Is Rent to Own the same as Lease Option?
Yes, they are both the same. You rent or lease the property until you exercise your option to buy it.
How do I get started with the Rent to Own program?
To get started, click on the Rent to Own / Homes for Sale link in our menu to see the homes that are currently available. When you find a home you like, just complete the “Contact Us About This Property” form which is located at the top of every property listing page and usually within 24-48 hours, we will contact you to discuss what type of financing we can do for you as well as your desired terms.
There is no cost or obligation to you to start this process. We keep it simple, easy, hassle free, without cost or obligation and strictly confidential.
If one of our existing houses does not fit with what you are looking for then we can work with you to find another property that is available for sale on the open market.
How much money do I need to get started?
Once your application has been approved a small application fee is required. This fee will be put towards your option payment once a suitable house for you has been found. The option payment amount varies depending on the property type and location. The minimum option is 3-6% of the purchase price. That’s all it takes to start realizing your home ownership dreams!
Do I need to be employed?
Yes. You need to show employment to qualify, but our program also works for self-employed people.
Is my debt ratio too high? Just how much home can I afford?
The rule of thumb is that your house payment added to all your other monthly payments should not exceed 40% of the gross income (that’s income before tax) of you and your partner. You should add only monthly expenses with fixed payments such as cars, furniture, credit cards, mortgages, student loans, etc to arrive at that 40%. The figure should not include items like insurance, clothing, food, utilities, entertainment and so forth.
What if my credit is damaged?
Whatever your current situation, there’s probably a home loan that’s right for you.
No credit: We can help you build your credit.
Bad credit: Our Rent to Own program can help.
Unable to qualify for bank mortgage: We offer Seller Financing if you have the income and the cash to purchase your home.
How long is the Rent to Own program?
Most clients lease for between one to three years before they are ready to qualify for a bank mortgage, but we do our best to adapt the program to meet your needs.
What can I do to own my home as soon as possible?
We customize our program to address your unique situation, regardless if it’s poor credit, a low down payment, or both if both of these problems are standing in the way of your home ownership. Our credit counseling and down payment generation plans are here to help you own as fast as possible.
How is the final price of our home determined?
The price of your home is determined at the beginning of the process while we are discussing the terms of the Rent to Own program.
It is important to note that the final purchase price will not increase during the term of the lease-option.
Is the price of the house fixed?
Yes, it is. We sell you the house at a fair price established in our agreement. Then, as the home appreciates in value, you reap the rewards!
What happens if I am not able to come up with the full 5-10% down payment at the end of the term?
The program is set up so that you are able to qualify for a new mortgage including sufficient down payment by the end of the term.
Will I have to settle for a home that I do not love?
Our selection of beautiful properties is constantly changing. We will talk about the kind of home you want, the neighborhood you want to live in and your financial situation. Then we will start the process of getting you financed or finance you ourselves. If we don’t have a home for you now we’ll work hard to find what you need.
If you have any other questions, please use the contact button below.
