frequently asked questions

Spairu helps you achieve your dream of homeownership. We buy the house for you and you rent your dream home for up to 3 years. Part of your monthly payments going towards a built-in savings plan for the down payment. With the guidance of a Spairu financial coach, you will be qualified for a mortgage and become the homeowner of the same home.

Here’s how it works:

• Apply to Spairu and receive Pre-qualification within 24 hours.
• Upload documents that verify your income.
• Find your dream home that meets our guidelines, with the help of Spairu’s partner agents.
• We buy the house in cash, and you rent it for up to 3 years.
• During the rental period, a portion of your monthly payments will go towards your down payment savings, and you will also receive a financial coach to help you become eligible for a mortgage.
• When you are ready, buy your home from us at a pre-agreed upon price and become the homeowner.

As of now, Spairu operates in Florida and Alabama with plans to expand the service to additional states in the near future.
The states we plan to expand to include Georgia, West Virginia, Texas, Oklahoma, Kentucky, Arizona, Arkansas, Missouri, Mississippi, Ohio, South Carolina, Louisiana, Indiana, Delaware, Colorado, North Carolina, Illinois, Michigan, Tennessee, and then the rest of the United States.

Submitting the application is free of charge. After you choose your home, you will need to put down 1% or 2% Initial deposit which will serve as a down payment for your mortgage. While you are renting, you will pay a fair market rent plus your monthly savings according to the savings plan you have chosen. If you buy your home within the first 12 months in the program, you will pay an additional 5% of the original home value. If you buy within 24 months, you will pay an additional 3%, and within 36 months, you will pay an additional 2%. The maximum additional payment is 10% of the original home value within a period of 3 years.

Spairu timeline:

• Application process - 5 minutes.
• Pre-qualification - within 24 hours.
• Finding your dream home - as much as you need.
• Our offer accepted and you moving in - 21 days.
• Renting to homeownership - maximum of 3 years, once eligible for a mortgage, you will buy your home.

You will be living in the home as if you are the homeowner during the rental period a portion of the monthly payment will be allocated towards savings for your down payment. Eventually homeownership will be cheaper than renting. We are here to help you achieve this goal as quickly as possible.

In compare to a mortgage:

• A mortgage typically requires a 5% down payment, while we require a 1% or 2% down payment.
• With a mortgage, there is a 30-year commitment, but here there is an annual option to try out the house and the environment before buying it.
• We buy the house in cash, which is an advantage in negotiations.
• Eligibility for a mortgage requires a high credit score, but we accept applicants with lower requirements and prepare them for future mortgage opportunities.

Spairu will provide you with a financial coach who will work with you to improve your financial performance and credit score so that you can be eligible to obtain a mortgage.

If the value of your home decreases:

• You can postpone the buy stage and allow your home to continue rising in value, or pay the difference yourself.
• You can leave the program with the savings but minus 2% a relisting fee.
• You can submit a report from your own appraiser and dispute our price.
• You can request an additional lender to evaluate your home.

The goal of our program is primarily for you to buy your home at the end of the process. If you choose to leave the program, you will leave the 2% down payment that you placed as compensation to cover our costs, but you will keep all other savings.

Submitting your application to Spairu takes less than 5 minutes and is free of charge with no impact on your credit score. Within 24 hours, we will notify you if you are qualified.

You need a minimum credit score of 540, a minimum monthly income of $2500 (before taxes), and 3 months of steady income. We take into an account your debt-to-income ratio and conduct a background check. There may be exceptions, so submit the application for free even if you don’t meet all the requirements.

Once our offer on the selected home is accepted, you will be required to put 1% or 2% down payment from the offer price. This payment will be added to your down payment savings for your mortgage. Moreover, you will pay monthly rent based on the current fair market value, in addition a monthly contribution will go towards your mortgage down payment savings plan. (based of your savings plan) If there are any HOA fees, they will be added to your monthly rent payments. These are the only costs without any tricks, sticks or additional fees.

No, once we qualified you and provide you with a budget for buying your home, we can connect you with one of our trusted partner agents who can help you in finding the right home for you in your area. However, if you already have an agent that you prefer to work with, just let us know during the application process.

