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Frequently Asked Questions

This is the FAQ for people wishing to rent-to-own a house or 2-flat through the ZSW Group Home buyers’ Program, and for investors looking for s/f homes or 2-3 unit properties.

You have questions? We have answers.

  1. How do I apply for the ZSW GROUP program and what would disqualify me?
  2. What does it cost to join, if I am approved?
  3. What does the payment entitle me to?
  4. Does ZSW GROUP conduct business through seminars?
  5. Can I buy a home if I’m on a fixed income?
  6. I am self employed; can you help me purchase a home?
  7. Do I have to live in a certain area or buy a home off of a list that ZSW GROUP owns?
  8. Are there any homes that I cannot purchase?
  9. When can I begin looking for a home?
  10. If I cannot purchase right away what are my housing options?
  11. How long does the program take to complete?
  12. I am thinking about using a debt management program, will this help me purchase a home?
  13. How does ZSW GROUP help people with credit challenges?
  14. How much does it cost to purchase a home in the ZSW GROUP program?
  15. I am a veteran; can I use my VA certificate of eligibility in the ZSW GROUP program?
  16. What price will I pay for my home?
  17. What is the first step?
  18. Will a bankruptcy disqualify me from the program?
  19. I want to buy a house or 2-3 flat property for investment. Is this the program for me?

