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What is Landis?
Landis is a program for people who want to become homeowners and need help to prepare for a mortgage. You can pick out your home and we’ll buy it for you. Rent the home from us while you work with your dedicated coach to build your credit and save for a down payment. As soon as you’re ready, you’ll buy the home back from Landis.
How does Landis work?
- Apply to Landis. You’ll find out within 24 hours whether you prequalify for our program.
- Once prequalified, you submit income verification documents to tell us more about you so that we can design a personalized program to fit your needs. Learn more about these documents here: salaried, self-employed, passive income.
- Find your dream house with the help of a Landis realtor or one of your choosing. Landis will buy it with an all-cash offer.
- Move into your new home and start renting from Landis. While renting, you will build your credit and down payment savings with the help of a Landis Homeownership Coach.
- As soon as you’re ready for a mortgage, buy the house back from Landis!
What does Landis cost?
It’s free to apply to Landis.
Once you’re approved and have selected your home, you’ll contribute a deposit of 2% to 3% of the purchase price.
While you’re renting, your monthly rent is based on fair market value for rent in your area.
If you buy your home within the first 12 months, you’ll pay a buyback price that’s 4% higher than the home’s original appraised value. After 12 months, the price climbs by 2% every 6 months. Clients are also responsible for closing costs when they purchase the home from Landis.
If you don’t buy the home, you will pay a fee of 3% of the purchase price.
What is the timeline for the Landis Program?
It generally takes 4-8 weeks between hitting the “Apply” button and moving into your new home. This includes the following steps:
- You submit your initial application. We will let you know if you’re pre-qualified within one business day.
- You upload documents to verify your employment status and income. We’ll let you know if anything is missing or we need any additional information.
- The Landis Underwriting Team performs an analysis of your file to create a budget and program tailored specifically to you. Your budget will be the maximum amount that Landis can spend on your new house.
- You find the home of your dreams!
- Landis will close on your property in approximately 21 days – this process includes an appraisal and inspection.
Whenever you’re ready for a mortgage, you can purchase your home from Landis.
How does Landis compare to renting?
With Landis, you rent your dream home until you are ready to buy it with a mortgage. You will build your credit and save for your down payment with the help of a Landis Homeownership Coach so that you can get a mortgage as soon as possible. Owning your home costs less than renting, so we’ll work together to help you become a homeowner as soon as possible!
How does Landis help me get a mortgage?
Landis is not a lender and does not provide mortgages. In the Landis program, you will work individually with a Landis Homeownership Coach to build your credit and down payment so that you will qualify for a mortgage.
What if I don’t buy the house?
If you move out of the home, you are responsible for paying a fee of 3% of the purchase price.
How does Landis make money?
We make money from the rent you pay us and the appreciation of the house
during the rental period.
To make sure we're always on your side, we don't take any commissions or fees from our agents. We also never sell your data to anyone.
Where does Landis operate?
We currently operate in Alabama, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, and Tennessee. Click here for an interactive map showing areas where we operate (green areas).
What if the home appraises for less than when Landis bought it?
If it comes time to buy your home and it’s appraised at a lower value, you have a few options.
- You can submit the appraisal report to Landis and allow us to contest the results.
- You can seek a second appraisal opinion or a different lender for your mortgage.
- You can postpone the buyback process and allow the home to continue appreciating in value, or cover the difference in cost yourself.
- You can also walk away from the home and pay the 3% exit fee.