Got an email reply... sounds like a reverse subprime?
Our program helps our clients to get ready for a mortgage from the banks to achieve home ownership. We prequalify you with a licensed mortgage broker for a budget and time line. Then we pair you up with a licensed realtor specialized in the area you are interested and find you any property on the market within the budget. We ask our investor to purchase that property for you. You lease the property from our investor and purchase the property at the end of the program at a predetermined price. As a part of our program, we usually ask 3% of property value or $10,000 up front (depending on whichever one is higher) as your initial option consideration which will be used as a part of your down payment at the end of the program. A portion of the monthly payment will also go towards your down payment, so by the end of the program you would save enough for your minimum required down payment. We tailor our program based on each individual’s financial situation to ensure you are comfortable with estimated home ownership cost.
To answer your question, you can pick any types of properties on the market within the budget we provided you. It could be detached houses, townhomes, or condos. You would still be paying rent during the program, and additional amount is required for saving up the down payment. As you are not carrying a mortgage during the program, there is no interest rate involved. We are tracking your progress and will help you to get mortgage from the A Lenders (major banks) at the end of the program, which means your mortgage interest will be what the banks offer 2 or 3 years later.