How does rent to own work?

It's like buying a house because there is a down payment involved, but no qualifying, and then it's like renting because you have a set rent payment for a set term.

Do I have to qualify?

No there is no qualifying, we suggest that you check with a broker to see where your credit rating is at and what you would have to do to get "mortgage ready" for the end of the term

 Do I have to have good credit?

Less than perfect credit is OK!  Our program gives you time to improve your credit rating and get mortgage ready while living in your home like a homeowner.

How much is the down payment?

The down payments vary depending on the home. 

How much of my rent payment goes towards the mortgage?

When you are making mortgage payments a very small amount of your payment goes to paying down the principle, it almost all goes to interest.  When you are paying rent, it all goes to the Landlord.  With Rent to Own, a percentage per  month of your rent payment goes toward your down payment.

What is the purchase price?

Prices vary depending on the size of the property, the location of the unit and when you start your contract.  Your end price is guaranteed with the rent to own contract so you will know exactly what your price will be, no matter what happens to real estate prices.

What if I change my mind about buying?

The rent to own deposit is non refundable.  You would want to make sure this is the place you want to call home.  We understand that circumstances change, job moves, marital status etc.  With the rising price of realestate, should you opt out of your commitment you may be ale to find someone to take it over and possibly at a profit.

Do I pay the taxes?

Rent to own is RENT.  There are no other fees to pay.

Can I have pets?

With our rent to own program you can have pets like a homeowner.  However, you must comply with the regulations of the complex.

Can I paint and decorate?

As you are living like a homeowner you can paint and decorate.  Any improvements will simply add to the value of your home at the end.

What if I don't have enough down payment?

We have several suggestions, and you are not alone, this is a common problem.  With the rising cost of real estate it can feel like you have been left behind.  Here are some suggestions.

1) Take the amount you need for a rent to own deposit on the unit size of your choice.  Subtract from that amount the savings you have on hand.  Divide the balance by 12.  Is it possible to put that amount away every month for a year to own your own home

2) Is there any family members that would help you out with a loan or a gift?  What better way for family to help family than to help someone into a home for their family.  Age is not really a factor here, the fact is, almost everyone needs help with their first home.