Home Specialized Ownership Service

Opening the Door to Homeownership



About HomeSOS

How Does it Work?

What Does it Cost?

Monthly Payments

Contact HomeSOS

Lender Information

RE Agent Information



Poor Credit? Tired of Renting?


Turned Down or Told to Wait for a Mortgage?


Forced to Pay Huge Down Payments and High Interest Rates?


If you have stable income, can afford a reasonable monthly mortgage payment, down payment and closing costs, HomeSOS can probably provide help, even if you have:

Recent Bankruptcy · Judgements · Past Foreclosure

Delinquent Student Loans · Repossessions · Little or No Job History

Home SOS is a counseling program designed to help people with poor or damaged credit or other non-qualifying issues achieve homeownership TODAY. This unique plan allows you to purchase a home and repair your credit problems while you live in your new house and build equity. As a HomeSOS candidate, you do not pay huge down payments, high or hidden fees, or high interest rates because of your credit or other issues. Nor do you have to gamble with the uncertainty of adjustable rate mortgages. If accepted into the program, not only can you get your financial house in order, but you can also achieve the dream of homeownership.

© 1998 HomeSOS Program, Inc.


Home Specialized




HomeSOS Program, Inc.

1145 Hancock St., Suite E

Quincy, MA 02169



The Home SOS program was designed to help buyers who cannot obtain a mortgage through traditional mortgage programs due to past credit or other issues. This program helps HOMESOS clients repair the credit issues while they occupy their home.

This program is offered and supervised by Nonprofit Housing Corporations (NPHC), such as Shelter Solutions, who purchase homes selected by their clients. The NPHC places assumable 30-year fixed FHA mortgages on these houses, then sells them to their clients under a Contract for Sale, which grants the client equity ownership and tax benefits. Once their client has resolved their credit or other issues under the Program guidance and can qualify for an FHA mortgage, the client assumes the mortgage.

Because the NPHC are large non-profit organizations, they are approved by their Lenders to purchase properties, provided the property meets FHA inspection and the property appraises. Risk to the NPHC is mitigated by default risk pools and risk reduction measures such as the Systems Warranty. The default risk pools and costs of offering this Program are funded by a marketing fee paid by the Seller of 4.5% of the house price.

The offer you are receiving on your home is a full price offer, with an addendum attached, which pertains to program requirements. In this addendum, you, the Seller, will be asked to contribute $450 towards Lender fees and 4.5% of the purchase price for NPHC’s required risk pools, counseling, marketing and program costs.

After an agreement is reached between the Seller and the NPHC, the process goes quickly. A home inspection and termite inspection will be conducted by certified agencies. Once the NPHC is satisfied that the home meets FHA requirements, an appraisal will be ordered. From contract date to closing is typically a 30-to 45-day process.

Feel free to contact the Buyer’s agent if you have any questions. He or she will be happy to clarify any portion of this program.



Silver Spring, MD office telephone number: 301-588-9441