Things You Should Know: Requirements

Here are Some Thing You Should Know:  

Whether you are a first-time homebuyer or an investor looking to completely renovate a property, you will want to buy a home as soon as you come across the perfect one. That said, making a major purchase like that is not that simple. There are multiple steps you are required to take before you get the keys to your very own home, and the first is getting financed. 

For most people, buying a home typically means getting a mortgage. The process for that can be difficult itself because you are in charge of finding a financial institution, or lender, that will fund your home. Down payments are one factor that can vary in amounts based on the type of loan you go with. The other factor is obtaining and providing the lender with several documents to verify things such as identity, income, employment history, and an extensive list of other requirements to ultimately get your loan approved. 

Having good credit is a dominant factor when getting financed through a conventional mortgage lender. A common reason most people are hesitant to apply for a loan in the first place is because they are afraid that their credit may not be in good shape, and that it might impede them from getting approved. Luckily, SWE Homes offers an owner-financing program that is specifically designed to help people get approved for a home, regardless of creditworthiness, in as quick as 14 days (about 2 weeks)! We do, however, have requirements as well and it is a good idea to keep these requirements in mind so that you are well-prepared to provide all the necessary documents when it comes time to start the lending process. This way our mortgage loan specialists and real estate specialists can get to work and get you into your dream home as quickly and easily as possible! 

Below is a list of requirements needed for every type of buyer that is interested in moving forward with owner financing with SWE Homes: 


To qualify to buy one of our residential properties, you must provide us with: 

- Proof of 12 consecutive months of rental payment history (if applicable.) 

- Evidence that your monthly debt, including the monthly payment of the home, is not more than 55% of your PRETAX income. 

- We do not require a credit score; however, we will obtain a credit report to confirm your monthly debt. Your monthly debt calculation may include: 

1. Payments on your other debts (e.g., car payment(s), credit cards, and installment loans) 

2. Monthly payments on other mortgage-related costs (e.g., home insurance and property taxes) 

3. Any commitments for child support or alimony


How do you determine my credit worthiness? 

Your credit score does not determine your creditworthiness. We take into consideration:

- Last TWO years of employment

- 30 days of payroll checks 

- Income tax returns for the most recent two years 

- W2s, or 1099s, for the most recent two years  

- Most recent 12-months’ worth of bank statements 

- Last year of rental history (Ex: lease agreement, canceled checks, and receipts) 

- Utility bills (e.g., gas, electricity, or water) 


Can I qualify if I have filed for bankruptcy before? 

If you or any of the borrowers have filed for bankruptcy, you may be required to put a larger down payment. If you currently have an active bankruptcy, you may not be eligible for our owner financing program.


***Disclaimer: Requirements subject to change***

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