Julie Jalone realtor

Roseville, Calif. – Do you want to live in a home of your choice but can’t get financing because of a bankruptcy , foreclosure, short sale or some other life event in the past 5-years?ย 

If so wouldn’t it be nice to have a rich uncle who would buy the house for you and let you live in it until you can qualify for a mortgage and then sell it to you at predetermined price?ย  If you don’t have an uncle like that, there is a brand new program designed to put financially responsible families back into homes now.ย  The Mortgage Alternative Program (MAP) acts like the rich uncle you wish you had.


Roseville Today Sponsor

FREE Pest Inspection: Roseville

Mobley Pest Services , a trusted name in Roseville pest control for over 20 years. (Lic. No. OPR- 10241)

www.mobleypestservices.com

FREE Pest Inspection: Roseville

Mobley Pest Services , a trusted name in Roseville pest control for over 20 years. (Lic. No. OPR- 10241)

www.mobleypestservices.com

FREE Pest Inspection: Roseville

Mobley Pest Services , a trusted name in Roseville pest control for over 20 years. (Lic. No. OPR- 10241)

www.mobleypestservices.com

FREE Pest Inspection: Roseville

Mobley Pest Services , a trusted name in Roseville pest control for over 20 years. (Lic. No. OPR- 10241)

www.mobleypestservices.com

The MAP program is for designed for those who cannot qualify for a mortgage due to a recent short sale, foreclosure, bankruptcy, divorce or other credit damaging event.  It can also be a solution for self-employed buyer as the program allows the use of bank statements for verification of income.

Once approved for the program, the buyer picks out a home to buy and the investment company buys it.  The client moves in and leases the house and has up to 6 years to repair their credit and buy the house at a guaranteed, pre-determined price.  This is not a lease or rent to own program, there is a standardized purchase agreement in place and an open escrow which provides up to six years to complete the purchase.  During this time you are free to make improvements and changes to the property and all the appreciation belongs to the buyer.

The MAP program works by the client applying for the program through a lender selected by the investor.  The lender will determine if the buyer has at least 8 percent of the purchase price to put down on a home, that they can afford monthly lease payments and will be able to repair their credit within the next 6 years.

Uncles did not get rich by giving things away and the investment company behind the MAP program doesn’t either, they will make a profit.ย  There are built in costs to the buyer, including a 3 percent origination fee which covers inspections, appraisals and closing costs.ย  The predetermined selling price is higher than the price paid by the investor.ย  In the example I was shown the purchase price was $400,000 and the price during the six year period was $406,000.ย  The lease payments cover taxes, insurance and any HOA dues and appear to be higher than what you might rent a comparable house.ย  What the program does do is get the potential buyer into a house now, which they can treat as their own, and start building appreciation.ย  It appears to be a great program but not for buyers who can qualify for other mortgages.

Julie Jalone

Realtor Julie Jalone

If you have any questions about buying or selling a home in the current market, feel free to reach out to me at the MagnumOne Realty Office in Roseville at (916) 899-6571 by email to [email protected] I would be happy to answer your questions.

We specialize serving the needs of buyers and sellers of homes in the Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.

Roseville Today is locally owned & community supported.
We have NO affiliation with print, politics or corporate media.
(Now in our 20th Year)