Janus Group provides a new home purchaser, referred to in this document as (Homeowner) monetary rewards and incentives allowing the Homeowner the ability to create equity in the new home, over a short period of time. Janus Group or It’s Assigns, referred to in this document as (Investor) offers the following Equity Credits to be applied towards the NEW Purchase Money Second lien on the property.
EQUITY CREDIT #1
Upon the close of Escrow of a new home purchase, Investor will *Credit the Homeowner with acceptable non-recurring closing costs (see below example) incurred at closing through Escrow and reduce the principal balance of the Second Loan equal to these costs.
EQUITY CREDIT #2
On the 13th month following the purchase of a home, Investor will credit 10% off the outstanding principal balance of the 2nd Lien amount as a reward for the Homeowner for making on time payments on both their First and Second Lien mortgages. Mortgage payments will remain the same through term, but the total payoff amount will be reduced to reflect this credit.
EQUITY CREDIT #3
On the 25th month following the purchase of the home, Investor will again credit 10% off the outstanding principal balance of the 2nd Lien amount as a reward for the Homeowner for making on time payments on both the First and Second Lien mortgages. Mortgage payments will remain the same through term, but the total payoff amount will be reduced to reflect this credit.
EQUIY CREDIT #4
Upon a refinance or a sale of property within 24 months after the close of Escrow of the Homeowner’s purchase, Investor will bonus the Homeowner an additional 5% off the outstanding principal 2nd Lien Amount to be deducted from the 2nd Lien mortgage balance.
PURCHASE THE NOTE:
If within 90 Days of closing the purchase transaction, Homeowner wishes to cash out the 2nd lien note that Investor “Janus Group” holds, Janus Group may be open to negotiating the payoff amount.
PRIOR APPROVAL
Before Borrower enters into any contract for refinancing, or before listing any property for sale, Homeowner must notify Investor to discuss equity credits and receive a current payoff amount accurately reflecting any Equity Credits in writing.
LOSS OF EQUITY CREDITS
In the event that the Homeowner has “ONE” 30 day late payment, the 2nd Lien will revert back to the original balance and all Equity Credits will be reversed and the interest rate on the 2nd may be increased.
IMPORTANT INFORMATION
The Equity Credits designed in this program have been designed as an “On Time” payment incentive, allowing a Homeowner to build equity as fast as possible, preparing for their financial future. Loan(s) may be sold to Wall Street or private investors that typically do not extend credit to a Borrower that has a poor credit rating due to non-payment of previous mortgage obligations. The repercussions of ANY late payments will not be tolerated by any investor.
Example of estimated and allowable Closing Fees that may be Credited
(based on a $500,000 Purchase Loan Amount)
1) JANUS FRESH START ANTICIPATED FEES
(a) Credit Repair Fees $ 500
(b) Broker Price Opinion (BPO) $ 150
(c) Photos of Subject Property $ 80
(d) Investor Market Analysis, Overview of
Property and Homeowner Credit $ 100
(e) JCAM Consulting Fees $ 3,000
$ 3,830
2) FEES AT ESCROW
(a) Loan Origination Fee (1.5%) $7,500
(b) Processing Fee $ 400
(c) Underwriting Fee $ 895
(d) Appraisal Fee $ 450
(e) Credit Report Fee $ 20
(f) Home Inspection Fee $ 500
$ 9,765
Total Credit Deducted From Original Balance of 2nd Note Total $13,595
