CastleRock REO Home Ownership Program
- Are you tired of paying rent?
- Do you want to OWN your own home?
- Are you able to make necessary home repairs?
- Do you have stable income for at least a year?
If you answered yes to any of these questions then you might be ready for our unique owner financing program.
In these tough economic times, working class American families should not be discouraged to pursue the dream of owning a home. If you are currently thinking of buying a house, but are unsure if you can qualify for a conventional bank note there is a good chance you will qualify to purchase one of our homes.
Own a Home With a Low Monthly Payment
At CastleRock REO, we started a program which will help you purchase a home you can afford to own, because we offer home ownership with a monthly payment which is usually lower than rent! Today more than ever is an ideal time to purchase a home for a fraction of its previous value, and CastleRock REO will provide every qualified individual with this unique opportunity.
Using what is called a Land Contract aka Contract for Deed we offer home ownership with down payments as low as $1,000 and monthly payments as low as $300. (Taxes and insurance included!) These payment amounts are different for each property and vary depending upon the condition of the home as well as the value. Any of our homes that are purchased through a land contract are done so through a 20 year term with a fixed rate of interest.
Do You Qualify?
In order to qualify for this program you need to meet the following criteria:
- Stable income for at least a year
- Able to fix, maintain, and make necessary repairs to the home.
- Combined monthly net income requirement:
- Note Amount of $25,000 Or Under: $2,000/Month minimum income
- Note Amount of $25,001 – $50,000: $3,000/Month minimum income
- Note Amount of $50,001 – $75,000: $4,000/Month minimum income
- Note Amount of $75,001 – $100,000+: $5,000/Month minimum income
STEP 1: Research and Home Search
Determine if this program is right for you and see if you qualify.
Look through our available inventory of homes. If you see something you like, call or email us to discuss the property and schedule a time to view the property in person. We will not sell you a house sight unseen. In order to ensure that you have a full understanding of the home and our application requirements we require you to physically go to the house before the process starts. No exceptions.
Fully assess the property condition. All properties are sold in “As-Is” condition. The majority of our homes will need some work and repairs in order to make them move-in ready. Each property is different so please check with the assigned asset manager in order to fully assess the home you are interested in.
Lastly, make sure you will be able to afford the monthly payments in addition to the costs associated with renovating the house and making it habitable, assuming it needs work.
STEP 2: Applying for a Home
After you have viewed the house and received preliminary approval from one of our asset managers, please print the application.
Once the application is complete, fax or email all required items to your asset manager. For your convenience, fax numbers are available on our website as well as the application itself.
STEP 3: Application Review and Approval
Next comes the application review process. Our review and approval process generally takes about 2-4 weeks. To ensure a quick review, make sure you fill out the application in its entirety. The more information we have from you, the sooner we can let you know about your application status. Please don’t hesitate to inquire about the status of your application during this process.
Once approved, CastleRock will mail you the purchase agreement and all necessary paperwork through FedEx Standard Overnight mail.
Simply sign and notarize the documents, mail in with your deposit, as well as the first month’s payment and the house is yours!