Home Ownership, Your Dream Home

No Qualifying, No Income Verifications!

No Credit Check Home Acquisition FAQs

Q: What exactly is this Program?

A: It offers solutions for individuals with credit history or income verification issues that render institutional or bank lending negligible.

Q: What is needed to qualify for this program?

A: Three character references and a minimum of 15% consideration (down payment) for residential properties acquired at 150K or higher. Properties will be processed between 75K-150K, but the minimum consideration for these is a flat rate of 15K.

Q: Will the trust underwrite a mortgage for me?

A: No, the trust is not a lender and not a broker. The trust though, does provide the home acquisition program, not a conventional mortgage.

Q: How long does it take to close?

A: 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.

Q: Does the trust work with homes that have not been built?

A: Yes, you may utilize the trust home acquisition program for constructing your desired home. Typically, this will require a higher consideration (25%).

Q: During the application process and until closing, do I need to keep a minimum balance in my checking account?

A: No, the trust does not have any of these type restrictions.

Q: I understand the trust does not check my credit. But I am in the middle of a bankruptcy and I have tax liens too. Will I be approved?

A: Applicants that provide three solid character references and are able to make their consideration and other transaction costs, will be approved.

Q: What are the rates?

A: Rates fluctuate. If rates are different at the time your consultant submits your application, you will be notified.

Q: If an appraisal hasn't been done yet, how much will it cost me to get one done?

A: This depends on the 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.

Q: What if I only have 5% available as a consideration (down payment)?

A: Currently the trust requires a minimum of 15% 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.

Q: How is the trust able to get me into a home with no credit check?

A: Since the trust does not do a credit check 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.

Q: What happens if I default on my payments on the home trust acquisition or reacquisition program?

A: Should this happen, you can expect the same defensive recourse action any institutional or bank lender would resort to. If you don't make your payments, you will ultimately lose your property.

Q: I the home trust program a "hard money" type program?

A: 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 trust program is technically not a loan.

Q: Is my analysis fee refundable?

A: Yes, though exclusively in the unlikely event that your application is not approved.

Q: I want to refinance, but there are liens on my home and I have additional debt to pay off. Can all that be included in the home reacquisition transaction?

A: Yes, as long as the lien holder pay-offs and debt do not exceed a certain percentage (usually 64%) of the appraised value of your home.

Q: How can I get cash out of the equity in my home?

A: Multiply the appraised value of your home by .64 and subtract any lien hold pay-offs. If what is left is a positive number, that is usually the available cash to you at closing less any other costs. A negative number would indicate that the transaction is not doable.

Q: What is the role of Southwestmart, Inc. in this?

A: The home trust does not deal directly with individual consumers. Southwestmart, Inc., as an authorized affiliate of the trust, will provide you consultative services and submit your application on your behalf.

Program Details:

Home Acquisition Program

Home Acquisition Program Overview

Home Acquisition Transaction Costs

Home Reacquisition Program

Home Reacquisition Program Overview

Home Reacquisition Transaction Costs

Application

Applications & Instructions