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Benefits of Rent-To-Own:

Rent-to-own a home is a flexible approach to becoming a homeowner when a traditional home purchase may not be possible. A Rent-to-own arrangement can be a solution to typical obstacles in home buying. Even if you are currently unable to purchase a home, or if you are still a year or two away from buying a home, our Rent-To-Own program offers the opportunity to rent your home now and build equity, which is applied toward your purchase in the future. You may have up to 2 years to complete the purchase, yet there is never any obligation to buy the home if you later decide not to.

Our representatives can customize a Rent-to-Own plan that not only fits your budget but should allow you and your family enough time to establish a down payment and qualify for the home at the end of the rent term.

Our Rent-to-Own plan can give you the following benefits:

• Build ownership in a home while you rent it.

• Flexible Rent-To-Own terms from 12 to 24 months.

• Easy credit approval, even with previous financial difficulty or bankruptcy. Qualification restrictions are not as strict as with conventional financing. You will have time to repair those credit challenges prior to buying the home, while building equity in a home.

• Home ownership for self-employed individuals, despite business debt.

• Simplified home mortgage financing at the end of lease term.

• Fixed purchase price of the home, known at the beginning of the lease.

• Rent money is working towards the purchase of the home. Each month when you pay rent on time, a portion of that payment will be credited towards the final price of the home.

• Deposit is credited towards the purchase of the home. When you sign a Rent-to-Own agreement, you pay an option deposit. This money will be fully credited to the final price of the home.

• Minimum cash out of pocket. When you purchase a home conventionally, you must pay closing costs, transfer taxes and a down payment. With a Rent-to-Own, you pay only the first/last month's rent and an option deposit. This will save you between 25% and 50%.

• Minimal "purchase option fee" (down payment) compared to a traditional home purchase, which could require 10%-25% or more of the purchase price as a down payment.

• No obligation to purchase in the event your situation changes.

• Frequently no down payment at closing. Since you have given an option deposit, and you have been receiving monthly rent credits, there will frequently be very little additional money needed to come up with for a down payment at closing.

• Time to make sure you've made the right decision. Before you actually buy the home, you are giving yourself and your family time to repair any credit challenges and to decide if you like the neighbourhood and the area.

How It Works:

Once you review one of the available homes and decide that it meets your needs, you enter into a Rent-To-Own arrangement, which consist of a Standard Lease Agreement and an Option To Purchase Agreement.

The Standard Lease Agreement is typical of any residential rental arrangement. The Option To Purchase Agreement secures your right to purchase the home at a future date at a pre-determined price. You know the price before you enter into this agreement.

An option fee gives you the right to purchase the home at a later date. This fee is generally 3% to 5% of the home purchase price. The option fee is paid to secure the Option To Purchase Agreement. 100% of the option fee is applied toward the purchase price as a credit when you purchase the home at the end of the lease term.

In addition, any monthly credit amounts that are offered to you are also applied 100% toward the purchase price. This enables you to build equity ownership in your home.

At the end of the defined lease term (12 to 24 months), you obtain financing to purchase the home. Since your option fee and any additional monthly credits paid have built your equity in the home during the lease term, obtaining financing is much easier.

Assuming that your monthly lease payment history is excellent, and your other credit obligations have been corrected or maintained in good standing, the lender will be more receptive to providing you a mortgage. Essentially, your credit management and lease-to-own arrangement present you as a better credit risk to lenders.

Also, no additional down payment may be required when you purchase the home because of the equity you have already established, compared to the value of the home.

The Standard Lease Agreement and the Option To Purchase Agreement are fulfilled and terminated when you purchase the home. You then own the home!

To find out more Send us your home requirements or get started immediately by filling out our Online Application.