What's this approximate payment stuff ?
There are a few variables that effect the total payment on the home that can not be determined until I talk to you, such as:
Your down payment available.
Do you have funds to pay for your closing cost ?
Will the rates go up or down by the time you apply ?
What interest rate will your credit history qualify for ?
We base our payments displayed on the assumption that you will borrow the entire amount of the purchase price and we will pay up to $5,000 of your closing costs at an interest rate of 6.75%(please note that due to interest rate changes payments may vary). The home loans are based on a standard 30 year loan.
If you have money to put down or interest rates decrease, your payment will be lower. If you have the money to pay your own closing costs the purchase price is negotiable. Also, if you are buying one of our homes through our Repair for Down payment program, the amount of repair credits you earn towards the home will lower your payment.
In general, the worst your credit is, the higher your interest rate will be. This makes your house payment higher.
You also can obtain your own financing if you would like.
All other owner financing type programs such as lease option are customized to your particular situation.