Answers

    1 - HOW DO I APPLY FOR THE ZSW GROUP PROGRAM AND WHAT WOULD DISQUALIFY ME?
    To apply you must set an appointment at one of our local offices. The application fee is $100 for one person or $150 for two. There are no restrictions on income or the areas where you can live. What ZSW GROUP is trying to determine is whether you would be able to purchase a home in the program in 12 months or less with our help. About 80% of applications are accepted and the most common reasons for an application to be declined are a recent foreclosure or current monthly debts which exceed 27% of your income. If you are not accepted your application fee is refunded in full. 
    2 - WHAT DOES IT COST TO JOIN THE PROGRAM, IF I AM APPROVED?
    Once you are approved, the cost to join the ZSW Group Home Buyers’ Program is $1,000.00
    3- WHAT DOES THE PAYMENT ENTITLE ME TO?
    Once you are approved, you are entitled to (but not limited to):
    Our best efforts to find you a house or two-flat to rent or buy at below-market prices.
    Exclusive lists of rehabbed, distressed and REO (Real Estate Owned) properties
    Excellent contracting and rehabbing services
    Exclusive stewardship of your deal by one of our investment experts from DAY ONE, through your closing, and all the way to your individual EXIT STRATEGY.
    4- DOES ZSW GROUP CONDUCT BUSINESS THROUGH SEMINARS?
    No we don’t conduct business through seminars….your meeting is one on one with a local representative. Although there are some legitimate companies that use seminar style meetings, many companies use hotel conference facilities and then leave town after the weekend never to be seen again. We do, however, hold continuing education programs which others might call seminars, to keep you abreast of the latest news and events that may pertain to your investment. But these will occur after your initial interview.
    5- CAN I BUY A HOME IF I’M ON A FIXED INCOME? 
    If you bring home enough money to pay rent then you could be making a house payment. If you are still concerned about having a low qualifying amount you may want to discuss this with another person such as a friend or family member so that your incomes can be combined allowing you to purchase more of a home. Although it is not a requirement you and another person could purchase a two-flat, duplex, or larger residential property.
    6- I AM SELF EMPLOYED; CAN YOU HELP ME PURCHASE A HOME?
    Being self employed does not prevent you from purchasing a home. Most conforming loan programs (FHA, Fannie Mae or Freddie Mac) will require that you have 2-1/2 to 3 years of experience and can document your income with tax returns or through bank statements. If you are interested in the second option then it is important that you deposit all business revenue so you can document your cash flow. 
    7- DO I HAVE TO LIVE IN A CERTAIN AREA OR BUY A HOME OFF OF A LIST THAT ZSW GROUP OWNS?
    No, with the ZSW GROUP program you can live anywhere you want! You may pick the house from those on the market where you want to live; however the properties on our lists will have the highest equities and will be available immediately for purchase and/or rehab and leasing. Our only requirement is that whatever home you choose must have equity of at least 25% of the total rehab loan.
    8- ARE THERE ANY HOMES THAT I CANNOT PURCHASE?
    Yes, there are certain homes that cannot be purchased through the ZSW GROUP program and most are listed below.
    A Build Your Own Home Project. To build you own home you need a construction loan which generally requires perfect credit and a large down payment. New homes which are already built can be purchased in the ZSW GROUP program.
    Mobile Homes. Most mobile homes have a car title and many lending programs either will not finance them or place so many restrictions as to make it impossible.
    Pre-Foreclosures. A property is pre-foreclosure if it hasn’t been through the judicial process or auction. To purchase a property at the auction you must be able to pay the entire balance within a few days which is impossible using a mortgage loan. If the property is not purchased at auction then it goes back to the bank as a REO which can be purchased in the ZSW GROUP program. 
    9- WHEN CAN I BEGIN LOOKING FOR HOMES?
    Once your file has been reviewed by our loan processing department you can begin looking for homes.  This process is usually completed in the first 3-4 days of the program. It is necessary that your file be reviewed by the lender because we must know when you can purchase, how much you can purchase, and what must be resolved so you will be eligible for financing at or before the end of your lease. To look for a home without knowing the above information is very risky and could result in you losing the home.
    10- IF I CANNOT PURCHASE RIGHT AWAY WHAT ARE MY HOUSING OPTIONS?
    If the lender determines that you cannot purchase a home immediately then you have the option of Leasing with the Option to Purchase. This option allows you to live in a home as a renter and then purchase it once we have completed the steps for financing as outlined by the lender.
    11- HOW LONG DOES THE PROGRAM TAKE TO COMPLETE?
    The ZSW GROUP program generally takes from 6 to 12 months before you will be able to purchase your home. During this period ZSW GROUP will be working with you and you have the option of renting the home that you will purchase. 
    12- I AM THINKING ABOUT USING A DEBT MANAGEMENT PROGRAM, WILL THIS HELP ME PURCHASE A HOME?
    A Debt Management Program (DMP) is a company that offers to get creditors off of your back and lower the interest rates on your credit cards. They collect a payment from you each time you are paid and then distribute that money to your creditors monthly. For the purposes of purchasing a home you may want to consider alternatives to a DMP.  First, for the purposes of purchasing a home a DMP is treated exactly the same as if you had filed a Chapter 13 Bankruptcy, however you get none of the benefits of bankruptcy. That is you would have to participate in the DMP for a minimum of 12-months and have made all your payments in a timely manner before you could purchase a home (same as Chapter 13 Bankruptcy) but you will not get the breaks and protections afforded those in bankruptcy such as setoffs, discounts, and complete discharge of certain debts. Finally, most DMP’s work only with credit card and other consumer credit debts and usually will not help you with broken leases, utility bills, medical bills, judgments, tax liens etc. The end result of working with a DMP is that you have only paid off some of your debts and often you are no closer to purchasing a home.
    13- HOW DOES ZSW GROUP HELP PEOPLE WITH CREDIT CHALLENGES?
    The ZSW GROUP program is a perfect fit for folks with credit challenges for three reasons. First, and most importantly, we figure out exactly what has to be resolved for you to obtain your loan.  To accomplish this we have a national lender pre-underwrite your file. That is, people who do home loans for a living tell us what has to be resolved for you to get a loan. This is extremely important because often times you do not have to resolve all the credit issues. Next, ZSW GROUP client representatives assist you in completing the steps outlined by the lender and work to restore your credit and financial situation. While we are completing these steps you can rent a home that you want to buy. Finally, in the ZSW GROUP program your down payment and closing costs are covered. How could it be simpler or more effective? 
    14- HOW MUCH DOES IT COST TO PURCHASE A HOME IN THE ZSW GROUP PROGRAM?
    There is no fee charged by the ZSW Group to purchase a home in the ZSW GROUP program beyond the Initial fee to join. There may, of course, be closing costs and other expenses associated with any home purchase.
    15- I AM A VETERAN; CAN I USE MY VA CERTIFICATE OF ELIGIBILITY IN THE ZSW GROUP PROGRAM?
    No. The main benefit of a VA Certificate of Eligibility (DD-214) is that you can purchase a home with little or no money for down payment which is the same as what ZSW GROUP will do for you. Additionally, before you can use a VA certificate you must meet the credit standards for the underlying loan which is basically the same as FHA. So if you have some credit issues you can’t use the certificate until you get them resolved and qualify for your mortgage. Finally, VA requires that allowances be made for monthly household budget items which results in a lower qualifying amount. That is, you generally can’t purchase as much of a home with VA as you could with FHA. Finally, the certificate is good for life….so if you don’t or can’t use it now then you can use it later on your next home. 
    16- WHAT PRICE WILL I PAY FOR MY HOME?
    You will purchase the home for its appraised value as determined by a licensed appraiser chosen by the lender who provides your loan. ZSW GROUP will negotiate to purchase the house for no more than 94% of that value. The 6% difference is used to cover your closing costs. 
    17- WHAT IS THE FIRST STEP?
    The first step is to apply and see if you are qualified for the program. The application fee is $100 for one person or $150 for two. There are no restrictions on income or the areas where you can live. What ZSW GROUP is trying to determine is whether you would be able to purchase a home in the program in 24-months or less with our help. About 80% of applications are accepted and the most common reasons for an application to be declined are recent foreclosure or current monthly debt payments which exceed 27% of your income. If you are not accepted your application fee is refunded in full. 
    18- WILL A BANKRUPTCY DISQUALIFY ME FROM THE PROGRAM?
    A bankruptcy is very common these days and will not disqualify you from the program. Many lending programs allow a person to purchase a home just 1 to 3 years after filing or discharging a bankruptcy as the case may be.
    19- I WANT TO BUY A HOUSE OR 2-3 FLAT PROPERTY. IS THIS THE PROGRAM FOR ME?
    Yes, it is certainly the program for you. By following the steps above we will determine the right  choices and the right property, and get you out of the rental category and into homeowner or investor ASAP!
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