Rent to own explained
With Primary Choice Homes, our rent to own program is designed to help future homeowners work on credit repair and work towards getting your own mortgage. During this time the value in your house or condo increases throughout the rental period. The rent to own term is usually one to three years. During this time a financial plan will be followed to allow you to get financing for the purchase of your future home. It is the financial plan that allows us to bridge the gap to homeownership for people with less than perfect credit.
Rent to own qualifications
The minimum qualifications to enter into a rent to own term are a small down payment of 2.5 to 5% of the home purchase price, and a combined gross income of $40,000. Less than perfect credit or bad credit is not an immediate disqualification. If you need to improve credit we can work on a financial plan to improve and establish credit so that one day you can get your own mortgage.
Credit repair during the rent to own term
At the beginning of the rent to own term we will make a financial plan to repair credit. We will execute this plan over the 1-3 year term in preparations for the day that you get your own home financing. Our credit specialists will work closely with you on a tailor made plan to ensure that you will be able to buy when the renting term is complete. Working with Primary Choice Homes is partly an educational process. We work with you to ensure that you learn everything you need to know to be a homeowner.
Financing a rent to own
When you enter into a rent to own term with us, the initial down payment and a portion of the monthly rent will be applied to the final financing for the property. This way we can build up a sufficient down payment for financing a home while you are living in the property you intend to purchase. We also work on credit repair at the same time. A legally binding agreement will protect your investment and allow you to work on strengthening your mortgage application over this term. You then can make the rental property into a place you can call home. You can also agree to take on maintenance and upgrades of the property which can add equity for your future home.
Rent to own in the Kootenays
Primary Choice Homes began helping people with rent to own properties mainly in Nelson BC. We now have expanded to cover all of the Kootenays. We currently work in Grand Forks BC through locations such as Trail, Castlegar, and up to Nakusp, and going East towards Cranbrook and Sparwood. Your location may not be mentioned here but if you are in the Kootenays area we can be of service to you for rent to own properties.