The HALO program allows people to essentially pre-purchase a home. Here’s how it works in Georgia.
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Today I want to talk about a program that seems too good to be true. The HALO program is only available in a few different states, but Georgia just so happens to be one of them!
This program has been rolled out over the last few months and it’s designed to help people who can’t qualify for a home today but will be able to in the next six to 18 months. This includes buyers who don’t quite have enough money, people who’ve had a short sale or foreclosure in the past, or someone who is currently going through a divorce. This is a perfect program for these types of buyers.
The Halo program pools investor money together to buy homes with cash. You are then able to pick out the home you want, rent it from the investor until you’re ready to buy, then close on the purchase of the home within the next 18 months. The investors make their money through rent and the sale of the home (5% above its purchase price). That 5% is well worth it considering the costs of moving twice and the current appreciation levels.
This is truly a no-brainer for anybody who is serious about buying a home in the near future. There are a few minimum requirements you’ll need to meet, including a 480 minimum credit score, a monthly income of at least $4,000, and at least 3.5% of the purchase price for a down payment.
If you or someone you know is interested or might be interested in buying a home with this program, don’t hesitate to give us a call or send us an email. We’d be happy to provide you with more information or answer any questions you have.