For salaried/hourly pay applicants:

• Pay stub from the most recent month (must be within 30 days)
• New Job within the last 2 months – last pay stub from your previous job and most recent pay stub from your current job
• Last year’s tax return (Form 1040)
• 2 recent bank statements
• Last year W2

For self-employed/Business applicants:

• 2 most recent months of bank statements (both personal and business accounts, if applicable)
• Last year tax return form
• Year-to-debt profit & loss statement
• Proof of Business Ownership. This can be a document from the Secretary of State, or any official document that shows both your name and the name of your registered business

For Independent Contractor applicants:

• Most recent 2 month’s pay stubs or pay invoices with a year to date (must be within 30 days)
• We will also accept 2 months of most recent pay stubs/invoices or bank statements
• Last year’s tax return (Form 1099)

For applicants receiving:

Child Support:

• Child support ledger from the state with 2 recent months of proof of payment
• We will also accept court order documents & 2 most recent month’s proof of payment

Alimony:

• Court order documents
• 3 most recent month’s proof of payment

SSI or VA Benefits:

• Most recent Benefits Letter (dated within 1 year), Year-end SSA-1099, or Year-end 1099- R

On each document, ensure that your name, employer name, pay dates, and amounts are clear and legible.

Your budget is calculated so that after the period with us, you will be able to buy your home. Therefore, we calculate based on Debt-to-Income (DTI) ratio and Rent-to-Income (RTI) ratio, according to the desired home price.

once we qualified you, your approval letter is valid for 30 days. If you need to extend it while searching for a home, it will be possible.

No, the credit check is a soft credit check and does not affect your credit score.

Our primary goal is to select customers who will ultimately be able to successfully buy their home. Therefore, we have requirements for evaluating applicants, and if your request is denied, it is likely that you did not meet the following conditions:

• Unsuitable credit score
• Minimum monthly income not met
• Poor payment history
• Unsatisfactory debt-to-income ratio
• Other special credit circumstances

If you are unsure about your information, please submit your application anyway, and we will update you. If your application is not approved, you can submit another request in the future.

• If you have filed for either Chapter 13 or Chapter 7 bankruptcy and your discharge date was at least 12 months ago, you may be qualifying for Spairu if you have made all your payments on time over the past year.
• To be qualify for Spairu after a foreclosure, your name must have been removed from the title at least 1 year ago.

Properties valued between $100,000-$600,000, such as single-family homes, townhouses (fee-simple), condos (FHA approved), are eligible for occupancy without termite, water damage, foundation, or roof issues. Spairu reserves the right to approve the chosen property at its discretion.

No, once we qualified you and provide you with a budget for buying your home, we can connect you with one of our trusted partner agents who can help you in finding the right home for you in your area. However, if you already have an agent that you prefer to work with, just let us know during the application process.

Yes, Spairu conducts a due diligence process that includes an inspector and appraiser who assess the property and its characteristics, unless an up-to-date inspection report from the seller that meets our standards is provided.

We utilize our real estate experts in the same area to estimate the home value and negotiate the lowest possible price for you. Before making the offer, we always seek your opinion regarding the proposed price.

From the time the seller accepting our offer on the house to the transition into the house, it takes a total of 21 days.

You enter into a maximum 3-year rental period during which you receive a financial coach to improve your credit score and save for a down payment. Once you become eligible for a mortgage, you will buy your home.

Monthly rent payments are fair market value plus the additional monthly savings that going towards the down payment. If you choose a home with a HOA payment, this amount will be added to your monthly payment.

Yes, the rent price is fixed annually.

Only the monthly savings payment goes towards the down payment for the mortgage.

Yes, during the rental period you will receive from us a financial coach who will help you improve your credit score and prepare you to meet the requirements for obtaining a mortgage.

While you are renting, you will pay for all maintenance items and minor home repairs under $500. Any Safety or critical maintenance will be split 50/50 between you and Spairu.

We pay property taxes and insurance on the house, you only pay renter’s insurance.

Yes, you can keep a pet in your home as long as we approve in advance. There is no additional fee for the pet.

You can buy your home at any time during the rental period when you feel ready.

If you buy your home within the first 12 months of the program, you will pay an additional 5% of the original home value. If you buy within 24 months, you will pay an additional 3%, and within 36 months, you will pay an additional 2%. The maximum additional payment is 10% of the original home value within a period of 3 years.

Yes, Spairu will help you find a lender through our trusted partner mortgage brokers.

Your down payment will cover all closing costs and fees.

Spairu collaborates with agents by referring us their clients who are currently not eligible for a mortgage. We buy the house for them in cash, and you receive your commission from the buyer faster.

