Buyers Frequently Asked Questions

Table of Contents

• I feel I can qualify for a conventional loan, but I don't know what to do or where to start. Can you help me?
• What if I don't qualify for conventional financing, even with all your help?
• What if at the end of the Lease/Purchase term, my debt to income ratio is still not satisfactory for a lender?
• What if I can qualify for conventional financing but I don't have the 10-20% down payment required by most lenders?
• What if I have filed Bankruptcy in the past 3 years? I've heard it takes 7-10 years for that to come of my credit history. Can you help me buy a home sooner?
• What if after the 2-3 year period I still can't qualify through conventional means?

I feel I can qualify for a conventional loan, but I don't know what to do or where to start. Can you help me?

I feel I can walk you through the entire process of pre-qualifying for conventional financing.  This entails reviewing you credit history and counseling you on what might need to be cleared up, making all the phone calls and all the arrangements.  We have relationships with several Mortgage Companies and private lenders.  We know exactly what they require.  We are here to help you get everything necessary already in place.  This eliminates all the confusion, leg work and hassle for you.

What if I don't qualify for conventional financing, even with all your help?

There are several reasons that good people cannot yet qualify for conventional financing.  Some examples could be:

·       Bankruptcy discharged less than 2 years ago

·       Debt to income ratio not satisfactory

·       Home for sale in another city or state

·       Recent job transfer

·       Not long enough on the job

·       Past medical problems

·       Slow payment history

·       Divorce

At RPS, INC., we specialize in creating solutions to all the above situations, and others not mentioned.  For example, if your determined income ratio exceeds what a lender requires, we can offer you a Lease/Purchase program that allows you to live in your home giving you the time necessary to lower that debt to income ratio, making it possible to qualify for conventional financing.

What if at the end of the Lease/Purchase term, my debt to income ratio is still not satisfactory for a lender?

If, at the expiration of the Lease/Purchase term, you have made all your payments to us in a timely manner, we could:

          a) Arrange financing through a private lender

          b) Offer non-qualifying owner financing through RPS, Inc. or

          c) Extend the term of the Lease/Purchase agreement to give you the extra time you need

What if I can qualify for conventional financing but I don't have the 10-20% down payment required by most lenders?

We can offer you our Lease/Purchase program in conjunction with our Down Payment Assistance program.  This option allows you to move into your home with a Lease/Purchase contract, and the opportunity to accumulate the 10-20% over time, while you enjoy your new homeNOW!

What if I have filed Bankruptcy in the past 3 years? I've heard it takes 7-10 years for that to come of my credit history. Can you help me buy a home sooner?

ABSOLUTELY! There are several possibilities for just that situation.  First and foremost…

 NEVER ASSUME THAT YOU CAN'T OR WON'T QUALIFY!!

 Lenders are getting more flexible by the year.  We have lenders that can possibly pre-qualify you if your bankruptcy was discharged 2 years ago.  That is a far cry from the old 7-10 years people assume is standard.

 If that bankruptcy was discharged say, last month, then you may take advantage of our Lease/Purchase program in conjunction with our Down Payment Assistance program.  This gives you the time frame required by the lender, and also the means to accumulate your down payment AND chip away at the purchase price of your new home.  ALL WHILE YOU LIVE IN AND ENJOY YOUR NEW HOME!

What if after the 2-3 year period I still can't qualify through conventional means?

At that point, there are several options. If you have made all your payments in a timely manner, we can offer you:

a) Non-qualifying owner financing through RPS, Inc.

b) Arrange financing through a private lender or

c) Extend the term of your Lease/Purchase agreement

 Here at RPS we will go to great lengths to help you become a home owner.  That's what we do best…..that's what we love!  Helping people just like you make their dream of home ownership a reality.

 Basically, in almost every situation we can help you on the road to home ownership.  Even if we can't help you get into a home today, we will help you determine what your goals need to be in order to get you into a home tomorrow.  We will stay in contact with you and track your progress until the day comes that you too will own a home of your own.  Now, we can't do EVERYTHING for you.  You must take the necessary actions and follow through to achieve your dreams.  If you are serious about being a home owner, we have the solutions you've been looking for.  We feel that distant dream of home ownership is a reality.  We make it possible.  We make it simple.  Give us a call today to discuss your solution.  Call NOW!!!  You have NOTHING to lose and everything to gain.

RPS, Incorporated 1096 E. King Avenue, P.O. Box 2050 Kingsland, Georgia 31548   888-768-2145 Toll Free / 912-729-6108 / 912-729-7972 Fax