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How It Works

Our Rent-To-Own Process

Learn about our easy process

How

How Rent-To-Own Works

  • If you have credit issues, we can help!
  • Is a great way to get into a home if for whatever reason you can’t qualify for a loan at the present time.
  • Can give you time to improve your credit score if need be.
  • Allows for several ways of being approved for a mortgage; to get the best financing.
  • Locks-in a future purchase price.
  • Move-in time is really fast; possibly a matter of a few days!
Concept

What Is the Rent-To-Own/Lease-To-Own Concept?

Many people desire to own a home. Buying a home can be very difficult for some people. For people who do not qualify for a home loan, there is the option of exploring rent-to-own home deals. Lease-to-own home deals are a great option for buyers who want to own their own property but because of credit issues or lack of a down payment they cannot go the loan route at the present time but possibly can within a couple of years.

Most people do not have enough money saved to pay the full price of the property when it is purchased. Those people can still own property by taking out a loan with a mortgage lender. The ability to get a loan is based on employment history, income, credit rating, the amount of assets and the amount of debts a person has acquired. If getting a mortgage loan is not an option at the present time, that person can contact companies or current homeowners who are interested in renting the home with the intention of selling it to the tenant; otherwise known as, a “rent-to­-own” transaction.

When you decide to rent-to-own a home, the lease contract will state the purchase price of the home, and confirm that the homeowner does intend on selling the home to you at the end of the lease, or sooner. The term/length of the lease will also be included in the contract.

Unlike a traditional Landlord-Renter relationship, in this situation you will be responsible for covering all repairs to the home that come up during the lease term. However, certain major repairs may be covered by homeowner’s insurance. Since there is the intent to buy the home, the Tenant/Buyer handles any repairs and covers the costs.

At the time of signing the rent-to-own contract, a down payment is required with the amount of being based on the sale/purchase price. The homeowner decides if the down payment must be paid in full up-front, or if a portion of it can be paid through our Down-Payment Assistance Program. The down payment insures the Tenant/Buyer’s option to purchase the home, within the term of the lease. Additionally, the Tenant/Buyer should not only clarify all of the terms of the lease, but also those regarding any other miscellaneous fees or payments that will be owed upfront and/or during the lease term; and, which payments, like the down payment, are nonrefundable.

Renting to own is a great option to explore if you want to begin the home-ownership process prior to actually buying the house. It can give you time to improve your credit score if need be. Also, if you do not have a stable employment history, it will give you more time to remain with a certain employer and to have a more stable income base by the time the mortgage lenders consider your application.

Signing a rent-to-own a home lease is not a good option if you are not ready to be a homeowner. If you are not sure that you will want the home by the end of the lease term, you should continue looking for other houses or sign a traditional rental agreement.

Rent-to-own home deals are being asked for by more people, and is a great way to get into a home for people who for whatever reason can’t qualify for a loan at the present time.

How

How Do Lease Options Work?

Rent option home deals work on the basic principle that the buyer and seller agree to a qualified Tenant/Buyer leasing the Property for a specific period of time and then having the option of buying it for a predetermined price. This gives the buyer the breathing space they may need to adequately prepare themselves to qualify for a loan; for the purchase.

Before you actually buy/close on the home, you not only have time and our help to improve your credit (which we will help you with for free), be at your job longer, and save more money, but also allows for several ways of being approved for a mortgage; to get the best financing available.

As the Tenant/Buyer, be sure to apply for a loan on time. The minimum time you should allow for is 45 days prior to the lease expiration date. Get these formalities sorted out early so that you are ready to close on the home if you have decided to buy.

This is only a brief description of the process. The person that you buy from will have more information on the process. And, if you have other question you can always contact us or consult with a lawyer. Overall, rent-options are a great way for a buyer to get into their dream home now without having good credit and/or a large down payment.

Frequently Asked Questions

FAQ

What if my credit score is REALLY bad?

Listen, it doesn’t matter what anyone has told you in the past. If you have credit issues (judgment, liens, tax problems, etc.) divorced, or even filed bankruptcy, we can help!

We have an amazing rent-to-own program that can possibly get you in the door of your new home real soon, no matter what your current or past credit situation has been.

We work with anyone who truly wants to own a home. We don’t care if you have present and/or past credit issues! Where a lender may deny you on the spot, our rent-to-own a home program is easier (and definitely much more profitable) than simply renting a home or an apartment!

FAQ

Who’s responsible for damages and maintenance?

Well, since this is to be your home some day, you are responsible. But and again, if something major happens, homeowner’s insurance may come into play. But, most maintenance/damage repairs are your liability/responsibility.

FAQ

Where do my monthly payments go?

Well, since this is to be your home some day, you are responsible. But and again, if something major happens, homeowner’s insurance may come into play. But, most maintenance/damage repairs are your liability/responsibility.

FAQ

Where does my down payment go?

The down-payment amount that you pay to the owner at the time of entering into the Rental/Lease Agreement, is the consideration that you pay for entering into both a Real Estate Purchase Agreement along with the Option to Purchase Agreement, both of which assure you the right to purchase the house by a designated date in the future, and for a specified amount.

If you choose to exercise your option to purchase, at the time of the closing on that purchase 100% of the down payment amount will be credited toward the previously agreed upon purchase price.

If for some reason that is attributable to you your purchase does not happen, the down payment is non-refundable.

FAQ

What if I don’t have enough for a down payment?

We have a Down-Payment Assistance Program that you may qualify for participation.

FAQ

What is the final purchase price?

The home’s final purchase price will be locked in from the start, so no surprises and no hidden costs. You see and know everything before you sign anything.

FAQ

You Keep the Value You Add to the Home!

If you want to make improvements to your future home go ahead. This will only increase its value and it’s yours to keep when you purchase the home. So you can landscape, paint, upgrade, and even add on to the house. It not only will increase the value of your home, but will also make it easier to finance, as the appraisal value will increase. It will all be yours and will do nothing but increase what your future home is worth!

FAQ

Who pays the taxes?

You do.

FAQ

How Soon Can I Move In?

Move in time is really fast; possibly a matter of a few days! With a loan/mortgage, it will take much longer from the time the offer was made and accepted.

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