How does your Lease to Own Program Work?
It’s simple. Join our VIP List and select any house listed from our inventory. If you don’t see what you are looking for, we have your desired home and can market to find you your dream home. You lease your new home from us with the exclusive right to purchase it at a later date. Our tenant-buyers love our Lease to Own Program because it gives them the time they need to save up for a larger down payment, clean up past credit problems, sell another home, and even try out the neighborhood before buying. 100% of your option consideration money is credited toward the purchase price of the home, plus you may be eligible to receive a monthly credit towards reducing the purchase price every time you pay your lease on time. Our lease credits can be as much as 20%-50%.
What’s the first step?
- Join our VIP List. It’s free and gives us an idea of what you are looking for in your next home.
- Check out our inventory and if you don’t see a home you like, we will find a home for you.
- When you find a home that meets your needs, simply fill out our online application.
- Once we receive your application, our mortgage broker and our office will review and determine what our options will be. We move forward if we determine we can get you finance in 12 months of less.
- We collect your option consideration money and your first month’s rent.
- We give you the keys and the home is yours!
- We help you during your lease to own option period to repair your credit and tell you what you need to do to get a mortgage within the next 12 months
How long does the application process take?
If we have the home in inventory and it’s vacant, it typically takes only take 1-2 weeks. Most of our homes are usually filled in 45-60 days.
What are my costs?
The Option Consideration money and 1st month’s lease payment are due at signing.
How can I buy a home when I have bad credit?
You can’t through conventional lenders, but you can with our help. Through our Lease-to-Own Program, we can help you improve your credit over time. We are not extremely interested in your past credit status. Your ability to make reasonable monthly payments and your desire to be a homeowner are important to us. We work with fantastic mortgage brokers and banks who will help arrange a loan for you. It is absolutely critical that you pay your lease on time every month in order to get approved for a mortgage.
How is this different than renting?
When you rent, you are paying absolutely nothing that will benefit your financial future. However, with our Lease to Own Program, you can earn generous monthly lease credits between 20%-50% that goes towards the purchase price or closing cost when you excercise your option. For example, if you were paying $1,200 a month in rent you would have at least $240 a month going toward reducing the price of the home. That’s a $2,880 price reduction after 12 months!
What are the qualificaitons for your program?
The good news is there is no bank qualifying. We do strive for you to meet certain income, debt ratios, and have a minium credit score. Remember our goal is to get you refinanced within a year. Our requirements are not as strict as a traditional lender. As long as we can determine affordability of payments and desire to clear up credit descrepancies, our mortgage brokers can get most buyers financed within 12 months.
How much Option Consideration money do I need?
Normally, we require 3% – 5% up front Option Consideration. We can offer you many options and we always do our best to work with whatever funds you have available. The more Option Consideration you put down the lower your monthly payment may be. Also, the more you are able to put down the better terms you may be able to receive.
Is the option consideration money non-refundable?
Yes! If you break the lease or don’t pay your monthly lease payment, you forfeit all of your Option Consideration money. If you don’t pay the lease payment, we have to. The Option Consideration money is credited back towards the purchase price of the home when you buy it.
Can I use borrowed money for the Option Consideration?
Yes! Unlike traditional lenders, you can borrow the money from a close friend or relative and use that with our program. You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties.
How long is the Rent-To-Own period for?
Our option agreements are typically 12-18 months and sometimes up to 24 months. During this time, you would need to complete the purchase. Each property is treated individually and we try to accommodate your own situation. However, you may buy at any time within the length of the agreement and are not obligated to wait till the end of the agreement. There is no penalty to finance early.
When is the price of the home determined?
The price of the home is decided at the time you sign the Lease Agreement. With the drop in housing prices, now is an excellent time to buy.
Do you offer Owner Financing?
Yes! We do sell homes with Owner Financing. We typically start out as a Lease to Own and move into Owner Financing later on select homes.
Who is responsible for property taxes and insurance during the Lease-To-Own period?
The home owner is responsible! You pay the monthly lease payment, utilities, upkeep, etc., until you actually complete the purchase.
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