Monday, May 12, 2025
66.5 F
Roseville

Want to Buy a Home and Need a Rich Uncle?

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? 

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?  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.  The Mortgage Alternative Program (MAP) acts like the rich uncle you wish you had.

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.  There are built in costs to the buyer, including a 3 percent origination fee which covers inspections, appraisals and closing costs.  The predetermined selling price is higher than the price paid by the investor.  In the example I was shown the purchase price was $400,000 and the price during the six year period was $406,000.  The lease payments cover taxes, insurance and any HOA dues and appear to be higher than what you might rent a comparable house.  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.  It appears to be a great program but not for buyers who can qualify for other mortgages.



Sphere Las Vegas

Festival! May 16 -18

Support local sports!

Trending

Midas / SpeeDee Oil Change in Roseville

Your Roseville Midas dealer on Foothills Boulevard is the place to go for brakes, oil change, tires and all your auto repair needs

Fat’s Asia Bistro in Roseville

Modern Asian cuisine meets timeless tradition. The premier spot for Chinese and Asian fusion in Roseville and Folsom. Great for happy hour, dinner, date night.

Squeeze Burger in Roseville

Squeeze Burger Roseville, home of the Famous Squeeze With Cheese. Formerly Squeeze Inn, we offer the #1 Burger in the Sacramento area.

Subaru Outback still delivering dependability

Roseville, Calif. - Despite having a wagon-like body style, for years the Subaru Outback was classified as a midsize SUV.

Peet’s Coffee locations in Roseville

Since 1966, Peet's Coffee has sourced and offered superior coffees and teas adhered to strict high-quality and taste standards.

Topics

Midas / SpeeDee Oil Change in Roseville

Your Roseville Midas dealer on Foothills Boulevard is the place to go for brakes, oil change, tires and all your auto repair needs

Fat’s Asia Bistro in Roseville

Modern Asian cuisine meets timeless tradition. The premier spot for Chinese and Asian fusion in Roseville and Folsom. Great for happy hour, dinner, date night.

Squeeze Burger in Roseville

Squeeze Burger Roseville, home of the Famous Squeeze With Cheese. Formerly Squeeze Inn, we offer the #1 Burger in the Sacramento area.

Subaru Outback still delivering dependability

Roseville, Calif. - Despite having a wagon-like body style, for years the Subaru Outback was classified as a midsize SUV.

Peet’s Coffee locations in Roseville

Since 1966, Peet's Coffee has sourced and offered superior coffees and teas adhered to strict high-quality and taste standards.

Hormones: The Key to Dropping Excess Weight

Sacramento, Calif.- When it comes to improving body composition and achieving optimal health, balancing your hormones is essential for both short- and long-term success. There are seven major hormones that

Roseville Quilt Guild 2025 show at Jessup University in Rocklin

Roseville, Calif.- Welcome to the Roseville Quilt Guild 2025 Quilt Show! Join us May 9 & 10, 2025 for a day filled with beautiful quilts and creativity at Jessup University in Rocklin.

RCSDF Golf Tournament in Roseville tees off to support student education

Roseville, Calif. - The Roseville City School District Foundation (RCSDF) invites the community to its 4th Annual Golf Tournament on Monday, May 19, 2025, at the scenic Sierra View Country Club.

Related Articles

Local Spotlight

Paul Black’s Window Cleaning serving Roseville and South Placer County for over 30 years

Paul Black’s Window Cleaning Inc. has been serving Placer County’s commercial and residential window cleaning needs since 1990.

Mobley Pest Services in Roseville serving the community and region for over 20 years

Roseville, Calif.- Fully licensed and bonded, Mobley Pest Services in Roseville has been providing reliable pest control services for well over 20 years. Serving residents and businesses in the greater Placer and Sacramento region, Mobley Pest Services is locally owned and operated in Roseville.

California Recovery Center in Roseville offers treatment for substance abuse and mental health

California Recovery Center (CRC) is a treatment provider for adults with substance abuse and mental health condition, located in Roseville and serving the greater Sacramento region.