HOMEOWNERSHIP

may be closer than you think

What is Rent-to-Own??

If you are looking to be done renting and soon become a homeowner, you have come to the right place. Our Rent-to-Own program gives people like you a chance at homeownership even before they are able to qualify for a conventional mortgage. A number of factors can cause the major lenders to deny a mortgage, including debt-to-income ratio, being self-employed, and less-than-stellar credit, among other things. When you purchase your house Rent-to-Own, you are able to live in the house for a while, get to know the neighborhood, all the while you are taking the steps necessary in order to be able to qualify and finalize the purchase.​

​We often use terms like "Rent-to-Own," "Lease Option," and "Rent-to-Buy" interchangeably, as they all refer to this method. Basically the way it works is that you would rent or lease the property for a period of time, called the "term" (the term is determined by the seller, and usually ranges from 12-36 months). At any point during that term, you have the exclusive option to purchase that property at the agreed-upon price, assuming your lease remains in good standing. There are many advantages to purchasing this way, as you can see below.

Consider some benefits of Rent-to-Own:

Low option consideration (less down payment)

You are able to live in the house, check out the area and house thoroughly before purchasing the house

Part of the monthly rent payment may be credited toward the purchase price, which can also be used to offset closing costs

Purchase price is agreed upon and locked in ahead of time

Live in the home while your income becomes documentable (self-employed).

You may be able to negotiate work for equity with the seller.

Less up-front qualifying restrictions

Appreciation of property value works in your favor since the purchase price has been agreed upon prior to taking possession of the property. Any build of equity between move in date and purchase date is yours when you exercise your purchase option!

Option fee is fully credited toward the purchase of the house.

Many past credit problems can be corrected or deleted from your report while living in the home

Frequently asked questions

Buying FAQs

How Does Your Financing Work?


We offer lease purchase rent where we can sell you the home without you having to qualify at a bank. We can lease you a home with the exclusive right to purchase it at a later date. Our buyers love it because it gives them time to save up for a larger down payment: time to clean up past credit problems, time to sell another home, and also time to try out the neighborhood before buying. We are obligated to sell to you, however you are not obligated to buy.




How Much Down Payment Do I Need?


We are very flexible with down payment. We can offer you many options and we will always do our best to work with whatever funds you have available. You can even start out on a lease purchase and then move to owner financing at a later date when you have the additional money.




What Methods Of Option Consideration / Down Payment Are Accepted?


Unlike most lending institutions, we accept borrowed funds for closing. If you have a close friend or relative willing to lend you money for your down payment you can use that in our programs. You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties. We also accept trades.




Do You Offer Down Payment Assistance Programs?


Sometimes. It all depends on your situation. A lot of times if you are a bit short on down payment we can set up a monthly payment plan spread out over 6-12 months. We also have some Handyman Special / Work For Equity homes where you can build large amounts of sweat equity that may be applied to your future down payment.




I Love The Home, What Is The Next Step?


Once you have seen the house and feel like it's a good fit, all we need is your application. You can even text it in for faster processing! We will then contact you within 24 hours once we verify income and employment. Please keep in mind that our homes sell quickly so time is of the essence.




How Can I Buy a Home When I Have Bad Credit?


You can't through conventional lenders, but you can with our help. Through our Lease Purchase Option, we can help you improve your credit over time. We are not extremely interested in your past credit status. Your ability to make reasonable monthly payments and your desire to be a homeowner are important to us. We work with fantastic mortgage brokers and banks who will help arrange a loan for you. It is absolutely critical that you pay your rent on time every month in order to get approved for a mortgage.




I am Renting Now.  How is This Different?


This is a way to help you get started toward BUYING your own home. Part of your rent payment goes towards the purchase. Instead of throwing your money away each month on rent and having nothing to show for it at the end of the year, with our Rent-To-Own program, each month approximately 10%-20% of your monthly payment is credited toward the purchase of the home.




Is the Price of the Home Determined and Fixed in Advance?


Yes. The price of the home is decided at the time you sign the Lease Agreement and is not affected by the local market conditions.




Is the Option Consideration / Down Payment Non-Refundable?


Yes! If you break the lease or don’t pay your rent, you forfeit all of your option consideration money.




Do I have to 'Qualify' for this Program and What are Your Qualifications?


Not in the usual sense of having to meet certain income and debt ratios, or achieving a certain credit score as would be necessary for most mortgage companies. Your credit and finances are not the restriction they would be with a conventional mortgage company. Although it actually makes sense to buy a home this way even if you could get conventional financing today, many of our buyers do have some issues that need some time to be resolved.

Here are our current qualifications:

  1. Gross income must be at least 3-4 times the rent
  2. Must have at least the minimum Option Consideration, unless otherwise specified
    in the ad
  3. Need to be at least 1 year removed from a foreclosure
  4. No evictions in the last 4 years
  5. Must have good references from previous landlords & current employers
  6. No prior criminal convictions of a violent or drug-related felony
  7. Cannot owe money for child support





 

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