PHILADELPHIA, Feb. 17, 2021 /PRNewswire/ — HomeOwner Makers Educational Services (H.O.M.E.S.) is pleased to announce a new national program to educate and help home buyers who prefer to purchase their homes without a traditional third-party mortgage. Our free website at www.HomeOwnerMakers.com offers a detailed explanation of how this process will work.
In 2014, in response to the national housing collapse, Federal Regulators created what they called “Qualified” Mortgages, hoping to protect consumers against homeownership problems. This solution, often requiring 20% down payments and stringent qualification guidelines, has made it nearly impossible to buy a home for most renters, and has led to the lowest rate of homeownership in recent history. One-third of Americans cannot qualify for a mortgage to own a home.
H.O.M.E.S. has updated and standardized the seldom used “Contract for Deed” alternative legal method to buy and sell a home. We have created and defined the elements of a new “Qualified” Contract for Deed (QCD)™ to eliminate the need for an initial purchase mortgage. This financing will be offered primarily on existing rental homes, with typical one-percent (1%) down payments and no closing costs. Most buyers may then refinance with conventional mortgages when they are ready.
Our free educational website at www.HomeOwnerMakers.com has information for buyers, landlord sellers, realtors, and other program users. The website includes information on legal and corporate affiliate resources.
We are also aware and support new government proposals to help with down payment assistance, but those programs are not necessary for this plan to succeed.
The goal is to create 4 million new homeowners in the U.S. by moving 2 million of the estimated 15 million rental homes back to “Owner-Occupant” status, especially in the large Northeastern cities, where average homeownership rates are below 50%.
We expect that many apartment buildings will also use this QCD™ buyer financing to convert to condominium unit ownership for an additional 2 million new owners. The benefits of creating homeownership in existing rental neighborhoods, and the related quality of life improvement, should provide a positive social effect for everyone.
An Additional Benefit:
This program will allow all renters who are in abusive “Rent-To-Own” or “Lease Purchase” arrangements to quickly and easily upgrade to homeownership with a QCD™. They will get immediate ownership rights at signing, tax advantages, and a clear path to a future mortgage refinance when appropriate.
For further information contact:
H.O.M.E.S. Media Department
Phone: 1-855-HOMES02 (1-855-466-3702)
SOURCE HomeOwnerMakers Educational Services