Frequently Asked Questions

How do I qualify for this program?

1. Your monthly rent and future purchase payment amounts, plus any car or other ongoing payments, do not exceed more than 40% of your family’s monthly GROSS income.
2. You have or nearly have the 2% future purchase payment amount (see below)
3. You fill out the online application thoroughly and honestly
4. Your application is successful if you meet our criteria (since we are not like the banks, we have more reasonable criteria for you to qualify)
5. We meet and answer any questions
6. You decide if you want to pursue the next steps to get into your dream home and let us know

How expensive of a home can I buy?

If you have a little money saved up for the option fee (like a small down payment) and sufficient combined household income, you will be able to choose one of our Preferred Dream Homes.

Example of a three year rent-to-own plan:
You select a home that costs $120,000.

You must pay an option fee, up front, of $2,400 (2% of the final purchase price).

You will then make monthly payments of $1,367, of which $367 will be a rent credit.

The option fee and the rent credit will be used to cover your down payment and closing costs when you buy the home in 3 years. No additional funds will be required!

How much of a down payment do I need?

We are looking for at least 2%. ($2,000.00 for every $100,000.00 cost of a home)

The larger your down payment the lower your monthly “future purchase” payment amount will need to be with the bank. See below for options for down payment sources.

How do I know if I have enough income to afford the monthly payment?

To make sure this is successful for you we will want to make sure your monthly rent and future purchase payment amounts plus any car or other ongoing payments do not exceed more than 40% of your monthly GROSS income.

 

Also consider an option to find a home with a room or suite you can rent out to assist with payments.

What are my options if I don’t have the down payment but can afford the monthly payments?

• Save it and contact us when you have it.
• Sell off one or more of your toys, vehicles, etc.
• If you almost have it, offer something as collateral for the rest.
• Consider asking friends or family members if they can lend you the down payment.
• Or perhaps your friends or family members are interested in investing in your home through our RTO investor program.

If I am new to the Country or if I am self-employed can I still Rent-2-Buy and Own?

Our “Rent-2-Buy and Own” program is perfect for new immigrants or self-employed individuals who can’t get bank financing.

Can I still qualify with bad credit?

Yes you can. We have an amazing Credit Coaching Program. As long as you are willing, our team of qualified experts will work with you to get your credit back on track.

Does a portion of my monthly rent go towards the purchase price?

Yes, along with your monthly rent there is a “future purchase” payment amount. This works like a forced savings account and the money will go towards your mortgage down payment and legal/closing costs when it’s time to purchase the home.

Does my down payment go towards the purchase price?

YES, 100% of your down payment goes towards purchasing the home in the future.

How is my future purchase price determined?

Your purchase price will be near fair market value at the time you purchase your home. Your end price is set at the time of our agreement and guaranteed in your “Rent-2-Buy and Own” contract so you will know exactly what your purchase price will be even if home pricing rise to higher levels.

How long do I have before I must purchase the home?

12, 24, 36 months, depending upon what length of time or term we agree to. If needed, we also offer 48 and 60 months as well. 

What do we do when the rent or lease term ends?

Depending upon what term we agreed to, we will have worked with you to help you fix your credit rating along the way. We also will have saved your initial down payment money and your “future purchase” monthly payment amounts. This will go towards a new mortgage and legal closing costs and along with your repaired credit rating you should be ready to qualify for financing and purchase the home from us! We then show the bank your history of paying rent on time every month during the term along with your improved credit score and they should view you as a qualified borrower.

Who pays the mortgage, property taxes, insurance, and condo fees?

We do since this is included in your monthly rent payments.

Am I responsible for the utilities?

Yes this includes heat, electricity, cable, phone, internet and personal contents insurance just as you would rent or owning any home.

Can I paint the walls?

Yes minor upgrades are generally permitted to increase the value of the home. Remember you are not yet the owner so any repairs must be agreed to between yourself and us as the current owners.

Am I allowed children and pets?

Absolutely, yes and yes. We very much want to help families along with anyone else who qualifies for our program.

What if I have a bankruptcy in my financial history?

If the bankruptcy is discharged, we will work with you to help you regain your credit through our Credit Coaching Program and thereby help you qualify for a mortgage.

What if I just changed jobs?

As long as you demonstrate a history of commitment to being employed and can keep up the monthly payments this is OK.

Who pays for home repairs while we are renting?

Since this will be your home at the end of the agreement or term, once you move in you are responsible for all appliance repairs as well as home repairs under $1,000.00. Before we make any final decision on a house, we will have a home inspector complete a full inspection with you present.