Marc Cox is a managing member of the Mioym Group in New York. In the following article, Marc Cox explains how Mioym helps first time homebuyers achieve their dreams.
Buying a home is a dream for many, but for first-time home buyers, the process can be daunting. It’s important to understand the steps involved in becoming a homeowner, including the need for good credit. Mioym is a distressed asset private equity firm that helps first-time home buyers improve their credit so they can become homeowners.
Mioym has a proprietary technology that uncovers properties across the continental US coming to market at a 60% discount. Marc Cox of Mioym and his team, analyze these properties, rehabs them to bring value, and then looks to resell them to a first-time home buyer via the rent-to-own market. This way, first-time homebuyers can improve their credit and utilize their rent as a down payment.
Mioym affords first-time home buyers the advantage of potentially owning a home without having to worry about whether their credit is good enough. Marc Cox, who has help many first time buyes in the Mount Vernon area reviews how this process works and explains why Mioym is the future of first-time homeownership.
Marc Cox on Understanding the Importance of Credit
Marc Cox of Mioym understands that many first-time home buyers may have poor credit due to longstanding student debts and unforeseen circumstances, such as job loss, medical bills, or divorce. However, the first step to improving credit is to understand how it works.
Credit scores range from 300 to 850 and are based on a variety of factors, including payment history, credit utilization, collection accounts, and more. The higher a potential homebuyer’s credit score, the better their chances of getting approved for a mortgage.
Unfortunately, though, many young adults struggle with bad credit, leaving them excluded from the housing market. According to data released by TransUnion—one of the three leading credit bureaus—roughly 43% of Millennials are currently crippled by their sub-prime credit scores. Mioym helps bridge that gap by offering a 20% return on a 12-month hold.
Rebuilding Credit with Mioym
There are a few steps that anyone can take to improve their credit score. First, it’s always necessary to pay credit card bills on time. Late payments can have a negative effect on credit, so it’s important to keep track of due dates and ensure that all payments are made on time.
Additionally, by paying down any outstanding debt, hopeful homeowners can minimize their credit utilization. High credit utilization (the amount of available credit currently owed back) can also have a negative effect on a credit score.
Yet, for potential homeowners trapped in a system of poor credit, Mioym offers a unique solution. Through a rent-to-own model, they assist first-time home buyers improve their credit and build a strong financial profile. Marc Cox of Mioym refers these first-time homebuyers to an FHA-licensed mortgage professional who can help them better understand their options and put them on the path to successful homeownership.
What Homebuyers Can Expect
When potential homebuyers work with Mioym, they can expect a customized experience tailored to their unique needs. Marc Cox of Mioym and the team of professionals will review a potential homebuyer’s current credit situation and develop a plan to help them improve their score. This might include strategies like creating a budget to manage cash flow and debt or providing advice on how to reduce credit utilization.
Marc Cox of Mioym also offers the opportunity to take advantage of a rent-to-own model. This model works by giving potential homebuyers the opportunity to rent a property for a set period of time, and then apply the rent towards their down payment. This way, first-time homebuyers can repair their credit and work towards owning a home.
With Mioym, first-time homebuyers have access to a team of dedicated professionals. These experts guide potential homeowners through every step of the process, from analyzing the current market to finding the right property to helping them improve their credit score.
Final Thoughts
Marc Cox of Mioym is revolutionizing the process of homeownership by offering first-time homebuyers the opportunity to improve their credit and achieve their dreams of owning a home. Through their unique rent-to-own model, Mioym helps bridge the gap between potential homeowners and financial institutions, allowing them to access the housing market and start building a financial future.
By working closely with Marc Cox and Mioym, first-time homebuyers in the Mount Vernon area can take control of their credit, understand their options, and finally become homeowners.
