest in the home so we can get you into it without any hassles or wasted time. Simply fill out the HomeFinder Form, remit the initial deposit and we’ll setup your online project and begin the search. And, if that wasn’t enough, if you already have a home in mind, you can add that to our search and we’ll contact the seller today.
How cool is that?
Once we’ve contracted on the home, we’ll provide you the combination lockbox code or schedule a showing. If the home is everything you wanted, we’ll follow the same process for a home we have in inventory and prepare the contracts for acceptance. Once you’ve accepted the agreement, we’ll provide wiring instructions and you can then remit the wire for your down payment and first month’s payment. Upon receipt, we’ll make arrangements for the keys, garage door openers, and utility information and you can begin moving in immediately.