Bridge to Success is a new and remarkable approach to homeownership – a combination of education and counseling that aims to revitalize the potential owner's credit and increase their ability to borrow when the time comes and they are more financially secure.
The Bridge to Success Contract for Deed Program creates an opportunity for individuals and families to own a home where no other opportunity is available without the high financial risks of dealing with speculators. Individuals and families with stable income and capacity can now purchase now homes that are more affordable than they have been for years. Contract for Deed owners have an equity interest in the home, and the benefits of home ownership, including the deduction of interest and real estate taxes on state and federal income taxes. The Contract for Deed payment includes escrows for taxes and insurance, which makes sure they are paid in a timely manner.
The home buyer needs to have a minimum investment of $2,000 or 2%, whichever is less. They must agree to participate in both the Financial Management Program and the Sustainability Program. They also agree to refinance the Contract for Deed as soon as they have removed the barriers preventing them from qualifying for an FHA or conventional home loan.
The end goal is successful sustainable homeownership that helps create a happier healthier vibrant community.
For more information visit www.shop-mortgage.org