Are you able to afford a home and make the monthly payments, but you have been turned down for a mortgage loan?
Rest assured, you are not alone! Unfortunately, more and more Americans cannot qualify today for traditional financing as lending requirements become more stringent. Home prices continue to skyrocket, and increasing rent prices are making it difficult for buyers to save enough for a down payment while they continue to rent. Our Rent to Own program allows you to lock in your purchase price today to avoid being priced out of the market when you are ready to buy.
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, we are looking for a commitment from you to diligently work with us to convert you from a home renter to a home buyer before the end of your lease term.
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 would not be fair for us to put you into a home and have you make rent payments if we know you would not qualify for a mortgage before the end of your rental period.
What expenses can I expect to pay?
A down payment of 3-10% of the purchase price is required prior to move-in, and that down payment will be fully credited to your purchase price at closing.
Beyond this, you will make regular monthly rent payments and cover the usual costs associated with home ownership.
Do my rental payments count towards my house payment?
No they do not because this leads to issues later on when you are getting your mortgage, and we want to put you in the best position to qualify. However, please consider you are already making rent payments somewhere else with no option to secure the home you want today.
What if I don't qualify for my mortgage loan after my lease period ends?
This rarely happens, and most times it is due to a life event- a job relocation, divorce, etc.
We have set ourselves apart from others in this space because we prequalify you with a local mortgage expert and credit repair and enhancement company before we accept you into our Rent to Own program. We want you to be confident that you will make it to the finish line of owning your own home as long as you stick to the plan and put in the work.
In the unlikely event this does occur, we may be able to extend your rental period if we are confident you will qualify for a mortgage loan with a little more time.
How long is the average rental period?
The length of the rental period is customized to you, and is based on how much time our third party credit consulting agency and mortgage loan expert tell us you will need before you will be in a position to qualify for a mortgage. That said, most buyers are able to qualify for a mortgage in 12-24 months on average.
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 individuals who are willing to stick to a plan and invest the time and energy needed to put themselves in a position to qualify for a mortgage.
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 needs to be fixed.