Rent To Own
Rent to Own is offered on existing homes in our inventory.
We offer Rent to Own in order to assist our clients as they move toward home ownership. We understand how difficult qualifying for a traditional home loan can be, especially when faced with loan applications that seem to force you into a mold that doesn’t fit. Our approach to granting approval is unique in that it is built upon a foundation of lending that understands you.
Rent to Own is not meant to be the end of your path, but rather a step in your story toward success.
What is Rent to Own?
The purchase price is locked using an option contract and recording a memorandum of option with the Register of Deeds in the county where the home is located. This ensures the property cannot be sold out from under you and no additional liens or encumbrances can be placed on the property. This process creates a secure transaction giving you peace of mind.
As a Rent to Own Client Borrower, your monthly payments are reported to the Credit Bureaus. On time monthly payments may assist in improving your credit score and preparing you for a HomeLend Agreement or a traditional home loan.
Yes, pets are allowed under the following conditions.
- Pets are subject to pet fees
- Pets above 60 lbs. and/or breeds considered by the Insurance company as known vicious such as Pit Bulls, American Bulldog, Rottweiler, German Shepherd, etc. require additional fees and may need to be added to the insurance policy.
How do I qualify for Rent to Own?
- submit an application
- pass a background check
- show a debt to income ration of less than 50%
- provide verification of income
- show proof of funds for down payment
What are the fees and costs of Rent to Own?
- $1,750 no hassle closing costs
- 7% Down Payment
- $300 one time nonrefundable fee per pet
- $50 monthly fee per pet
What determines the price of Rent to Own?
How much of my payment is applied toward the purchase of Rent to Own?
The monthly payment portion of the Rent to Own is treated as rent and does not apply toward the purchase price. However, monthly payments are reported to the Credit Bureaus which may assist in strengthening your credit score.
The option contract is the purchase price minus the down payment. This means that your full down payment is applied toward the purchase price.
Who is responsible for home maintenance on a Rent to Own home?
As a Rent to Own Client Borrower, you assume full responsibility for your home’s maintenance. We view and treat you as a home owner.
A copy of the latest property inspection is made available to you free of charge.
Who is responsible for insuring the Rent to Own home?
Are there any warranties or guarantees with Rent to Own?
We offer a full 3 day right-of-rescission on Rent to Own contracts.
Right-of-rescission means you can break your agreement for any reason for up to 3 days following the signing of documents.
If the 3 day right-of-rescission is used, we do retaining 20% of the down payment, as payment for services rendered, and return the balance to you within 10 days.