Who are we looking for?
- Do you own your own business and have a hard time qualifying for a mortgage?
- Short job history
- Recent Immigrant
- Declared bankruptcy or had a foreclosure in the past 5 years?
- Recent Divorce
- Do you have to rent but really want to own a house?
- Do you need help building or repairing your credit?
- Have you been keeping your savings under your mattress?
Essentially you are signing a lease agreement for a specified number of years and an option agreement to buy the home at a future date (when the lease is over). This is also known as a “lease purchase option”. The option agreement gives you the exclusive right to buy the property at a future date. The price will be set now.
You apply for the program and if selected you move into your dream home. You are responsible for the maintenance of the property and all utilities during the lease period. This is getting you ready for home ownership!
We treat you as a homeowner, not a renter and expect you to care for the property as your own home, since it will be in the future!
We will run a credit check and background check but bad credit will not necessarily disqualify you for the program. We are looking for work history and can help you clean up your credit and improve your credit score while living in the home. The background check cannot have any violent or drug related offenses.
No, the future purchase price is agreed upon at the time of the lease agreement. Price is based on future market rate including appreciation and inflation.
You will forfeit your option fee and any rent credits but you are released from the obligation of purchasing the property.
Yes we will guide you every step of the way. You can work with our preferred mortgage loan officer or hire your own. Our preferred Title and Escrow company will be used to transfer title and all other necessary documents.
RENT to OWN Program Requirements
You must meet the following requirements in order to participate in our tenant-buyer program
- Current on rent
- Current on all utilities
- No late payments in the last 12-month period
- No current lease violations or history of lease violations
- Property is kept in good condition for property inspections
- Positive feedback from your landlord, tenant has been friendly, communicative, responsive, timely, etc.
- Must be able to pay a $5,000 Option Fee
- Subscribe to Credit Repair Services & participate in quarterly check-ins, if necessary
- Renter’s Insurance is required
- Cannot be involved in an active lawsuit other than divorce, custody or auto accident
- Cannot have prior criminal convictions of violent or drug related felonies