HALO is a new type of residential lease program designed for people who want to buy a house today, but don't currently qualify for mortgage financing. For aspiring buyers who are committed to repairing their credit, HALO provides the opportunity to lock-in a price on your dream home, rent it for 6, 12 or 18 months, and then purchase it from HALO when you are approved for a mortgage. HALO partners with licensed real estate agents and mortgage lenders in each state we serve to help you achieve your home ownership dream.
Our clients have been through all sorts of financial difficulties, including bankruptcies, foreclosures, short-sales, medical issues and divorce. As long as you have a demonstrated commitment to repairing past credit issues and a pathway to mortgage qualification within 6 – 18 months, we can work with you. While every client's situation is different, applicants should meet the following minimum standards: Minimum 6 months from Bankruptcy discharge; 18 months from a Foreclosure or Short-Sale. Minimum Credit Score of 480, with a clear path to reaching 620 within 6 - 18 months (don't worry, we partner with industry veterans that can help you get there); Minimum gross household income before taxes of $5,000/month, and applicants must be able to show 2 years' tax returns by the time they apply for a mortgage at the end of their lease. Based on standard FHA down payment guidelines, we require that you have cash equal to 3.5% of the home purchase price available in order to enter the HALO program.
Most HALO clients have credit scores below 600 and need to repair their credit to qualify for a mortgage. This often includes disputing erroneous items on your credit report as well as settling outstanding collection items. HALO recognizes that many clients will need assistance in repairing their credit. For these clients, we partner with credit counselors and repair specialists nationwide who work with our clients on household budgeting, building credit and repairing credit.