Not-For-Profit CACBA Launches Ameri-Home Dream Purchasing Program
This Program is an option for homebuyers that do not qualify for a traditional mortgage, as well as home sellers facing foreclosure, or difficulty selling their homes due to the downturn in the economy.
- New York, NY (1888PressRelease) May 24, 2011 - The Community Affairs & Crisis Benevolent Association, "CACBA", A People First Corporation, a 501(c)(3) Illinois Not-For-Profit corporation founded in 1999, recently announced the launch of their nationwide Ameri-Home Dream Purchasing Program. The CACBA member program helps individuals and families purchase homes or stay in their current homes, even though they may not qualify for traditional purchase mortgage loan financing or refinance mortgage loan financing.
CACBA determined many people could actually afford a mortgage payment, but were unable to qualify for funding from a bank because of missteps in their financial history, issues with employment status, or lack of the traditional 10% to 20% down payment required by banks. The purchasing program is privately funded and qualifies applicants based on unconventional high debt to income ratios, as well as condition and market value evaluation of the home. Applicants may also qualify regardless of credit score, bankruptcy, past or current ongoing foreclosure, length of employment, or no down payment.
When a person becomes a member of CACBA, and their desired home qualifies for the Ameri-Home Dream Purchasing Program, CACBA purchases the home for their member at 100% of the purchase price. The member applicant then leases the property from CACBA with an option to purchase the home from the organization for the exact price that CACBA originally paid for it, with no increase to the future purchase price whatsoever. The lease and option to purchase is valid for up to 10 years. The lessee has the option to purchase the property outright after an initial 12-month rental period, or anytime thereafter, so long as their rental payments are on-time each month. Further, after the initial 12-month rental period, CACBA will extend land contract financing, at the request of their lessee, equal to the same monthly rental payment structure. Therefore, participants can take advantage of today's historically low housing market values, thus better positioning themselves for the future.
"Our Ameri-Home Dream Purchasing Program is also an excellent tool for builders, realtors, mortgage brokers, and bankers who are seeing transaction after transaction end up in the dead pile because the potential purchasers and/or borrowers are unable to be approved for one reason or another to buy," said Jason Rivchin, Vice President of CACBA. "Our program provides real estate professionals with another way to help their clients potentially sell their homes, which may have a mortgage amount that exceeds their home's value, or it may aid a prospective buyer that does not qualify to purchase due to some challenge such as short time on employment, or credit scores and DTI ratios that are not in line with what the bank may require, among other things," added Mr. Rivchin. "We are realistic about what someone can afford, and designed this program based on today's economic climate."
CACBA holds free educational conference calls weekly to review details and questions about the Ameri-Home Dream Purchasing Program with prospective members at no obligation. Persons participating in the conference call may remain anonymous. For details on dates and times of the free conference calls, or if you would like to know more about the CACBA Ameri-Home Dream Purchasing Program, please visit their website at www.CACBA.org. or call toll free, 800-985-7583. For additional details, contact Executive Assistant to the Vice President, Kassie Noble, at 708-339-7500 ext. 103
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