Frequently Asked Questions
How Does Your Financing Work?
We offer lease option, rent to own, and owner financing where you can buy the home without having to qualify at a bank. A reasonable down payment is required, but the “red tape” is minimal and we can usually have you in a house within a week!
How Much Down Payment Do I Need?
We are very flexible with down payment. We can offer you many options, and we will always do our best to work with whatever funds you have available. You can even start out on a lease purchase and then move to owner financing at a later date when you have the additional money. Keep in mind that “cash is king”, but we have the ability to do credit cards, valuable assets (e.g., newer paid off vehicles), stock/bonds, 401K funds, borrowed funds, etc. Our programs are known for creativity to get you into a home!
Do You Offer Down Payment Assistance Programs?
Yes we do. A lot of times if you are a bit short on down payment we can set up a monthly payment plan spread out over 6-12 months. A majority of the down payment is required, though, up front.
What Is The Interest Rate On Your Owner Financing?
We are flexible with our terms to meet your needs. Typical interest rates range from 7.9% to 9.95% depending on down payment and application. All credit is accepted and applications are necessary to verify income and employment.
What other methods of Down Payment are accepted
Unlike most lending institutions, we accept borrowed funds for closing. If you have a close friend or relative willing to lend you money for your down payment you can use that in our program. You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties. We also accept titles on newer, paid off vehicles; stock/bonds, credit cards, other valuable assets.
How does your Lease Purchase Program Work?
We can lease you the home with the exclusive right to purchase it at a later date. Our buyers love it because it gives them time to save up for a larger down payment; time to clean up past credit problems, time to sell another home, and time to try out the neighborhood before buying. We are obligated to sell to you;however you are not obligated to buy. 100% of your option fee / down payment is credited towards the purchase price of the home, plus you may receive a rent credit (depending on the house) of the monthly payment towards the purchase price every month you pay your lease on time.
Do You offer Down Payment Assistance Programs?
Yes, we do. A lot of times if you are a bit short on down payment, we can set up a monthly payment plan spread out over 6-12 months. Most of the down payment is required, though, up front.
How quickly can we Close?
For selling one of our houses, we can close as soon as you have your application submitted and down payment ready.
If you have additional questions please visit our Contact Us page.
Whether you’re looking to buy your dream home, or sell your current home to move onto the next adventure, Tennessee Homes can make it happen.
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