Qualifying requirements for the owner financing program:
Tenant must have verifiable income that shows they can afford the monthly payment which includes taxes & Insurance
Tenant must have a minimum of 10% of the asking price to put down that can be verified.
Tenant must have a checking/savings account where the monthly payment is debited from the account they setup on www.rentredi.com tenant app.
Tenant must consult with a RMLO(residential Mortgage loan officer) to make sure that they can make the monthly payment based on documentation.
Once the tenant/buyer sees a property they are interested in, the next step is get all of the documentation so that the deal can be underwritten.
Once that has been done, the tenant/buyer can order an inspection and a WDO(wood destroying organisms) if they want. They can also waive both but if they order them, they are required to pay for them.
Next step is the tenant/buyer will get a clear to close and a closing day will be set. On the closing date, the tenant/buyer shows up to the closing with a cashiers check, signs all of the required documents and receive keys to the house. The DEED is now in the tenant/buyers name. The tenant/buyer will receive a copy of all of the documents. The closing Attorney or Title company records the mortgage or deed of trust. The tenant/buyer is a homeowner.
