Is rent to own new?

No, rent to own housing is not a new concept. People have used this approach to buy real estate for years. It becomes more popular during times of stricter mortgage approvals.

How long does the process take?

On average it takes 2-3months to get you into your new home and 1-3 years until you own it.

Do I need a minimum income to qualify?

Yes. The minimum combined income is $40,000.00

What if my credit is bad?

Our program is ideal for those with poor credit but wanting to get into their own home now. We will help you improve your credit with a plan designed for you by our credit specialists. We work very closely with you and our credit specialists to ensure you have a home you will be able to afford to buy when your rental term is up. Our goal is to have you be able to afford to buy the home once your rental term is up.

I am on disability. Can I still qualify?

Yes. You can qualify for our program as long as you are on permanent disability and your family’s combined annual gross income is at least $40,000.00

I am self-employed. Can I still qualify?

Yes.  The mortgage specialists that we work with are very familiar with individuals that are self-employed.

Who chooses the Rent-to-Own homes?

You do. Once you are qualified for our rent to own program you can work with one of our real estate professionals to find the home you want.

Are there any criteria for the type of house I should be looking for?

The house should not be too rural or specialized. We stick to major cities with a population of at least 5,000 in a good neighborhood with good schools and where property values steadily increase.

How much down payment do I need?

Typically you will need 2.5-5%.  When you buy the house, this amount gets credited towards your down payment.

What other costs will there be?

Once you have qualified there will be a $500 deposit before you start looking for your new home.  Once you have found your home, you will be required to get a home inspection (approximately $300) and provide the remainder of the down payment (typically 2.5-5% of the purchase price).  Before moving in, you will be required to provide first and last months rent.  Every month you pay your rent on time, we will credit part of that rent towards your down payment.

How much will the rent be?

The amount of rent will be very similar to market rent for your type of home, plus a small amount which will then be credited towards your down payment every month you pay on time.

Who pays the taxes and property insurance on the home?

We will be responsible for paying the taxes and property insurance until you purchase the home.

Will I need tenant insurance?

Yes. You will need contents/tenant insurance to cover the possessions inside the home.

Do I need a lawyer?

The contracts that we use have been reviewed by our lawyers and other lawyers numerous times. We will go through the paperwork and explain it to you in great detail. However we do recommend that you seek independent legal advice to ensure that you understand everything that you are signing. We will provide you with time to review the contracts with your lawyer prior to signing them.

Can I renovate the home?

Yes. We want you to feel comfortable in your new home. However, there are a few restrictions. Please contact us prior to doing any work. Any improvements that you make on your home will increase the value above and beyond your final price. This increase in the home’s value is yours to keep because your price is locked in.