Rent to Own
Our rent to own program is designed for buyers who cannot qualify for a mortgage yet, but want to buy a house within the near future and want to lock in today's market prices.
Our goal is for all of our buyers to be successful in purchasing the house within the time needed, therefore, our mortgage broker checks credit history to make sure that the buyer is following all the necessary steps to be successful in purchasing the house with a mortgage in the time frame needed.
We require an option fee, which is applied to the final purchase price. For example:
Purchase price: $100,000
Option Fee: $10,000
Balance owed: $90,000
Buyer will pay a monthly rent payment. Buyer will be responsible for any repairs and maintenance to the property. Buyer can rehab the property however they want.
We (seller) will be responsible for property insurance and taxes.
Buyer will have time to get a mortgage for the balance owed. If buyer chooses not to purchase the house within the agreed time frame, the option fee will not be refunded.
This process is all done through contracts and a lawyer.
Amounts required to move into one of our properties:
Down Payment/Option Fee - amount varies per house
First month's rent - amount varies per house
Pet fees (if applicable) - $150 per pet
Lawyer fees* - $500
*Lawyer fees include title report and lien search (to show clean title), escrow services and lawyer processing fees*
Rent to Own Process
Buyer will need to begin by submitting a credit check application that is used by our mortgage broker.
This application only needs to be filled out by the person/people who will be applying for a mortgage in the future. If there is a couple but only one person will be applying for the mortgage, only that person needs to fill out the application. The credit check application fee is $35 per person. This fee is non-refundable.
Based on buyer's application, the mortgage broker will determine how long they will need in order to qualify for a mortgage.
Once the application has been processed, our mortgage broker will contact the buyer to discuss their situation. She will also contact us and let us know if the buyer is a good candidate for a mortgage in the near future.
Buyer is welcome to use their own mortgage broker if they have one, however, we will still need to hear from the mortgage broker to determine time frame needed to qualify for a mortgage.
Once this process is complete, we verify income and provide documentation for buyer to review and setup a date to finalize the transaction at our lawyer's office.
Buyer will then receive keys to their new home!
Questions? First make sure to check out our Rent to Own FAQ page. If your question isn't answered there, please Contact us.
Ready to move forward? Give us a call and we can get the process started for you!