Lease To Own

How Does Your Rent To Own Program Work?

You choose the home that you would like to buy based on your affordability and an investor buys the home on your behalf.  You rent the home but a portion of your payments are credited towards your future purchase of the home. 

What if I have poor credit?

This program is designed to help people who have challenges qualifying for a traditional mortgage.  So even if you have a bankruptcy in your past, we may still be able to help you on your path to become a homeowner.  Part of the program involves coaching on repairing your credit.  Our goal is to ensure you end up buying the house and so we help you in your credit repair process.

Do I need a down payment?

Yes.  The more you put down, the less your monthly payments tend to be.  One of the goals of the program is to ensure that you save for a down payment so you can qualify to buy the house at a future date.  Down payments can range anywhere from 3% to 10% depending on your situation.  We do things on a case by case basis and will look at your situation to find a suitable solution.

Who is responsible for the upkeep of the property?

You are.  All minor repairs that come up are your responsibility, just as if it was your home.  Please add this consideration to your monthly budget. 

What happens if I am unable to make my monthly payment?

You are required to honor your monthly commitments just like in any other situation, however, if you default on your commitment, the option monies paid (this includes your down payment) is forfeited.  We want to make sure we work with people who are serious about becoming homeowners and part of this is being able to honor monthly obligations.  Please make sure you are committed to becoming a homeowner and read the entire agreement, as well as consult with an attorney.

What about property Taxes and Insurance?

We pay the property taxes and the real property insurance, as they are included in your monthly payment. However, you are required to purchase a resident insurance policy to cover your contents inside the home.

Who pays for Utilities?

You will be responsible for the utilities and upkeep on your new home.

Can we buy a new home as well as a re-sale?

So long as you can afford the monthly payments and the home is approved by an inspection, the answer is yes.

What happens if I do not want to buy the house at the end of the lease?

If you walk away from the lease, you will lose all the monies you have paid into the home (monthly credits + down payment).  However, if you require more time to deal with credit issues, we can extend your lease term and work out a solution based on the situation.