Simple Start Homes Offers Unique Solutions for Home Buyers
Simple Start Homes Qualification Process
Simple Start Homes
Pre-Qualification
Pre-Qualification
What to Expect
Our pre-qualification process consists of filling out a form on the pre-qualification page. After doing so, our team will be in contact with you after reviewing your application and let you know the next steps. Allow 24-48 business hours for our team to thoroughly review your application.
You can get prequalified prior to finding a home with us or after finding a home you're interested in. However, this is a necessary step in the right direction to ensure that you will be qualified under our RMLO qualification process. Read more on the RMLO qualification process below.
Understanding RMLO Qualification
Below discusses the importance of RMLO qualification and provides additional clarity.
Importance of RMLO:
RMLOs play a crucial role in mortgage transactions, ensuring compliance with federal and state regulations. Their primary responsibility is to assist buyers and sellers in navigating the complexities of mortgage loans for residential properties.
Licensing and Compliance:
Federal and State Requirements: RMLOs must obtain licensing from individual states and adhere to stringent criteria regulated by the National Mortgage Licensing System (NMLS).Dodd-Frank Act Impact: The Dodd-Frank Act, implemented in 2010, introduced significant changes to seller-financed transactions. It stipulates the necessity of an RMLO in certain scenarios, primarily involving residential properties intended for occupancy by the buyer. Exclusions from the Law: Some exceptions to the RMLO requirement exist, such as individual sellers who sell a single property within a 12-month period and seller financing entities that sell three or fewer properties in a 12-month duration. These exclusions are important to note for certain seller-financed transactions.
Compliance Guidelines:
Buyer-Occupied Properties: The Dodd-Frank Act primarily applies to financing for residential properties where the buyer intends to reside. This regulation emphasizes the need for a licensed RMLO for transactions falling within its purview.Exemption Clauses: Understanding the exceptions outlined in the law can help differentiate scenarios that require RMLO involvement from those that might be exempt based on transaction frequency or seller status.
Protecting Buyer Interests:
Ensuring Compliance: Working with an RMLO ensures that the buyer's interests are safeguarded through adherence to federal and state regulations governing residential mortgage transactions.Knowledgeable Guidance: An RMLO provides expertise in navigating the complexities of seller-financed transactions, offering valuable guidance throughout the buying process.
Next Steps for Qualification
Pre-Qualification
The first step in the qualification process is getting pre-qualified through our team. This allows us to better understand your circumstances and ensure approval through the RMLO underwriter. You will submit the pre-qualification application through this link or by clicking the button below. Allow our team 1-2 business days to review your application and we will be in touch to go over the next steps.
RMLO Qualification
After approval from the pre-qualification stage, you will move on to the RMLO qualification stage. RMLO qualification will occur after you find a home with us. We will conduct the qualification process through our RMLO underwriter. They will gather any necessary information and paperwork. From there, once you're approved, we will move onto the next stage in the process.
Final Approval & Next Steps
After approval from the underwriter, we will begin the paperwork with our transaction coordinator. From there, we will open escrow through the 3rd party title company and set a closing date. As long as all of the necessary paperwork is complete and the down payment or option fee is paid to the title company we will close on the set closing day and you will get to move in.
We Truly Care About the People We Work With
Here's just a few testimonials from past home buyers who have worked with us.
"Easy communication. Very descriptive and explanatory on all of the paperwork. Would highly recommend."
Morgen
"They helped us in every aspect that we needed help with. Awesome company if you're looking to purchase a house. We appreciate everything they did for our family. Very friendly, very kind, and very attentive of what we needed. Thanks!"
George & Angela
We Offer Easy & Quick Solutions When Buying Your Next Home
If you're looking for an easier solution to purchasing a home, you've come to the right place! Simple Start Homes has an array of rent-to-own and owner financed homes to choose from.
We're ready to help you find your next home today!
No needs to seek traditional financing solutions.
We understand that purchasing a home is the biggest investment you'll make. That is why we offer more simple buying solutions that empower individuals to become homeowners. No need to worry about going through the process of qualifying for a home with a bank.
Quick and simple solutions for purchasing your new home.
When purchasing a home through Simple Start Homes, you will experience a straight-forward and simple home-buying process. We work with your timeline and qualifications to find your next home. Purchasing a home is daunting, but Simple Start Homes makes the process much easier.
We work with your budget. We make finding a home easy.
At Simple Start Homes, as a part of our seamless qualification process, we work with your budget to help you find your home. We will work with you to find a home that fits your needs as far as a down payment and monthly payments, size, and area(s).
Email Address: support@simplestarthomes.com
Phone: (480) 576-5404