Rent to Own Program
What is Rent to Own?
Rent to Own is a program designed to help people own a home when they can't qualify for a mortgage. This may be due to a lack of credit history, a low credit score, self-employment, or insufficient money for a down payment. The program allows you to improve your credit score, and build a down payment all while living in the home you have chosen. Once you are able to qualify for a mortgage, you have the option to purchase the property at the predetermined price. A portion of your rent will go towards your option consideration which will be converted into your down payment at the end of your term when you choose to purchase the property.
How does it work?
The strategy we use to help renters become home owners is very simple.
- We Prequalify you for the program.
Your successful completion of the program is important to us, so only Prequalified applicants will be admitted into the program. - You get introduced to our credit team.
The credit team will discuss your current situation with you, and develop a plan to get your credit where it needs to be. - You go house shopping.
We will set you up with our realtor to help you find the house you wish to make a home. Once you have found the house we will purchase the property for you. - Move into your new home.
You will rent the property for the period of time determined by you and the credit team in step 2. - You purchase the property.
Once you have repaired/built your credit to the point where you can qualify for a mortgage, you have the option to purchase the property.
CONGRATULATIONS ON YOUR NEW HOME!!!
What are the advantages?
Here are some of the advantages you will enjoy with our Rent to Own program:
- You start living in the house that you’ve chosen to be your home immediately.
- Part of your monthly rent goes toward your option consideration, which turns into your down payment when you exercise your right to buy.
- You don't pay any property taxes or strata fees until you purchase.
- You are not responsible for any major repairs.
- You can treat the property like your own and make small changes as you see fit (such as painting, replacing carpets/floors, or building an outdoor living space with a hot tub).
- The purchase price of the property will remain fixed during the program, so you will be protected from, and may even benefit from the house appreciating while you are renting and building your credit.
What are the next steps?
If you are interested in our Rent to Own program please fill out the application form, and we will be in touch within 48 ours to discuss all your options.
