No Credit Check   

Home Acquisition Program   

Realize the American Dream of Home Ownership!   

No Credit Check

No Credit Qualifying

99% Approval Rate - No Red Tape!

Bankruptcy & Foreclosure OK!

Tax Liens & Judgments OK!

Easy Income Verification

80-100% Financing

Affordable Rate*

 

Program Overview

The No Credit Check Home Acquisition Program is a way for anyone seeking home-ownership to acquire the home of their choice. It is comparable to financing. When conventional or sub prime lenders decline, this program will make the American dream become a reality. 

This program is provided in cooperation with our exclusive Credit Partner network. Magix Corporation or the private Credit Partners are not banks or mortgage brokers.  

Magix is a consulting and marketing company and maintains a database of Credit Partners for submission of transaction proposals after successful completion of a applicant background check (approval process). Magix performs background checks according to it's guidelines on behalf of real estate investors (which work with the applicants). Magix is exclusively compensated by these real estate investors for services performed (applicant background checks and Credit Partner database submissions).

Credit Partners are investors that buy the home for you, get financing based on their good credit and then transfer the home to you with financing in place (Lease Purchase transaction).  

The Credit Partners are often the only hope for people with credit problems to achieve home ownership.  

Our goal is to help anyone to acquire their own home with every applicant always being approved, regardless of credit.  

The No Credit Check Home Acquisition Program is not for everyone. Any applicant that could be approved by a bank should take that offer. Using this program results in a slightly higher cost to the applicant.  

Almost any home (that includes single family residence, townhouse, condo and duplex to fourplex) located anywhere in the United States is acceptable except for mobile homes, homes on stilts, rural properties or properties with large acreage. 

We strongly suggest that you check and make sure that you are not overextending yourself by adding payments for the home acquisition to your already incurred obligations for credit cards and revolving accounts (car payments etc.). We have provided you with an easy to use Debt-to-Income Ratio Calculator here.

The No Credit Check Home Acquisition Program  

Home KeysThis program generally requires that the home will be owner-occupied. 

Assistance for closing costs and other costs/fees is available when buying your home from one of the independent real estate investors, which  buy homes that are a little longer on the market at a “cash” discount. From this discount they can finance a part of your downpayment or closing costs. This often enables an applicant to acquire a home with only a small amount of cash saved.

We require that the buyer has a minimum of 10% available, a portion of which may be "gifted" or provided by the seller or other resources, like relatives or friends. A "zero percent" option (where the applicant only contributes a security deposit) may also be available on a case by case basis (restrictions and different conditions apply).

Our Credit Partner group is not able to work with homes valued lower than 75K. There is no established maximum home value.  

Once an application is received and the formal approval is issued, two separate transactions take place:  

  1. The Credit Partner that accepts the application and agrees to underwrite the transaction takes out a conventional mortgage loan and acquires the desired property.  
  2. Immediately after the closing, the Credit Partner enters into a Lease Purchase transaction with the applicant.

 

The monthly payments to the Credit Partner are expected to be approximately 1-1.1% of the home acquisition price (assuming a 10% down payment from the applicant). Example: $100,000 home acquisition price may have a monthly payment of roughly $1,000, depending on local property tax and insurance rates. The payment can be considerably reduced with a lease rate "buy down". The payments are calculated by adding all mortgage costs, 12% annual compensation for the Credit Partner cash down payment (pro-rated monthly),  the property tax, insurance and other related costs plus an annual 3.5% of the amount of mortgage (pro-rated monthly).

The allowed home acquisition value is three and one half times your total gross income for you and your co-applicant(s) including income from social security, pension, retirement, dividends, rentals, interest, annuities and other sources.

The program has a one to three year term. At this time the property must be paid for by the applicant.   

Transaction Costs  

Applicants of this program must accept a slightly higher cost when acquiring their home. Most costs are similar to those of a conventional mortgage loan, while others are specific to this program:  

• Analysis Fee $750

• Credit Partner Group Submission Fee $750

• Appraisal Fee $300-$500  

• Earnest Money $500-$1500

• Transaction profit for the real estate investor

• Credit Partner Compensation 6% plus a 5% Incentive Fee for a total of 11%. 

