What are the minimum qualifications for our Rent-To-Own program?
We require an up-front down payment that will be applied against the purchase price when you do eventually close on the property. Generally, your down payment will be between 3-10% of the purchase price, depending on the home and your personal situation. Other than that, a commitment to diligently work with us to convert you from a home renter to a home buyer by the end of the lease term is the most important qualification. A poor credit score will NOT disqualify you from our program, so don’t hesitate to consult with us.
Can I still do your Rent-To-Own program if I don't qualify?
No, unfortunately not. It wouldn’t be fair for us to put you into a home and have you make rent payments if we know you won’t qualify to buy at the end of the rental period.
Do I have to pay any fees or commission?
Since we aren’t real estate agents, we don’t charge any commissions or other fees. But, as with anyone who buys a home, you are required to put 3-10% down, which will be fully credited to your final purchase price at closing. Beyond this, you’ll make regular monthly rent payments and cover the usual costs associated with homeownership.
Do my rental payments count towards my house payment?
No, they do not. Though, consider it this way — you’re already making rent payments somewhere. At least with a rent-to-own home, you know that these payments will pay off down the line and help you secure the home you want today.
What if I don't qualify for my mortgage loan after my lease period ends?
This rarely happens because we don’t accept people into the program unless we’re 99.99% sure they’ll qualify for a mortgage loan after the lease period. In the unlikely event that this occurs, we may be able to extend your lease if we’re confident you need a little more time to qualify for a mortgage loan.
How long is the average rental period?
The length of the rental period is based on evaluation from our third-party credit consulting agency and mortgage consultant. But usually, we can bring you to a point where you can qualify to purchase after 12-24 months.
Who is the Rent-To-Own program for?
This program is for anyone that wants to buy a home, but can’t qualify for a mortgage loan today. Most importantly, this program is for people who are willing to invest the time and energy to get their credit on track so they can qualify for a loan to become buyers. Alternatively, this program is perfect for someone who can qualify for a loan today, but just wants an extra year or two to save for a down payment, get better loan terms, or needs “seasoning” in the eyes of the lender.
Who ISN'T the Rent-To-Own program for?
This program is not for anyone who wants an overnight miracle or is unwilling to put in the time and effort to fix what’s broken.