Q: What is a rent credit and how does it work?
A: A portion of your monthly lease payment will be credited towards the purchase price or down payment of the home when the purchase is made. Monthly rent credits typically average $200 - $500 per month. For example, if your monthly payment is $1,700 and the rent credit is set at $300 you will have earned $3,600 in rent credits at the end of the year.
Q: How Do I Qualify For A Rent to Own Home?
A: One of the main qualifications is a sincere DESIRE to own your own home. We can help you with that goal with our rent to own program. A standard rental application is filled out and reviewed. You may also want to discuss this commitment with our mortgage advisor to get a clear plan on what it will take to position yourself for a mortgage at the end of the lease term.
This may entail correcting credit issues, pay off bills, save for down payment, etc...
Q: What Do I Have To Pay To Move Into A Rent to Own Home?
A: The Option Deposit and first month's rent are required prior to move-in. This payment must be in certified funds. Monthly lease payments thereafter are due each month by check or money order.
Q: How Long Do I Have Before I Have To Close On The Home?
A: Each home we offer has a different set of parameters. Our usual rent to own term is 1 year with the option to extend an additional year, but we can offer extended terms for most homes, if necessary.
Q: What happens if I cannot purchase the home at the end of the lease term?
A: We will have a mortgage professional review your personal situation to determine how long it will take to qualify for a mortgage to purchase the home and match the terms of the agreement to this timeline. If you are unable to purchase at the end of the lease term you can assign the agreement to another party or sell the home and keep any proceeds over the contract price. That's right, since you control the home you can sell it!
Q: Do I have to wait until the end of the lease term to purchase the home?
A: You can exercise the option to purchase at any time. You do not have to wait until the lease termination.
Q: What Type of Homes Do You Have Available As A Rent to Own?
A: We usually have several homes or condos to choose from that are posted on our web site. They are always homes in good neighborhoods with assorted amenities. If there is not one that meets your needs, we can document the type, location and price of home you are looking for and contact you when one similar becomes available.
Q: I Am Currently Facing Foreclosure, Can I Still Rent to Own a Home?
A: Absolutely! I recommend we list your current home for sale as soon as possible and work with the bank on acceptable offers. If we can prevent the actual foreclosure it will increase your chances of qualifying for a mortgage sooner than later.
Q: Who Have You Rent to Own Homes to in The Past?
A: Our rent to own buyers have “something” standing in their way to prevent them from purchasing a home today. Those issues vary…they may be saving for a down payment, credit issues, need time to increase their credit score to get a lower interest rate, time on the job, or may just need to sell a home in another area.