Rent To Own

 

 

 

With a home purchase program like this, you can rent a very nice house while putting away a significant amount of money to buy it!   

   

 

• Gives you time to fix or establish your credit!
• $100/mth credit toward the home purchase! (Rent payment must be received timely.) 
•  Your entire down payment applies toward the home purchase! (Not including 1^st month’s rent.) 
• Up to a $100/mth BONUS credit toward the home purchase! (We will match any money you send over your monthly rent toward the purchase.  $100/month limit.) 

 

 

A: In a Lease Option purchase, there are actually two agreements. The first is a standard "Lease" or rental agreement. The second is a purchase "Option" agreement, which gives you, the purchaser, the exclusive right to purchase the property within a given time period for a given price. So when a seller sells a property on a Lease Option, they no longer have the ability to sell that property to anybody else during the Option term.

 

 

 

A:  You will simply put down some money up front that will go toward the purchase if you buy.  There is a set price that you can buy the house for at any point over the lease term, 18 or 24 months, whichever you choose.  You have the option to buy or not, it is up to you; however you do lose the money you put down if you are unable to obtain the financing to buy before your lease period ends. 

 

 

 

A:  Initially you will put some money down.  Some of this money down will be first month’s rent which is not applied to the purchase price.  The remainder of the money down (Option Fee) will be applied toward the purchase price if you buy.  

 

 

Here are a few extras you can get:

 

 

 

*Credits earned are forfeited if you fail to exercise your option to buy.   

 

 

 

A: Like any purchase, if you are unable to fulfill your agreement you will need to return possession of the property.  You will either cooperate in the return or the seller will take legal action to have you removed from the property.  You will be responsible for the money owed to complete the lease.  You lose your 'Option Fee' and any additional monies you pay above your monthly rent payment will NOT be refunded if you default upon the lease.  Also, any credits earned are forfeited. 

 

 

 

 

A: Minimum cash out of pocket: You will put less down than if you purchased the home conventionally.  

A: More time: Time to repair credit history.  Time to check out the neighborhood, schools, churches, shopping, health care facilities, recreation, etc.

A: More equity: Your down payment (Option Fee) will be applied toward the purchase.  Plus you have the chance to earn credits which will be applied toward the purchase if you buy.

A: No bank qualifying: The criteria for approval are not governed by strict bank guidelines.  Credit glitches and problems are often OK.  And while a recent bankruptcy or foreclosure would almost certainly remove any chance of a conventional purchase with bank financing, you can still get approved within our program.   

A: Quick move in time:  You can typically take possession of your new home in a week or less, instead of conventionally whereas you will often have to wait several months.

A: Minimum maintenance: You will have some maintenance responsibilities, such as lawn and landscape upkeep, snow removal, etc; however, most other maintenance will be the responsibility of the owner.  

A: Privacy: Your name will not appear on the deed or public records until you exercise your option to buy.

 

 

 

 

A: Homeowners are wealthier than renters - by an enormous margin - according to the 2003 State of the Nation's Housing report from Harvard University's Joint Center for Housing Studies. At the end of 2001, the median household net worth (the difference between what you own and what you owe) of homeowners was $171,800 compared to only $4,810 for renters. Home equity accounted for the huge disparity in household net worth.

 

 

 

 

A: Please drive by the homes that interest you.  Next, we will setup a time for you to view the home’s interior.  Then, you may complete an application.  CLICK HERE to download a copy of the application.  Applications generally take 2-3 business days to process.