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
 This 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:
- The Credit Partner
that accepts the application and agrees to underwrite
the transaction takes out a conventional mortgage loan
and acquires the desired property.
- 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!
| 
