For all of our properties, we provide a NO Documentation Mortgage. This means that we do NOT verify credit, income or assets.
To qualify for the mortgage, we require:
- A minimum 5% down payment
- Closing costs at settlement which average $2,500
- Copy of first year's homeowner's insurance policy or binder with paid receipt
The monthly mortgage payment is based on:
- A 30 year fixed interest rate which is usually 10%
- Escrow for real estate taxes (we will pay all real estate taxes when due)
- Escrow for homeowner's insurance (we pay for the renewal policy)
Note that although the mortgage is based on a 30 year payment schedule, the mortgage itself is due in 7 years. After 7 years, you must obtain other financing.
The following attachments detailed below will:
- Provide sample copies of all documents involved in the sale
- Detail information both parties of the sale need to provide