2 Q: If I understand correctly, when approved, the IPF buys the home we choose with their credit and MY money. So that's like I'm walking into the lenders door with great credit, and walking out with the best possible interest rate, terms and payments. Is this correct?

A: YES.

3 Q: Does the amount we need for a down payment and closing costs vary?

A: Yes! It all depends on the LTV (Loan to Value) the IPF's can secure from the lender.i.e. 90% LTV leaves 10% down. 95% LTV leaves 5% down. 100% leaves 0 down. But in all cases there are closing costs. The closing costs, the lenders charge, are usually 3% to5% of the sale price of the home. On a $100,000 home with 5% down and 5% closing costs means you would need $10,000.

4 Q: Will we know exactly how much money it will take to close?

A: Yes. Your closing amount will be a combination of the funds to close the loan with the lender and the IPF's. All these figures will be supplied to you before any closing occurs, using a good faith estimate form. An approximate figure will be discussed when you initially contact us.

5 Q: How are your fees established?

A: The fees are a direct result of your credit status and house selection. You will find our rates are probably the lowest available, per your credit. Also, you'll find our terms are better than you could secure.

6 Q: Do we send any money?

A: Only AFTER you have been approved and the IPF’s have committed themselves to you in writing, do you send any money. Then and only then, if you accept the terms and fees, do you send $100.00. Of which, the entire $100 is credited to you at closing.

7 Q: To whom do we make our monthly payments?

A: The payments will be made to an independent escrow company. They will disburse the funds to the IPF’s lender first. The taxes and insurance second. Then the IPF and UMC Mgmt, Inc. This is done for your protection. This procedure eliminates the possibility of the IPF forgetting to make the payment and the bank foreclosing and you loosing the home. This will add a minimum fee from the Escrow Company to your monthly payment. Most attorneys endorse this procedure.

8 Q: Whom do we pay our taxes and insurance to, and can they be escrowed?

A: Again, to an escrow company. You will pay 1/12 of each, per month, so when they come due the money will be there. We don't have a choice, the lenders will require this.

9 Q: So essentially you will use your credit for anyone?

A: THE IPF ORGANIZATION RARELY REFUSES ANY ONE. But remember our rates are based on the amount of risk a client present to us. So they may refuse our rates and program.

10 Q: Do we need a realtor and if so can we pick them?

A: Need a realtor? Not necessarily. Yes, your choice. If you would like you may compare REALTORs® at LendingTree.

11 Q: Can we use our Attorney/Closing Company/Title Company to close our deal with you?

A: Yes, just remember "you will incur all the cost." We do not come up with any money, only our credit.

12 Q: What about refinancing of our present home?

A: We have done refinances. Call us with the particulars, and we will tell you if yours is do-able.

13 Q: We are being foreclosed on, can you help?

A: Foreclosures are do-able, but the process is more detailed. Call and give us all the information. We have helped people in foreclosure.

14 Q: Do you add any amount to the closing costs?

A: Yes, a documentation/processing fee may be added. The fee is up to 1.5% of the loan amount (i.e. A $50,000 loan, fee $750). This is only paid at closing, not before.

15 Q: What happens if we change our minds after putting up the earnest money for the house we offered on?

A: The offer will be made contingent upon securing financing. If we can't get financing, the seller must return the earnest money to you. If financing is secured and you then change your mind, the earnest money goes to the seller of the home. That's the law in most states.

16 Q: Can we have the home professionally inspected for defects, termites, etc.?

A: Absolutely! "You will incur all the cost". The only difference from you buying the home is you're using our credit. Your buyers’ rights are NOT lost. We reserve the right to demand the home be professionally inspected, before we commit to a loan. This is done for you and our protection.

17 Q: What if a lot of defects are detected?

A: The seller either fixes all the defects or he may choose not to, in which case, we as the buyer can reject the contract and you will get back the earnest money. Then it's time to find another home.

18 Q: Will this help our credit?

A: Depends on you. We do report according to your pay history. If you, for your own reasons want us to report, you must order a VOM. The Verification of Mortgage is sent to UMC Mgmt, Inc. In turn, we will complete and send the form to the credit agency. This information will appear on your credit report.

19 Q: Are there any pre-payment penalties?

A: If you sell the property, NO. If you refinance within three years, YES. It will be 1% of the original sales price. (The IPF's can permit refinancing with no penalty at their discretion).

20 Q: Do you do business in all 50 states?

A: Not every state, we operate in all of the United States except MA, NY, NJ, GA, CA, AK & HI.

21 Q: Can we rent the home to others?

A: Yes, after 3 years. Before 3 years, the IPF's could call the note due in its entirety. "We do not finance investors". The only exception, if IPF's approve in advance the renting of a home.

If this sounds like something you would be interested in, then CLICK HERE to fill out our SECURE ONLINE BUYER APPLICATION FORM. There is no initial obligation. All your information is kept secure and strictly confidential and will not be sold or distributed without your written authorization.

If you would like to talk to us, then please CALL 1-712-366-5227 Monday through Friday 9:00am to 3:00pm Central Standard Time, or E-mail us anytime at info@usemycredit.com