Frequently Asked Questions
The Most Frequently asked questions and answers about Team Tangible
You are approved at your financial institution for a home loan and your dreams are just about to come true. You are new to the process, and this will be your first purchase.
You know you make a decent salary, and you have saved some money, so you think you are all set. The loan officer advises you that all you need now is your down payment and your closing costs.
You ask how much are they? I have some saving’s, that should cover it. The loan officer says your down payment is usually 20% of the total home purchase price.
The closing costs are about 3.5%, and it’s a buyer’s market, so homeowners aren’t taking care of those costs anymore. Also, inspection of the home is an additional cost.
Financial Institution- Provides a loan to cover your mortgage.
Team Tangible- Provides a loan to cover your mortgage, your down payment, your closing costs, your inspection, the new living room furniture you saw last week, and that flat screen TV for your man cave.
Which would you choose?
There are many ways in order to purchase a home through our program with Team Tangible!
Listed below are the different avenues that can be taken in order to make your home purchase a reality.
- Cash on hand refers to any money that you may have saved, inherited, or possibly any money that has come from a private investor.
- Transactional Funding is a specified type of loan that will be defined more in detail later in this guide.
- A personal loan can be used for any purpose that you choose. The criteria for the personal loan is a minimum credit score requirement (from all three credit agencies) is 680 or better.
- The other option is that you may also take out a business loan that has different criteria but also based on your credit score as well as revenue that is generated from the business.
There are several options available if this is the avenue you decide to take. Either of these options will require a short form filled out to determine how we can assist in funding.
The charging of real (or personal) property by a debtor to a creditor as security for a debt (especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.
Yes, BFS offers traditional mortgages with requirements that can’t be beaten!
All programs we offer for mortgages have a minimum credit score of 500!
- We can provide mortgages in all 50 states with a low 500 credit score requirement
OR - 100% Finance Program (ONLY for Colorado, Texas, Nevada, California, Hawaii, Georgia and Florida)
There are two ways to qualify for our $0 down payment, and $0 closing costs program:
A. Fall within the median income of the county that you are wanting to purchase your home within. This is a grant program.
B. If you don’t qualify for the average median income, there is still the opportunity for $0 down and $0 closing costs
Please contact our office directly for more information on this program