Refer your clients who are currently not eligible for a mortgage to our easy and intuitive CRM system, and stay updated on their progress.

At no cost, it’s a three-way partnership where all three parties benefit.

Properties valued between $100,000-$600,000, such as single-family homes, townhouses (fee-simple), condos (FHA approved), are eligible for occupancy without termite, water damage, foundation, or roof issues. Spairu reserves the right to approve the chosen property at its discretion.

As an agent, working with Spairu provides you with several benefits:

• Increased commission earnings: You can earn the buyer’s commission when Spairu buy the house for your clients in cash
• Access to additional clients: You may also receive referrals for additional clients who need the help of a real estate agent, allowing you to expand your client base and potentially increase your earnings
• Increased clients satisfaction: By partnering with Spairu, you can help your clients achieve their goal of homeownership quickly and easily, leading to greater client satisfaction and potentially repeat business or referrals from satisfied clients

Spairu collaborates with mortgage brokers and lenders by referring us their borrowers who are interested in buying a home but are not yet eligible for a mortgage. Once the borrowers are qualified for a mortgage, we return the borrowers back to you to complete the mortgage process.

Refer your borrowers who are currently not eligible for a mortgage to our easy and intuitive CRM system, and stay updated on their progress.

At no cost, it’s a three-way partnership where all three parties benefit.

Properties valued between $100,000-$600,000, such as single-family homes, townhouses (fee-simple), condos (FHA approved), are eligible for occupancy without termite, water damage, foundation, or roof issues. Spairu reserves the right to approve the chosen property at its discretion.

Your borrowers will pay monthly rent based on the current fair market value, in addition a monthly contribution will go towards the mortgage down payment savings plan. (based on their savings plan) If there are any HOA fees, they will be added to the monthly payments. These are the only costs without any tricks, sticks or additional fees.

As a lender, working with Spairu provides you with several benefits:

• You can turn borrowers who are currently not eligible for a mortgage into eligible borrowers and complete the transaction
• You can establish credibility with your borrowers and gain more word-of-mouth referrals
• Trusted Spairu lenders and mortgage brokers can also gain additional borrowers beyond those referred to us directly

Spairu collaborates with homebuilders by referring us their customers who want to buy a house but do not meet the requirements for a mortgage. Spairu buy the house from you on their behalf.

Refer your customers who are currently not eligible for a mortgage to our easy and intuitive CRM system, and stay updated on their progress.

At no cost, it’s a three-way partnership where all three parties benefit.

Properties valued between $100,000-$600,000, such as single-family homes, townhouses (fee-simple), condos (FHA approved), are eligible for occupancy without termite, water damage, foundation, or roof issues. Spairu reserves the right to approve the chosen property at its discretion.

As a homebuilder, working with Spairu provides you with several benefits:

• You can sell your properties faster and with less risk, as Spairu buy the property from you in cash
• You can save on financing costs when Spairu buy your property
• You can expand your marketing reach through Spairu’s network and gain access to a larger pool of potential buyers

Spairu collaborates with companies by referring us their employees who want to buy their dream home but are not eligible for a mortgage. Spairu buy the house and rent it to them while helping them improve their credit score and prepare them to meet the requirements for obtaining a mortgage to buy the same house.

At no cost, it’s a three-way partnership where all three parties benefit.

Properties valued between $100,000-$600,000, such as single-family homes, townhouses (fee-simple), condos (FHA approved), are eligible for occupancy without termite, water damage, foundation, or roof issues. Spairu reserves the right to approve the chosen property at its discretion.

As a company, working with Spairu provides you with several benefits:

• Improved employee well-being: Providing your employees with access to Spairu’s program can improve their overall well-being and reduce financial stress. Employees who are more financially stable and have a stable home environment tend to be more focused, motivated, and productive at work. This can lead to improved morale, job satisfaction, and lower absenteeism rates
• Increased profits due to happier and more productive employees: Happier and more productive employees can directly impact your company’s bottom line by increasing revenue and reducing turnover costs. When employees are motivated and engaged, they are more likely to deliver quality work, which can lead to improved customer satisfaction and loyalty
• Talent retention in a competitive market: Working with Spairu allows companies to differentiate themselves, attracting and retaining top- quality employees. Providing a Spairu’s program demonstrates commitment to employee well-being, fostering loyalty and giving companies a competitive edge in the job market

Overall, working with Spairu can help your company create a more positive and supportive work environment while also improving your bottom line.