Rent to Own Info
We offer a Rent to Own (RtO) Program on many of our Properties. Our program is designed to help responsible buyers gain home ownership even though they cannot yet qualify for a home mortgage.
Our program is designed for someone who is serious about home ownership and is ready to do the work to make the needed credit repairs in order to qualify for a home mortgage.
Our RtO program is not a long term rental or owner financing program. Our lease is 2 to 4 months depending on the clients credit history and their ability to do repairs.
1. Your debt to income must be such as to qualify you for a mortgage for the home you are applying for. Future income such as disability settlements, future job raises, lawsuits, under the table income etc. will not be considered as quailing income. Tax refunds are considered your resources and can be used as a down payment if refund is received during the purchase period.
2. Every FHA Financed home requires a 3.5% down payment, once you have the down payment required for purchase you must place it into an escrow account. Your Rent to own down payment will be applied to this to the 3.5 %
3. You must have qualifying job history.
4. Your credit should be in the 570-600 range and repairable within 2-4 months and you must be committed to following the program we develop for you. Your repairs must be made as soon as possible. Some repairs may need to be made before Lease signing. The work out plan (that we will help you develop) must be agreed to before the lease signing. You cannot use a credit repair company in our program.
5. If you have no established credit, we help you develop a credit establishing program. This program must be in place before lease signing.
6. We will pull your credit report for a $26.00 charge and this amount will be refunded if you purchase one of our homes.
7. You must fill out an online Rent to Own Application.
The below items will disqualify you for our Rent to Own program.
- Bankruptcy, foreclosure, or repossession in the last 2 years.
- Delinquent credit accounts that cannot be paid or repaired within the prescribed time.
- Charge-offs that cannot be repaired or payed during the 2 to 4 month repair period.
- Public area accounts such as phone bills or medical bills etc. that cannot be paid or repaired in the next 2-4 month.
- If your credit reports reflects you have not been forthright in your application your will be disqualified immediately.
- If You qualify for a home mortgage the RtO program will not be available.
Before you apply make sure we have our RtO program available on the home you are interested in.
Each of our RtO homes have a down payment. Your down payment goes to the purchase down payment of your home unless you dropout or do not fulfill the RtO program. If this is the case and you do not complete the RtO program the down payment is not refundable.