Project MY Home® is a Seller relocation program that is designed to massively lower the cost of your home sale. Sellers get a large rebate (lender credit) when they sell their home and buy another(1). The home is showcased on popular search sites as a specialty listing as well as a special financing credit offered to incoming Buyers. This helps buyers with closing costs and have found this to diminish the need for seller paid closing costs.
(1) The seller must finance with Rick Elmendorf, NMLS ID#485091.
Sellers get up to 1% of the Sales Price back when they sell their home and buy another(1). Sellers can also save (up to 2%) by not having to contribute towards buyer closing costs(2).
(1) Lender Credit to the Seller on the next purchase is the lesser of $7500, 1% of the Sales Price of the home they are selling or 1% of the amount financed on the new home. Sellers must finance their next home with Rick Elmendorf NMLS ID#485091 to receive the lender credit.
(2) The Project My Home Buyer Credit is a credit to the Buyer on a Project My Home listing. The grant is capped at $10,000. Credits to Buyers are a percentage of the amount financed and are only available on registered Project My Home listings. The buyer must finance with Rick Elmendorf NMLS ID#485091 to receive the credit. Credit to Buyer is up to 2% x loan amount.
Because Project My Home is a Seller Relocation Program, it is restricted to Primary Residences. Additionally, Project My Home is only offered to Sellers that are either existing clients of The Elmendorf Team, existing clients of Movement Mortgage, or clients who have pre-approved with Rick Elmendorf to purchase their next home. (Exceptions for Military Home Sellers)
To get your home on the list:
The credit offered to the Buyer is as high as 2% of the Sales Price.
Details on the PMH Buyer Page.
When an offer comes in, the listing agent will tell the buyer agent (or buyer) about the Project My Home Buyer Credit.
"If you are in need of closing cost assistance, the buyer can apply for a Project My Home Credit which with your offer would equal $x. I'll include the offer in the addendum."
Project My Home Credit addendum to the contract
If you obtain Your mortgage loan through Rick Elmendorf NMLS 485091, You will be entitled to a credit of $_________ from the lender at Settlement. The credit may only be used towards buyer settlement costs and is subject to reduction based upon Your selected loan amount and loan program requirements. Call 571-249-5363 for information.
If the buyer is in need of closing cost assistance, they can take advantage of a Project My Home Credit. Click HERE for details on the amount of the credit.
So the buyer is aware of the credit, it is included as an addendum to the contract.
Project My Home Credit addendum to the contract
If you obtain Your mortgage loan through Rick Elmendorf at Movement Mortgage, You will be entitled to a credit of $_________ from the lender at Settlement. The credit may only be used towards buyer settlement costs and is subject to reduction based upon Your selected loan amount and loan program requirements. Call 571-249-5363 for information.
No. The credit is optional and the buyer is always allowed their choice of lenders.
One dynamic use of the Project My Home Credit is to use it to increase the seller net and at the same time lower the cost of the home to the buyer.
If the buyer finds themselves in a competitive offer situation, they can choose to use the credit to offset an escalation of the sales price. Price escalations increase the net to the seller and will offer a better chance to win the home. Offering more for the home doesn't mean paying more. As an example, a buyer was able to increase the price offered to the seller by $4,000 thereby beating out other offers. The credit to the buyer more than offset the escalated price of the house. In the end, the seller got $4,000 more and the buyer got the home for less.
For each Project My Home listing, we will execute our FREE listing awareness campaign.
Yes, the Seller maintains their right to choose their lender for the next home purchase; however, the Project My Home Seller Credit is only available if they choose to finance with Rick Elmendorf, NMLS ID#485091.
The "Seller Credit" is a lender credit given to the Seller at closing when they finance the purchase of a new home. The Lender Credit is the lesser of $7500, 1% of the Sales Price of the home they are selling or 1% of the amount financed on the new home.
No catch. We simply ask the following.
This is intended solely for informational purposes and is an exclusive offer of Rick Elmendorf NMLS ID#485091. This document is not part of the application process and does not constitute an application. The information contained herein reflects the proposed options for borrowers and sellers that choose to participate in the Project My Home program. If you decide to proceed with applying for a loan, you will need to complete a loan application and you will be provided with detailed loan disclosures including a Loan Estimate. Project My Home is a registered trademark of Richard Elmendorf, ALL RIGHTS RESERVED.
For more than 25 years, Rick has built his business understanding customer goals to help them make sound financial decisions.
Consistently recognized as one of the Top 1% Mortgage Originators in America, Rick Elmendorf is known for helping his clients and business partners thrive. With 25 years of experience and growth rates that consistently place him among the most successful loan officers in the nation, Rick has built his mortgaging career by listening to and learning from his clients.
"We had a fantastic experience with Rick and could not be more impressed or satisfied with the Elmendorf team. Our monthly payments came out to be $100 less than what their estimates were—which we were VERY happy about! They were upfront about the whole loan process and were readily available to answer all our questions."
“We were able to get a great rate reduction with very little effort, saving us tons of money long-term. We went through the refinancing process in less than a week and now are enjoying a lower monthly payment with a lower interest rate. This was great for us as we plan on staying here long-term. I highly recommend the Elmendorf team for your home purchasing/refinancing needs.”