Frequently Asked Questions

Q. What is the lowest credit score I can have to become a homeowner?

A. 580 is the lowest credit score to purchase a home. There are some stipulations.

Q. Can I purchase a home with no money down?

A. Yes, there are some home buying programs available with 100% financing.

Q. How much money is required as a down payment for a FHA loan?

A. FHA is typically 3.5% down

Q. Do I have to pay any Realtor fees as a home buyer?

A. As a home buyer most times there are no Realtor fees. 

Q. Is there a service I can purchase when buying my home to help me if appliances or plumbing need fixed?

A. Yes, there are "Home Warranty" products that can be purchased (some sellers offer this when selling their homes as a courtesy).

Q. If my credit score is not where it needs to be to purchase a home is there any help to help me reach my homeownership goals?

A. Yes, Rags 2 Riches has a program to help you repair your credit to become a homeowner, purchase a new car, or get approved for desires you may have. The better your credit score the lower your interest rate.

Q. Are there any additional fees I have to pay for out of pocket before purchasing a home?

A. Yes, there is a home inspection fee and homeowners insurance.

Q. What's the difference between pre-qualified and pre approval?

A. Pre-qualified is just telling a lender how much you make and what your credit score is verbally.

Pre-approval is when you submit documents to lender so that they can review all your documents to give a more secured judgement on how much you can afford for a loan.

Q. How long does the credit repair process take?

A. Each persons has a unique credit profile which does not allow for us to tell you an exact time frame. We strive to provide you with a successful credit repair within a reasonable time. During the credit repair process there are also other parties involved such as the creditors and credit bureaus that have to be apart of the process too. We are always working on your case to speed the process in any legal way possible. On average 72% success rate of all negatives being removed in 90 days. Remember that credit repair is not a quick fix, overnight program. There are laws that we have to abide by too.

Q. Is there a contract with the credit repair program?

A.  No, there is no contract with the credit repair program. You may cancel at anytime, but there are no refunds for the month that has already been started. Example: If you pay on 1st of month then change your mind on 15th of month you will not be reimbursed. Your subscription will end at the end of the month and you would not pay for the following month. You have 3 days from the date of signing your contract to cancel.

Q. How much does the credit repair program cost.

A. There are several different membership and packages that you can choose from, depending on your situation. If you go to the "store" tab you will see some of our packages.

Q. My only fear is paying for a home and a storm comes along and damage my home or a disaster happens, will I be out of a home then?

A. No, when purchasing a home with a loan you are required to purchase homeowners insurance. This insurance covers many major problems that may happen to your home. Be sure to go over any questions or concerns with your insurance agent. R2R can also provide you with an insurance quote.