Rent to Own
THE MORTGAGE ALTERNATIVE
Do you have less than perfect credit? A prior foreclosure or bankruptcy? Are you new to the area and not sure where you want to settle down permanently? Struggling to find a lender that will approve you for a mortgage? No worries, there is a good chance we can help you through the Lease with Right to Purchase Program. It is a transparent and fair process and there are no large down payments or non-refundable deposits. Click screen image to watch video.
The Easy 3 Step Process
The application is quick and easy and only costs $75 per household, not per person. It takes 2-3 days for the team to complete the review process and let you know how much you’re approved for through the program.
Once approved we look at traditional homes for sale. When you’ve selected a home we will submit it for approval. The private equity investor will purchase the home with cash and give you an exclusive right to lease it for up to 5-years while you work on getting a mortgage.
Once you’re ready to buy the home, simply get approved for the mortgage and exercise your to purchase the home! The purchase price is pre-negotiated when you move in, so there is no haggling or negotiating at the end! It’s that easy.
Rent to Own
In order to qualify for the program, you must meet the following criteria:
ü Minimum 6-months of stable employment or offer letter if relocating.
ü Minimum household combined income of $50,000 per year (before taxes).
ü Credit score of at least 550
ü Chapter 7 bankruptcies are DISCHARGED.
ü Chapter 13 bankruptcies are in payment plan stage and ALL
Payments are made on time.
ü No felony convictions.
ü No prior evictions or outstanding apartment collections.
ü You cannot be currently in default on a lease agreement.
ü Debt to income ratio (including requested rent) is below 45%.
Rent to Own
HOMES THAT QUALIFY
Not all homes qualify. Here is a list of the main requirements for homes to be able to be approved for the program.
ü 2-bedrooms or more
ü Top rated high school districts (50% and above rating…5 out of 10 stars)
ü Cannot be located along a major highway, under some flight paths or under high tension power lines.
ü Single family home or townhouse (fee-simple, no condos).
ü Traditional purchase ONLY that are move in ready. Bank Owned, Short Sales or Auctions are NOT considered.
ü Sales price up to $450,000.
ü No above ground pools, and no more than 3 acres of property.
This is a wonderful program for people trying to re-establish their credit, saving for a down-payment, relocating and not quite sure where they want to put down roots…the reasons are endless! There is no pressure to buy the home at any time and you can decide at the end of each one (1) year lease period to renew up to five (5) years. If you decide you don’t want to buy the home…that is ok too, the home will move into their rental pool.