How do I apply to Landis?

You can apply to Landis online in a matter of minutes to get prequalified for the program. It’s totally free, requires no commitment, and doesn’t affect your credit score. Get started here. You’ll hear back from us within one business day. From there, we’ll ask for documentation to verify your financial details. Learn more about those documents here. Once you’re approved, you’ll receive your personalized budget and payment plan. Your budget will be the maximum amount that Landis can spend on your new home, and your monthly payment will be a combination of your market-based rent and monthly down payment savings.

What do I need to get started with Landis?

We work with clients whose credit scores are at least 550. You’ll also need to meet a minimum annual income requirement that varies by city. Most of our clients make anywhere from $50,000 to $150,000 per year. We also consider your debt-to-income ratio and on-time payment history to make sure you’ll be able to get a mortgage in the next two years. Once you’ve chosen a house, you’ll contribute 2% of its price as an initial down payment. This money kickstarts your down payment savings, which you’ll use later to buy back the home.

What price will I pay for the house?

If you buy your home within the first 12 months of the program, you’ll pay a buyback price that’s 4% higher than the home’s original appraised value. After 12 months, the price climbs by 1% every 3 months, reaching 8% in 24 months. In the state of Maryland specifically, the buyback price will be 5% higher than the home’s original appraised value, and will climb at a rate of 1.25% every 3 months, reaching 10% in 24 months.

What if I had a bankruptcy or a foreclosure?

If you’ve had a Chapter 13 bankruptcy, you may be eligible for Landis if your discharge date was at least 6 months ago and you’ve made all your payments on time over the last year. For a Chapter 7 bankruptcy, you may be eligible for Landis if your discharge date was at least 12 months ago and you’ve made all your payments on time over the last year. For a foreclosure, your name must have been removed from the title at least one year ago.

How does Landis decide what price to offer?

Our real estate experts offer competitive, all-cash offers based on market conditions as well as the recent sale prices of comparable properties in your area. We work with your agent to negotiate the lowest price we can, and pass on the savings to you in the form of lower rent. We’ll always take your feedback into account regarding our offer price, just let us know.

Why might my application be denied?

Applications are evaluated on a number of factors such as:

• Minimum credit score of 550
• A minimum annual income that varies by region
• On-time payment history 
• Debt-to-income ratio (DTI) 
• Other unique credit circumstances, such as a bankruptcy or foreclosure

Not sure if you’ll qualify? Find out by getting prequalified online. It’s totally free, comes with no obligations, and won’t affect your credit score.

What documents do you require?

Once you are prequalified, you will need to provide documentation to verify your income.

For salaried or hourly employees, you will need the following:

• Last year’s Tax Return
• 2 recent bank statements
• 2 recent pay stubs
• Last year’s W2

For self-employed applicants, you will need all of the following:

• Last year’s tax return form
• 2 recent bank statements (both personal and business accounts, if applicable)
• Year-to-date profit & loss statement

For applicants receiving:

Retirement/Social Security/VA/pension benefits: You'll need official documentation or a benefit verification letter stating how much you receive each month.
Child support: You'll need the court-ordered agreement and proof that you have received payments for the last six months.

How long is my approval letter valid?

Your Landis approval letter is valid for 30 days and can be easily extended if you need more time to find your dream home.

Will the credit pull on my application impact my credit score?

No, your credit will not be impacted by any credit pull from Landis. We will only make a soft credit inquiry, or a “soft pull.”

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