Introducing America's Most Flexible

Home Trade in Program

New Century will accept your equity in your existing homes in trade for all or part of the price of a New Century home.

If you would like to trade your present home for a new home, New Century will take homes in trade any place in the United States or Canada, provided that the following procedure is strictly adhered to:

1. Obtain, at your cost, an independent appraisal of your home, that indicates the current market value that would be paid by a buyer in today's market. The a appraiser must be a Certified Appraiser who is registered with one of the major appraisal organizations.

2. If New Century feels that your appraisal is too high, then New Century may, at its sole option order an appraisal of its own, or may, at its sole option, decline to complete the exchange with you.

3. New Century will, upon acceptance of the appraisal obtained by you, or, upon receipt of the appraisal ordered by New Century, and upon inspection of your current home, give you credit for your equity in your current home based on the following formulas:

• New Century will deduct from your equity, an amount equal to Five Percent (5%) of the appraised value, to cover the exchange fee for accepting your home in trade

• New Century will also deduct from your equity, an amount equal to the estimated cost of bringing your home into a condition where it is marketable. This means that if your home needs new paint, or a new roof, of new carpets, etc., in order to bring your home up to the standards that are necessary to market your home, we will deduct the costs involved from your equity. This includes both the interior and the exterior of your home, as well as your yard, patio, and garage.

• Whatever balance of your equity is left will be applied toward the purchase price of your New Century home.

4. New Century may, or may not, pay off your existing mortgage(s), at their sole option, however, we will inform your mortgage company of the change in status.

5. If New Century elects to not pay off your existing mortgage on your current home, then New Century will make what payments are necessary to keep the existing mortgage(s) current.

6. In the case of New Century building a new home as a part of the exchange, then the title to your current home must be placed in escrow prior to the date that New Century begins construction on your new home. This eliminates the potential problem of New Century building a home and you deciding not to complete the exchange. The exchange agreement must be completely settled before New Century will begin construction.

7. You may continue to live in your current home during the construction period. You will be responsible for keeping all mortgage payments, taxes, and other costs and expenses current during this time. These payments will be construed to be the rent.

8. Should you elect to not complete the transaction by accepting your new home, then New Century will sell your old home back to you for a fee of Six Percent (6%) of the value of the appraisal that you obtained.

9. Our "Home Equity Exchange Program" may be used in conjunction with our "Work for Your Down Payment Program." or any of our other purchase programs

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