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​​​​Frequently Asked Questions



1. How does this work? You drive by 10855 W Old Cutler Rd and see if you like the location. If you like the location, you contact the phone number on the sign at 10855 W Old Cutler Rd and listen to the message. If you think you qualify, you press 1, and you will be transferred to a live representative that will ask you several questions to see if you qualify. If you qualify, you will then gather your last 3 years of tax returns (2013, 2014 and 2015), last 3 years of W-2s (2013, 2014 and 2015), last 2 pay stubs, last 6 months of bank statements and you bring the documents to our office at 9900 SW 168 ST, Suite 2, Miami, Fl 33157 with $15/applicant. We review your documents. If your documents look good, we send them to our lender. The lender takes up to 2 weeks to review and give you an approval. If you are approved, you give us a $10,000 deposit, and we start getting permits for your new home. We build the home over a 6 month period and then deliver you the keys after our closing about 6 months later.


2. How much does a home cost? $285,000.


3. How much are the monthly payments? About $2,150 and this includes everything: mortgage, taxes, insurance, mortgage insurance and flood insurance. Your monthly payment will vary depending on your income and family size.


4. How much is the down payment? The down payment is $10,000.


5. Will I have to invest any other money besides the $10,000? Yes, you will be required to pay for an appraisal ($400), a home inspection ($400), a termite report ($100), a roof report ($100) and closing costs. Closing costs can range from 4% to 6% of your purchase price. 


6. How much interest do you charge on a home? South Florida Investment Consultants, Inc. & HomesZero Realty, LLC partners you with a lender, interest rates may vary, but typically range around 4.5%.


7. What kind of income do I need to qualify? You will need at least $60,000 in income. Income can come from employment, retirement, disability, SSI, child support or alimony. Multiple incomes can be combined but all applicants must have the minimum required credit score.


8. How do I verify my income if I get paid in cash? In order to verify cash income, you must deposit earnings into the same bank account each time you get paid. The cash income must be reported on your IRS Form 1040 when you file taxes. This sort of documentation will make it possible to verify your income.


9. Do I have to have a job to become a homeowner? We require that you receive enough income, through work or disability payments, to be able to use no more than 50% of your total monthly income to pay both the monthly mortgage payments and other debt obligations.

10. Do you require a certain score on a credit report? Yes. We need a 620 credit score or better.


11. If my credit is good, but my co-applicant's credit is not, can I apply? Both applicants' credit will be subject to the same criteria. All applicants contributing income need to have a credit score of 620 or better.


12. Can I apply as a single applicant if I am still legally married but living separately from my spouse? Yes


13. Can I apply for my children or other family members if they live in another county? Yes


14. Can I apply if I have filed bankruptcy or had a foreclosure? Yes, but the bankruptcy release date and foreclosure sale must be at least 3 years old. You must have also re-established good credit since the bankruptcy or foreclosure.


15. Do I have to be a US citizen to apply? To apply you must be a US citizen/resident, or be married to one.


16. How long will it take to process my application? Depending on how accurately the application is completed, processing time can take about 2 weeks.