Four Steps Home

You Can Buy a Home!

Frequently Asked Questions

 

How does the Rent-to-Own program work?

Flexible Qualifications

We designed our Rent-to-Own Program for responsible people who deserve to own a home, but have had trouble getting financed. Four Steps Home’s qualification  process is much less stringent than a typical lender’s and considerably more flexible!

Try Before You Buy

Although we  lease the home to you, you have the exclusive right to purchase it within a certain time frame. This gives you time to save for a down payment as well as repair your credit, if needed.

Make it Yours

While you are living in the home — with approval — you may change, repair, or update the home to suit your needs. Also, you can “experience” the neighborhood while living there before “committing.” If you decide that it’s not the right home for you, let us know, and we can help you find another one. Back to top ⇪

Am I required to complete all four steps?

No, we do not require that you complete all four steps. You may already have a sufficient down payment and decide to purchase the home outright, or you may be more comfortable renting and “trying out” the home before fully committing. It is completely up to you. Back to top ⇪

How long will it take to find a home?

It depends upon your requirements. We may already have a home available that matches your needs, or it may take several months. We want to make sure that we match the perfect home to you.  Sometimes this may take a while, but it is well worth the wait! Back to top ⇪

What if I have poor credit?

We specialize in helping people with poor credit or those who need time to accrue funds for a down payment. For example, our Rent-to-Own program allows you to rent the home of your choice while building a down payment toward the purchase of the home. This also gives you time to build your credit. We have several other options available as well. Back to top ⇪

What if I don’t have enough for a down payment?

Four Steps Home has several solutions. Our Work for Equity Program is a great option if you’re a handyman but lack the funds needed for a down payment. First-time home buyers may be eligible for a grant of up to $8000.  You may also be eligible for our monthly layaway plan, which allows you to spread the down payment out over several months. Let us find a solution that works for you! Back to top ⇪

How much down payment do I need?

Unlike traditional banks, we do not require that you come up with a 10 to 20% upfront down payment before you can move into the home you love. We have several solutions available and, depending upon your situation, can work with you to find the solution that works best for you. Back to top ⇪

What types of down payment does Four Steps Home accept?

Four Steps Home does not adhere to the stringent restrictions on borrowed funds that most lenders do. You might have friends or family willing to lend money toward the down payment, or you may have a 401k or retirement fund from which you wish to borrow. We welcome both. Four Steps Home even accepts credit cards (note that an additional fee of 3.5% may apply to credit card transactions). Back to top ⇪

What is the interest rate on your home purchase programs?

Our interest rates typically range from 7.5% to 10.99% depending upon the amount of your down payment. Back to top ⇪

Do you offer owner financing?

Yes, we do. However, we’re not bankers nor are we a financial institution. Therefore, we adhere to state law requirements.

Through our Rent to Own Program, Four Steps Home can allow you to move into the home of your choice for as little as 3% of the sales price.   This  gives you  time to improve your credit score and accumulate a down payment. As a result, this option is perfect for those with credit issues or for those who just want to “experience” the neighborhood and schools before “committing.” It requires no bank financing.

Once you build a down payment of 10%, you are ready for Step 4 — purchasing the property! You can do this by converting to a traditional bank loan or by owner financing. Back to top ⇪

Can I customize my home to fit my needs?

If you like one of our houses but it doesn’t quite have all the features you want, we or you can customize the home to meet your needs. However, any changes you make to the home must be approved beforehand, and the work done on the home must be accomplished to specification.  Back to top ⇪

What is your Work for Equity Program?

Are you good with a hammer and nails? How about a paintbrush or a broom?

If you are, we can give you credit toward your down payment in return for major and minor repairs or updates to your home. If your home doesn’t need work, you can work on other Four Steps homes. However, we must approve the repairs first, and they must be up to code. Back to top ⇪

Are there any tax incentives to owning my own home?

When you own your own home, the government allows you to deduct interest payments and property taxes from your income taxes. This allows you to increase your deductions, thus increasing your take-home pay.

If you don’t see your question listed here, please contact us. We’ll answer any question you may have!

Back to top ⇪