FAQs

How can we help?

Frequently Asked Questions

  • There are many factors involved with determining approval for financing so having poor credit is not necessarily a deterrent. We believe everyone should have the opportunity to home ownership. If you unable to qualify for a mortgage, we can help get you approved via our seller financing program and our team can work with you to improve your credit over time.
  • For a mortgage we recommend a minimum credit score of 580. Our seller financing program is designed to enable you to increase your credit score so you may get approved for a mortgage in the future.
  • For both mortgages and seller financing, we require that you have your current and previous year taxes filed (two most recent years).
  • Mortgage programs vary and multiple factors determine your down payment and closing costs to purchase. For our seller finance programs, our typical down payment is 10% of the purchase price with minimal closing costs.
  • The first step for most people is getting pre-qualified. Picking out your new home is the next step! You can review some of our current options here or one of our real estate professionals can help you find your perfect home. If you want to read more about the buying process visit our homeowner page here. We are here to help with any step of the process so please, give us a call at (313) 444-TEAM or inquire online here.
  • With a land contract, you buy the house and have a vested ownership interest from the start while you make your payments to complete the contract and obtain sole ownership. Lease options are like any other rental with the difference being that you secure a price to buy after your tenancy term (the option). You have no ownership unless you exercise your option and pay in full.
  • There are many pros and cons to both housing options so it really depends on your circumstances and goals. One of the primary benefits of owning is that you can do a lot more to and with your living space to change it to almost anything you desire. Another big difference is equity - every payment you make means you are closer to owning your home free and clear. Historically, property values go up over time so for many people their home is their single largest investment asset. In most cases, house payments for owning are less than rental payments as well. Did we mention that a substantial portion of your house payments when you own are deductible from your income taxes?
  • Yes, you can!
  • Yes, you may. Please note that it may affect the results of your interest rate and/or your approval or denial of financing. We’re here to help you figure out what’s best for your family to purchase a home.
  • Currently, Home Team does not offer a program for this. However, we have many real estate professionals on staff that can help you buy the home you are looking for!