Seattle, WA -Absolute Mortgage has teamed up with Cove Financial to offer MAP (the Mortgage Alternative Program®) for borrowers who are fully capable of buying a home and making monthly payments but don’t qualify for a traditional mortgage. MAP removes the largest roadblock to regaining homeownership. The program was created to help home buyers who have at least 5% down as a deposit but do not currently qualify for a traditional mortgage.
MAP can help borrowers who have been denied a home loan because of a foreclosure or short sale on their credit history. The Mortgage Alternative Program® is for first time homebuyers, seasoned home buyers and also investors. Many individuals have sufficient assets in the bank but are unable to show monthly cash flow to convince a lender that they will be able to make the monthly payment. This program is in particular advantageous to self-employed borrowers who have a variable income.
With the Mortgage Alternative Program®, borrowers can enjoy the flexibility of renting while maintaining all of the benefits of home ownership. As the home appreciates above and beyond the Purchase Agreement the equity is theirs to keep when they decide to close escrow. With MAP, buyers have the security of knowing that their future purchase price and all of their lease payments are fixed at a predetermined amount. This gives individuals an opportunity to move into the house of their dreams as they rebuild their credit and have purchased their home at a predetermined price.
Curt Tiedeman, Branch Manager of Absolute Mortgage in Renton made this statement about the new program, “MAP is an innovative Rent-to-Own program that allows you to get into the home of your choice today while working to qualify for a traditional home loan in the future.”
Whatever the reason, this NEW program can help buyers who have the down payment and the ability to make a monthly payment, but can’t qualify for a traditional mortgage get into the home of their dreams NOW!
*Mortgage Alternative Program is a registered trademark of Cove Financial Group Inc.
This is not a commitment to lend. Rates and terms subject to change without notice. Subject to qualification.COVE charges a Transaction Fee based on the purchase price of the home for completing the MAP home purchase. This fee ensures COVE will not sell the home to anyone but YOU while you are leasing the home from COVE. The Transaction Fee is 3% of the total purchase price and is assessed at the opening of escrow and is paid via escrow. There are NO FEES to apply or to get qualified for MAP. Fees are assessed when COVE makes an offer on your dream home, the offer is accepted by the seller, and you agree to the lease and purchase agreements.