How It Works
We are thrilled you are considering Hurry Home for your homeownership journey! Any questions? Feel free to email us at ContactUs@HurryHome.io - we’re always happy to hear from you!
We focus on houses worth approximately $80,000 or less, because this price range of housing makes up a lot of what is available in cities throughout the Midwest and the South, but banks aren’t interested in making mortgages for them. There are several reasons why the don’t, but the main one is that they earn their money from fees they charge to make a loan, which depend on the size of the loan they make.
You may already be renting a house in this price range, paying a significant amount each month and getting nothing in return. Maybe instead you’d like to own the house you live in, so that you can invest in it, and in the future of your family and your neighborhood.
That’s why we started Hurry Home.
We work with a prospective homeowner like yourself who is interested in owning where they live and willing to take on the responsibilities of ownership. We want to make sure that you’re set up for success, so we go through a qualification process that look at things like your income history and monthly debt payments. Instead of focusing on your credit score, we look at your rental and utility bill payment histories. You can get started with that process by clicking the “Get Started” button:
After you qualify, we’ll establish your maximum monthly payment based on your income and what you are comfortable with, and then we’ll start working with you on the exciting part - finding a home.
How We Find Houses for You
Meanwhile on the other side, we are working with landlords and property investors who are interested in using Hurry Home for their houses. When a landlord agrees to list their house with us, we do diligence such as conducting a home inspection to ensure its quality and a title search to check for any potential issues with the deed. If a house checks out, we’ll sign contracts with the landlord (that we also record with the relevant county), and we’ll then advertise it to qualified buyers like yourself.
When you see a house you are interested in, we’ll arrange for you to visit it. If after the visit you are ready to move forward, we’ll sign all of the relevant documents with you and schedule your move-in date.
If you want to start earning ownership in the house you already live in, we’d be happy to work with you to see if your landlord would be interested in trying Hurry Home. Click Here to Learn More!
After Moving In
After you move in, we’ll schedule your regular monthly payments on a date that works for you. The image to the left shows a breakdown of your monthly payment.
The M/R Credit (Maintenance/Repair Credit) helps you save money for the upkeep of the house since you will be responsible for maintenance and repair. We’d always recommend you save additional money, but when you need to, you can draw down on this credit for the upkeep of the house.
What’s in It for the Landlord?
Because you handle the maintenance and repair, and stay at the house over the contract period, the property investor saves money they otherwise would have spent finding new tenants and handling maintenance. With these savings combined with your regular monthly contract payment, you earn 80% of the house’s value by the end of the 10 year contract. The remaining 20% you’ll have saved with the Savings Credit portion of your monthly payment that we hold for you, as well as your down payment from the start. That means at the end of the contract, you’ll have earned 100% of your house’s value and can own it free and clear - no additional payment necessary. If you decide to leave the house before you finish the contract, we will refund you the amount you have in the Savings Credit and your down payment after any expenses we have from transitioning the house and getting it ready for the next resident. Unlike land contracts or rent to owns, there are no balloon payments, rate increases, or hidden fees, and if you leave the house before you finish the payments you can still get some of your money back.
You can also buy the house before 10 years if you want, and you will still get consideration for the equity you’ve accrued. For example, your purchase price for the house would be less at year 6 than year 3 because you would have accrued more equity by that point.