- Our Rent-to-Own-Program allows you to rent the home with the “Option to Purchase” it in the future.
- The process can take 2-3 years depending on your individual financial circumstances.
- Our credit team develops an ACTION PLAN with you – clearly outlining what you need to do for the bank to say YES to your future mortgage qualification.
- You are now “renting to own” the home with an option to purchase the property in the future.
- During that time, two things are normally happening – you are saving your down payment and working on improving credit.
- Two contracts are involved:
- A standard Rental Lease contract
- An Option to Purchase contract
- We agree to the monthly rent, term, initial down payment and additional monies paid monthly called “Monthly Option Credits.”
- An “Initial Deposit” is required before you move into the home. 100% of these funds will be applied towards the purchase price of your home.
- Every month in addition to your rent, you pay an amount called a “Monthly Option Credit” This amount is added to your initial down payment, and 100% of these payments accumulate towards your future bank down payment.
- You can quickly accumulate a significant portion of your future down payment.
- Make consistent and timely payments to exercise your “Option to Purchase”.
- Our expert credit specialists will review your progress towards mortgage qualification to ensure that you remain on track.
- Learn more about how the Rent-Own-Program works.