• The closing costs can range from 2% for high value homes to perhaps 6.5% (with a minimum of $5k) for lower priced homes.

The appraisal fee may be covered by the seller. The analysis fee is paid to the real estate investor at the same time the application is submitted.

The additional costs of using this program may be summarized as an analysis fee of $750, a Credit Partner submission fee of $750 and an Credit Partner fee of 6% (subject to a $9,000 minimum) plus an Credit Partner incentive fee of 5%. The closing costs are approximately the same in comparison to those in a conventional loan.  In addition, pre-paid items need to be covered by the applicant. This may include a hazard insurance premium, pro-rated taxes as well as insurance and tax deposits. 

Applicants should only apply for a No Credit Check Home Acquisition Program approval if they accept the fees involved. 

 

The Credit Partners  

For each application we receive, we submit a transaction proposal to the Credit Partner group. In case of acceptance of the proposal a Credit Partner underwrites the transaction for the applicant and buys the property for the purpose of entering into a Lease Purchase contract with the applicant.

  

Benefits for the Applicant

• No Credit Check 

• Easy income qualifications

• Small down payment

• Very affordable payments 

• Real Estate Investor may even pay closing costs and/or Credit Partner fee

• Monthly payments are processed by an experienced third party mortgage servicing company.

 

PROCESSING & DISCLAIMER

 

No Credit Check Home Acquisition Disclaimer (1/29/2008) 

 

Magix Professional Network Members and other real estate investors that you may conduct transactions with, are separate and distinct entities, independently owned and operated real estate investment firms. They are independent contractors and no agency, partnership, joint venture, or employer-employee relationship is intended or created by Magix Corporation. Products and services provided by Magix Professional Network Members are separate and distinct from the products and services that are provided by Magix Corporation.  

 

Magix Corporation performs third party verification services (approvals according to Magix guidelines) for Magix Professional Network Members and other real estate investors and not for applicants directly.  

 

Magix Corporation receives compensation for its services directly from Magix Professional Network Members and other real estate investors and not from applicants and does not provide any refunds for services performed. 

 

The approvals or denials issued by Magix Corporation are a result of applicant background checks according to Magix Guidelines as published. The Guidelines may be amended from time to time without prior notification. 

 

An approval is required before a submission of a proposed transaction to Credit Partners for their consideration to underwrite a home acquisition transaction with their good credit for the benefit of applicant. 

 

An approval does not in any way indicate that a Credit Partner has accepted or will accept such proposal. Any acceptance is exclusively the choice of a Credit Partner. 

 

An approval is valid for 90 days from the date it is issued. The approval may be extended for an additional fee charged to Magix Professional Network Members and/or other real estate investors. 

 

The applicant guarantees that any information provided to Magix or any real estate investor or Credit Partner is complete and correct. Any changes before the conclusion of a transaction shall be provided to Magix Corporation and the Credit Partner (if applicable). 

 

Applicant agrees to provide any additional information that Magix Corporation deems necessary to process the application. 

  

Magix may approve a lower home value if the amount requested by the applicant exceeds three and one half times the annual combined household income. 


Magix and/or its affiliates will process your application without a credit check. 

 

Applicants (and Co-Applicants) need to provide a verification of employment and salary/wages form signed by an authorized representative of the employer or alternatively provide pay stubs (if less than 3 months cumulative, last year’s last stub need to be added) or a tax return/W-2. 

Self-employed applicants need to provide a signed CPA letter showing gross and net income for the last and present year or a tax return.

Please fax this information by referring to your application number (which you will receive by email from our autoresponder) to 505.212.6214.


You grant permission to Magix and/or it's affiliates to contact your character references, your employer to verify that you are presently employed in the position stated (and will like continue to be employed) and to verify your wages/salary/bonus payments etc., your landlord (if applicable) to verify that you had made your rent payments in time (no payments later than 30 days during the last 12 months) and any parties associated with the home you want to acquire.

 

 

Magix does not set conditions of any transactions with Credit Partners. All conditions stated on the website or any other materials are only suggestions and applicant should verify conditions of any transaction with the parties they are conducting business with including but not limited to real estate investors and Credit Partners. 

Terms and conditions are subject to change without prior notice.  

APPLY HERE!

 

 

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