Frequently Asked Questions

Telos Home Ownership Assistance Programs can help people become homeowners who can afford monthly house payments, but may not have the several thousand dollars required for down payment and closing costs to purchase a home. We do this by taking the time to determine your eligibility for our Programs and assist you in the home buying, mortgage and closing processes.
Telos Home Ownership Assistance Programs leverages the resources of its Real Estate, Mortgage and Title Companies on your behalf, to provide you with the best opportunity to become a homeowner. All that is required from you is your commitment to become a homeowner, your ability to qualify under extremely liberal Owner Finance guidelines and your confidence that you will find the exact home that meets your needs.

No, we are a local group of private investors who purchase single family homes all cash, then owner finance them at regular market interest rates to buyers that cannot qualify for conventional financing in order to earn both short and long term monthly income.

We quickly make a small profit by paying cash for the home you select from the difference of the original owner's selling price and the price we are able to negotiate and generally include all of the administrative fees and all the closing costs in the ultimate sales price.

Yes. Telos Home Ownership Assistance Programs is there every step of the way from your initial registration process until you move in.

No, we are not licensed Realtors, nor mortgage brokers. We are investors that usually owner finance properties that we have an interest in. Although you can hire a licensed real estate agent to oversee the entire transaction, we usually work with local approved Realtors that are familiar with our procedures. Remember also that the Realtor we use represents us…not you, so feel free to hire your own.

Telos Home Ownership Assistance Programs looks for stability in employment and income as well as good rental history and other payments such as cars, credit cards, student loans, etc. We can also look at other alternative payment history on utilities, car insurance, day care, rent to own, cell phones, and cable TV.

Buyer Qualifications

• Combined gross household income should be $3,000 per month or higher, with no limit.

• Buyer credit scores should be 540 or higher for our Owner Finance Almost Any Home Program

• Buyers with credit scores of 540 or less will benefit from our Assisted Home Purchase Program.

• Minimum of 5% Down Payment of the target home’s asking price.

• Bankruptcy should have been discharged 12 months ago or earlier at the time of Closing. (The Client cannot participate if bankruptcy was discharged less than 12 months ago.)

• Foreclosure should be 24 months or more in the past at the time of Closing. (The Client cannot participate if Foreclosure occurred less than 24 months ago.)

No. Perfect credit is not required, as we have far more liberal approval standards than conventional loan programs. Remember, we are not lenders, we buy the home you select for cash and owner finance it to you at regular market interest rates. If you have had credit problems in the past that are now (or can be) resolved, and/or if you can document some type of catastrophic or uncontrollable event that caused your past credit hardship, you may still be qualified.
REMEMBER: It is not IF you are qualified, but which Program you qualify for. Take just a few minutes right now to determine your eligibility for our program and let a Telos Home Ownership Assistance Programs Home Counselor pre-qualify you for our Program.

We know that each buyer has specific needs, so we strive to meet those needs with quality service and individual attention. We pride ourselves in being able to offer a vast array of loan options and financial assistance that you're looking for. While going through the process of purchasing through Telos Home Ownership Assistance Programs, we will guide you through the home buying process. Below are some of the problems we are able to work with on an individual basis.

• 100% Financing

• Bankruptcies OK

• Foreclosures OK

• Late pays OK

• High income to debt ratios OK

• Self employed OK

• Judgment OK

• Outstanding balances OK

• Down payment assistance available

• Owner financing available

• Fund with little or no closing costs

• Fund without mortgage insurance

Yes, provided we have funding. You may still become eligible to own a home, by enrolling in Telos Home Ownership Assistance Programs Assisted Home Purchase Program ‘AHPP' . This program provides debt counseling and budget management by establishing customer “action plans” over a period of 4-24 months.
During this time, you will enjoy our rent credit program. You can receive up to a 50% monthly rent credit towards the purchase of your home while continuing to pay rent at any location of your choice. This could be how you earn additional funds to be used as a down payment or closing costs.
Upon graduation from the ‘AHPP’ program, you will be eligible to purchase a home through Telos Home Ownership Assistance Programs.

You’re right, this is a Great Program! We’ve designed this unique program that separates us from all other companies in the market. Best of all, both you and Telos Home Ownership Assistance Programs wins because you get to become a homeowner and we do not get paid unless you find a home that meets your needs and that passes our strict property inspection guidelines. Our Home Counselor meets with you and takes the time to understand your needs in a home and determine your eligibility under our various Programs.

