| Purchase and Land Contract Programs We have two main programs available to help you own your next home: PURCHASE WITH OR WITHOUT OWNER FINANCING This program involves working with our mortgage broker or other financial institution to obtain a loan for the purchase of your new home. In many cases the purchaser is capable of financing on there own using various loan programs. These programs can be for up to 100% if the purchase price, with closing cost covered by Ameri-Dream or other programs. We will look to see what is the best choice for your situation. RLM Properties, Ltd., will in some cases carry a second mortgage for 5% to help cover the purchase costs. This second mortgage note can be on very easy repayment terms to help the sales process. LAND CONTRACT PROGRAM The Land Contract Program is a purchase program that allows you to purchase a home directly from RLM Properties with out the normal financing from a bank or other lender. Your rent payment is finally working for you, instead of vanishing each month. The payments are based on a thirty year loan but the term is only for three years. This would require you to refinance the home after 2 years in a conventional way. The Land Contract agreement allows you to lock in the price of the home today and enjoy the benefit of appreciation as the home increases in value. Let's look at a typical example of acquiring a home using the Land Contract: Sales Price: $77,900 Down Payment: $3,895 or 5% Balanced financed $74,005.09 Interest Rate 8.5% Monthly Payment: $569.03 based on 30 years. Contract Length 2 Years Max. Loan Balance after 24 months $72,836.61 At the end of 24 months, you will have a balance of $72,836.61 to refinance. You May get a credit toward your purchase price using our Down Payment Assistance Program. Say, for example, you agreed to pay $100 extra each month, this would come off the balance you would need to refinance. In this example, you would only need to get a loan for $70,436.61. Around the 20 month point (or sooner), we will be working with you to get the refinancing on the home. We have a working relationship with a local mortgage broker who is able to find financing in most situations as long as you have paid the contract payments on time and other obligations were paid in a timely fashion. If at a later date you see one of our other houses you like better, and have entered into a Land Contract agreement with RLM Properties, Ltd. We May transfer your contract to the new house. You will still need to pay the new down payment on the new house, but your credit on the old house is moved to the new house. (Some restriction May apply) Click here for Available Homes |
| RLM Properties, Ltd 716 Miami St., Urbana, Ohio (937) 484-5803 |
