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Client First
Rent to own ( aka lease to own) is a process of a client renting a property with the option to purchase at the end of a predetermined period.
Rent to own ( aka lease to own) is a process of a client renting a property with the option to purchase at the end of a predetermined period.
In a rent to own scenario, the client has a reason they're unable to obtain financing at the current time.
In a rent to own scenario, the client has a reason they're unable to obtain financing at the current time.
- Through our application, professional mortgage brokers on our team create a custom action plan for you. We explain the steps to follow to strengthen areas of down payment saved and credit score. The length of the lease is 2-4 years. Actual time will be dependent on the specific situation of the client.
- If you are a great fit for our rent to own program we will discuss your needs for a home and the monthly payments you are comfortable with. We want you to succeed in being a home owner and will not put you in a situation that will jeopardize that. We will determine the rent payments which are fixed over the lease. Monthly option credits will also be paid every month, which go back to you 100% at the end of lease for credit to your down payment. We also agree on the price that we will sell the home to you at.
- We now have a purchase price established that you can shop for with a Realtor on our team. They will work with you to find the best place to fit your needs at the best purchase price possible.
4. An Investor will purchase the home up front. You will move in and start the journey towards home ownership. You can treat the home as your own. Any increase in value through market appreciation and home improvements directly benefit you. You will also continue to improve your financial situation though exercising the action plan designed for you. An introduction to a professional credit coach on our team will help you have all the tools needed to succeed.
5. Nearing the end of the lease, if you decide to exercise your option to purchase, our team will submit documents for you to obtain your own mortgage and transfer ownership of the home to you. We will credit back your initial down payment along with the monthly option credits. This will be used for your down payment.
- A Rent to Own can work as an automatic savings plan towards your future purchase while giving you time to repair or establish your credit rating and establish a sufficient employment history during the term.
- With a Rent to Own you benefit today by living in the home of your choice that you plan to purchase and you can sleep at night knowing that you have put a solid plan in place for your family.
Q: Is a down payment required?
A: Yes a down payment is required. The amount will depend on the price of the property along with your specific situation. Higher the down payment equals lower monthly option credits required.
Q: Do my payments change during the lease?
A: No, the monthly rent and option credit payments are determined at the start of the program. You do not have to worry about rental increases.
Q: I have poor credit, is this program for me?
A: Yes, we help you improve your credit so that you can obtain financing at the end of the lease.
Q: Who pays the property taxes?
A: The investor pays the property taxes and the home insurance during the lease. The client is responsible for maintenance costs and carrying contents insurance.
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