No. We earn our fees through the process of purchasing the home you select at a discount for cash and then Owner Financing it to you at the appraised value on a regular long term, fixed, market interest rate mortgage. Remember, this is a true sale. It is not any type of lease purchase or bond for deed.
You are the homeowner with 100% of all the rights and privileges of home ownership and you are our customer.
Though we have no fees, you will need funds for normal, traditional costs when purchasing a home.
This includes:

• Earnest Money Deposit

• Down Payment

• Credit Reports for Each Buyer

• Customary Home Inspection and Appraisal

• Hazard and Flood Insurance

Home purchase prices can range from $100,000 to $750,000 plus.

No, we only purchase single family homes to be occupied by the owner; with a minimum sales price of $100,000. Please Note: mobile and manufactured homes do not qualify.
Which Types of Homes Generally Don’t Qualify? (Considered on a case by case basis.) Please speak with us about these issues prior to viewing:

• Homes with major repairs needed

• Generally New Construction

• Generally Bank Owned or Repossessed Homes

• Generally Relocation Company Owned Homes

• Condos or Townhomes

Although this Program is an excellent opportunity for first time homebuyers, it is available for everyone who can meet the liberal guidelines and might need assistance with their closing costs and/or down payment and/or don’t want to deplete their savings.

Remember, we are not a mortgage company. We don't lend money. We buy the home you select and then owner finance it to you on a thirty-year, long term, regular market interest rate loan. Our "rates" are competitively priced within the marketplace and therefore vary depending on your overall credit and the type of home you are interested in. It also matters how good of a deal we are able to negotiate with the seller of the home you selected for us to buy for you. Remember, we pay cash for the home you choose and owner finance it to you all at regular market interest rates.

FHA financed example only:

A home purchased with Telos Home Ownership Assistance Programs owner assisted closing cost assistance of approximately $150,000.00 with a total of 7% or $10,500.00 required by the homeowner in down payment. On a standard 30 year, FHA type fixed rate loan, the principal and interest payment @ 7% would be $653.36 per month, plus any local taxes and insurance. (This is only an example using an FHA loan program rate that vary with each situation and daily market conditions- EXAMPLE ONLY.)

No. This program is not like typical “bond” programs that are designed specifically for low-income or subsidized housing. Self employed people are treated the same as an employed wage earner is. We work with people who earn tips, commissions, and have other "cash" type businesses. We would like to see a combined gross household income of $3,000 per month or higher, with no limit.

Both. Most homes purchased through the Telos Home Ownership Assistance Programs are actively listed in the real estate market through Realtors and For Sale by Owners (FSBO). Homes offered are new and existing, depending on area and price range. The Telos Home Ownership Assistance Programs does not own any homes nor are these HUD foreclosures or “distressed “sales. Basically, any home on the open market, listed with a Realtor or FSBO would qualify for the Program.

Once you are pre-qualified and become eligible for the Telos Home Ownership Assistance Programs, our Home Counselors will meet with you to understand what your needs are in a home. We then analyze your information and turn you over to a licensed Realtor to search and identify all the homes available in the marketplace that meet your criteria.
All homes are appraised by independent, state certified, licensed appraisers (a copy of the appraisal is provided to every homeowner). Each home is inspected by independent, licensed inspectors for structural/maintenance review. In addition, every home should have termite certifications and Home Warranties.
Again, as our funding is private, there is only so much money available at any given time. The sooner we can get you approved for the Guaranteed Approval Program, the quicker you can find the right home that meets your needs.

Absolutely. All buyers will have the option to perform all of the customary property inspections specific to their state approved purchase agreement.

Every buyer's situation is different. However, one of our Programs is specifically designed for buyers who have this issue.

The timeline for each event throughout your home buying process is as follows:

• Enrollment Phase (2-3 business days)

• Qualifying Phase (5 business days)

• Property Search Phase (2 weeks available to locate)

• Negotiation Phase (5 business days)

• Contract to Closing Phase (45 days)

Telos Home Ownership Assistance Programs will negotiate on your behalf, early termination of those lease agreements that have re-letting or early termination clauses as part of the Program. Have a copy of your lease agreement available when you meet with your Home Counselor to determine eligibility for early lease termination.
Call an Telos Home Ownership Assistance Programs Home Counselor today and let us help you take the first step toward home ownership.

You will be given the maximum monthly payment amount you can afford based on your pre-approval information. It is your decision to go up to the maximum monthly payment or stay below it.

You can start the process by calling our 24 hours "eavesdrop" line at the number above and continuing to read through to our "How it Works" page. Then contact us to be assigned a Home Counselor.