American Affordable Homes Financing
Your First Step To A First Step Home
At American Affordable Homes, we’re committed to making your loan process simple and easy to understand. That’s why we offer in-house financing options for your convenience and peace of mind.
It's smart to have your money working for you while saving for a house. Consider saving your money in a high-interest savings account. While investing your money in the stock market is another option, it is typically a riskier, longer-term approach with no guarantee you will make money in the long or short-term. Instead, opening a high-interest savings account can help you earn some interest on your money without the risk of market volatility in the stock market depleting your savings.
Pay yourself first. Most people wait until the end of the month to save, but you risk spending that money between payday and the month’s end. Instead, try setting up a recurring transfer from your checking to your savings account — a good rule of thumb is to automate the transfer based on your paycheck cycle. If you get paid on Friday every week, have a set amount automatically transferred from your checking into your savings on that day. That way, you’re not tempted to spend it.
What You Need To Buy A Home
Minimum Qualifying Standards To Apply
- Valid photo ID (Passport, State Issued ID, DL, Matricular Card, etc)
- SSN or ITIN
- Verifiable Income
- 3% Down Payment
- Desire to gain equity through home ownership
Financing Options
- Zippy
- Tammac
- In-House Financing
In-House Financing Closing Process
Salesperson shows the home to the buyer(s)
Community application is submitted with supporting documentation
Prospect is approved by the community level and undergoes underwriting for ability to repay
Application is submitted to The Mortgage House, NMLS Registered Mortgage Broker
The mortgage broker communicates with buyer(s) via email and provides ALL required federal disclosures within time parameters.
We provide a lender credit to cover the applicant’s cost in full at closing. Buyer(s) are only responsible for the Down Payment, Credit Report Fees, and TDHCA title processing.
TMH Closing documents are combined with the TDHCA Compliance Checklist and disclosures and delivered to the Salesperson
Salesperson completes the closing and a final walk through. The park manager helps execute the community lease agreement and welcomes residents into their home.
3 business days later (includes Saturdays and excludes Sundays and Federal Holidays) park manager provides the buyer(s) with their keys.
