Earn Equity Today

Stop renting and start building equity with our unique lease-to-own home loan program.

Empowering Your Home Ownership Journey

Discover how our Earned Equity Program can help you achieve your dream of home ownership, even if you don't qualify for traditional loan options. We're here to support you.

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An old, weathered building with green doors and windows, featuring a textured yellow and faded green facade. The roof is made of terracotta tiles, and the building has a 'For Sale' sign with contact information written in Spanish and English. Two cars, a dark blue one and a white one, are parked in front. The building seems situated in a bright, sunny area.

Home Equity Program

Explore various equity programs to enhance your home ownership experience and financial stability.

Similar to FHA

The tribe becomes the property owner under a traditional FHA mortgage with a 40 Year term. The borrower becomes the lessee and will make payments to the Tribe. It is by far one of the easiest loans on the market to qualify for. This is essentially, a FHA loan without the FHA guidelines.

Easy Qualify

All that is needed is 90 days of personal or business bank statements or both if the borrower is self-employed. The underwriter will average the bank statements for all sources and determine if the income qualifies. There are no income tax filings or paystubs needed.

Lease Option Loan

This is a lease/option loan that is not traditional in that the borrower makes an agreement with the seller. This is an agreement with the Thule Tribe, so the home is purchased like a traditional mortgage and the agreement is between the borrowers and the Tribe.

Program Requirements

Loan Requirements

The property will require an FHA appraisal, and the loan amount will conform to loan limits for the county and state limits set by HUD. The property will have to pass an FHA appraisal, because the loans are insured by HUD and sold to Ginnie Mae. This will ensure 100% that the lender or the tribe will never go bankrupt.

Additional Requirements

The borrower will be required to put down 3.5%, plus closing costs, and all the funds must be sourced and cannot be mattress money. The borrower can receive up to 5% contributions for help with closing costs. The borrower must either have a valid green card, visa, or documentation stating they have a right to work and live in the United States.

Once the borrower has gone to closing, he is recorded on the mortgage and deed of trust. The borrower will make the monthly payment and part of the payment will include the principle. The borrower has the right to refinance the property after 3 months of payments where there is no prepayment plenty if they can obtain a traditional mortgage.

Closing

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Home Loans With Vanessa

Transform your rent into homeownership today.

CONTACT

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vanessa@homeloanswithvanessa.com

+1 (512) 790-0947

This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Obsidian Financial Services is an Equal Opportunity Lender and an Equal Housing Lender. NMLS 1425046

WEBSITE DISCLAIMER

No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant.

HOME MORTGAGE DISCLOSURE ACT NOTICE

The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this Web site.

TEXAS COMPLAINTS & REIMBURSEMENTS

Consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

COMARKETING DISCLAIMER

Obsidian Financial Services Inc., and its Loan Officers, adhere to RESPA regulations. They are required to ensure equitable co-investment in marketing efforts when jointly advertising with a real estate professional. OFS is an Equal Housing Lender. NMLS #3116.

Obsidian Financial Services Inc., and its Loan Officers, adhere to RESPA regulations. They are prohibited from paying referral fees to non-employees or real estate professionals for a referral of business. Obsidian Financial Services Inc does not require documents in addition to the loan application in order to provide applicants with a Loan Estimate.

PRE-APPROVAL DISCLAIMER

Mortgage loan pre-approvals are subject to several conditions remaining unchanged through the closing and funding of your loan. Be advised that your credit report may be pulled again at closing to ensure no changes have occurred. Some items that can affect your pre-approval: any changes in real estate purchase contract terms: sales price; closing date; deadlines; Adequate valuation from appraisal; conditions or exceptions to appraisal; changes in your financial situation; Increased debt ratios; changes in credit scoring and reported items; New debt or inquiries on your credit; buying/selling of assets; Any collection/lien notifications; Job changes or pay rate changes of any kind; Co-signing on a debt for anyone; Making any large deposits or money transfers; Unseasoned funds for down payment and closing costs. This list in not all-inclusive. Please contact your loan professional prior to taking actions that could change your financial situation.