Do you currently rent or are having difficulty qualifying for a mortgage due to your past credit history? With more restrictive mortgage loan qualification requirements, an unpredictable economy and a fluctuating real estate market, people are finding it harder to buy a home and live the American dream. You may think that your only option is to continue to rent and pay someone else's mortgage while you are fixing your credit. But what if there was a way for you to find the house of your dreams, move in and live there WHILE you are fixing your credit to qualify for a mortgage?
Well, if you would like to learn more about our RENT to OWN or "RTO" home buying program that allows you to move into the house of your dreams NOW, please read the information below.
Here's how it works:
We help you find a home that fits your needs and we will negotiate terms with the Seller of the property that is within your budget criteria. You will then execute a contract that is a RTO lease with an option to buy the home at some point in the future, usually within the next 3-6 months. There are typically three (3) primary considerations a buyer/lessee should understand:
You need to have adequate down payment or "Option Consideration" (usually 3-5% of the sale price), unless you are a military veteran which does NOT require a down payment (VA home loans). Option Consideration is a non-refundable payment, of which 100% is credited toward the purchase price of the house and binds the lease purchase contract. However, if you do not have money for down payment now, that's okay. Just let us know and we can tell you what down payment assistance programs may be available to you.
You are responsible for maintenance. You are now renting to own and home-ownership requires maintenance. This includes ANY household maintenance requirements like clogged drains, peeling paint, broken appliances, burnt out bulbs, lawn work/snow removal, etc. We encourage all tenant/buyers to have a professional home inspection and full property appraisal performed on any property they are considering PRIOR to executing a RTO lease and moving in.
THAT'S IT!!!
How much does it cost to participate in this type of program?
To participate in our program is FREE to our home buying clients because, it is the SELLER of the properties that our clients ultimately purchase who pays our fee.
Can I participate in this program if I have had a bankruptcy, foreclosure or short sale?
Yes, you can participate in our home buying program as long as your bankruptcy has been discharged for at least 24 months and your foreclosure took place at least 36 months ago.
If you recently sold your previous house through the short sale process, you are immediately eligible for all of our home buying programs!
