Rent to Own FAQs
Rent to Own FAQs
How long does this process take?
The process to get into your property will take approximately 4 - 8 weeks to complete.
During this time, we will:
- Evaluate your financial situation
- Help you shop for a property
- We will close the property and have you sign contracts for the sale in the future
- Welcome you to your new home!
What would my rent be?
Your rent would be dependant on the amount of savings you have. The more savings you have, the lower your rent will be. The total down payment required at the end of the term is fixed so after subtracting your savings, we will require a rent credit each month that is equal to the difference of the down payment and savings over 2 to 3 years.
How does it work?
The main Rent to Own page explains how the process works and what is expected of the tenant and us.
Briefly, this program allows you to rent in a property that you would be interested in purchasing within the next 2 to 3 years. During the term, we will help you repair your credit or help you save up the down payment before the end of the term. At the end of the term, we assist you in purchasing the property.
What if I have bad credit?
This program is designed for people who don't have good credit. During the 2 to 3 year term, we will help you with a plan to repair your credit while you enjoy the comfort of your own home.
Do I need savings to be eligible for this program?
Starting with savings in this program is a must. Without savings, the monthly rent would be very unreasonable since the rent credit would be the whole down payment over the length of the term which would very likely be double of what someone renting normally would be paying.
What are my monthly payments?
The video below explains how the monthly payments work.
Why are my monthly payments so high compared to renting?
Remember that you will be paying 2 payments for the rent to own program, one for the rent portion and one for the credit savings portion.