On this page you will find answers to the most frequently asked questions about our Rent to Own Program.
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Why should I rent to own?
When you rent to own, you are able to move in to the house as a home owner, not a tenant. You are able to modify and renovate the house however you want.
Is rent to own the same as owner financing?
No. With owner financing we are financing the house to you (as if we are the bank). With rent to own, you are renting the house from us while you are fixing your credit to be able to qualify for a mortgage.
What is the "Work for Equity Program"?
Our Work for Equity program is designed for people who want to move into one of our fixer upper houses. House is sold at a discount price in exchange for the work that the tenant buyer will put in.
How long do I have to be approved for a mortgage?
Each individual's situation is different. We give the time frame that best fits your situation. This will be determined by the mortgage broker.
I have bad credit, can I still rent to own?
Yes. As long as you are able to work on your credit and be approved within a reasonable amount of time, bad credit is not a problem.
Will the mortgage broker "deny" my application?
This is not a test :) The mortgage broker will not deny anyone. She will simply determine the amount of time you need to qualify for a mortgage.
She will, however, alert you and us if there is something extremely complicated on your credit that will make it nearly impossible to obtain a mortgage in the future.
Do you receive rent credits (rent applied to purchase price)?
Due to the new Dodd-Frank regulations that went into effect on January 10, 2014, we are not offering rent credits at this time.
Is my option fee refundable if I choose not to purchase the house?
No. Your option fee is non-refundable.
DO I get an inspection period?
You are welcome to do any and all inspections you want BEFORE we sign a contract.
What do I need to pay to move into a rent to own house?
To move in you will need to pay the option fee, plus first month's rent, pet fees if applicable ($150 per pet) and a $500 closing fee to the lawyer that will handle all the paperwork.
How fast can I move in to a rent to own house?
You can move in to one of our houses within 10-14 days of beginning the application process, however, if you are in a hurry and the house you want is ready to move in we can rush the process and close in as little as 5 days.