WHAT ARE THE MINIMUM QUALIFICATIONS TO QUALIFY FOR THE RENT-TO-OWN PROGRAM?
We require an up-front down payment that will be applied against the purchase price when you do eventually close on the property, so your ability to put some skin in the game is mandatory. Generally, your down payment will be between 3-10% of the purchase price, depending on the home and your personal situation. It will be applied to your purchase price when you go to closing.
Other than that, a commitment to diligently work with us to convert you from a home-renter to a homebuyer by the end of the lease term is the most important qualification.
A poor FICO score will NOT disqualify you from our program, so don’t hesitate to consult with us.
CAN I STILL DO YOUR RENT-TO-OWN PROGRAM IF I DON’T QUALIFY?
No, unfortunately not. It wouldn’t be fair for us to put you into a home and have you make rent payments if we know you won’t qualify to buy at the end of the rental period.
Even if you don’t qualify, you can still schedule a free consultation from our partner credit consulting agency here.
With their help, you may be able to qualify for our rent-to-own program in the future.
HOW DOES MYCREDITTEAM RAISE MY CREDIT SCORE?
This will vary from person to person, but you can read more about their process on their FAQs page.
WHAT’S THE COMMITMENT FOR THE CREDIT PLAN?
It starts at $199 and a few hours monthly.
DO I HAVE TO PAY ANY FEES OR COMMISSION?
Since we aren’t realtors, we don’t charge any commissions or other fees.
But as with anyone who buys a home, you are required to put 3- 10% down, which’ll be fully credited to your final purchase price at closing.
Beyond this, you’ll make regular monthly rent payments and cover the usual costs associated with home ownership.
DO MY RENTAL PAYMENTS COUNT TOWARDS MY HOUSE PAYMENT?
No, they do not. But consider it this way – you’re already making rent payments somewhere.
At least with a rent-to-own home, you know that these payments will pay off down the line and help you secure the home you want today.
WHAT IF I DON’T QUALIFY FOR MY MORTGAGE LOAN AFTER MY LEASE PERIOD FINISHES?
This rarely (if ever) happens. We don’t accept people into the program unless we’re 99.99% sure they’ll qualify for a mortgage loan after the lease period.
In the unlikely event this occurs, we may be able to extend your lease if we’re confident you need a little more time to qualify for a mortgage loan.
HOW LONG IS THE AVERAGE RENTAL PERIOD?
The length of the rental period is based on evaluation from our third party credit consulting agency and mortgage consultant. But usually, we can bring you to a point where you can qualify to purchase in 12-24 months.
WHO IS OUR RENT-TO-OWN PROGRAM FOR?
This program is for anyone that is part of the 82% of the market who wants to buy a home, but can’t qualify for a mortgage loan today.
Most importantly of all, this program is for people who are willing to invest the time and energy to get their credit back on track so they can qualify for a loan to become buyers.
Alternatively, this program is perfect for someone who can qualify for a loan today, but just wants an extra year or two to save for a down payment or get better loan terms, or needs “seasoning” in the eyes of the lender.
WHO ISN’T OUR RENT-TO-OWN PROGRAM FOR?
This program is not for anyone who wants an overnight miracle, or or is unwilling to put in the time and effort to fix what’s broken.
HOW CAN YOU DO ALL OF THIS WITHOUT CHARGING COMMISSION OR OTHER FEES?
The reason we can do this without charging you fees is that we aren’t realtors or bankers. Instead, we are compensated on the buyer side of the transaction.
MY REALTOR HAS BEEN TRYING TO SELL MY HOUSE FOR 10 MONTHS ALREADY. HOW ARE YOU ABLE TO DO IT SO QUICKLY?
We’re able to help our clients sell their homes so quickly because we can tap into a buyer market that realtors rarely touch — the lease purchase/rent-to-own market, which is roughly 4X larger than a realtor’s typical market.
In our market, there are plenty of people that have saved enough for a down payment or can easily afford the monthly payments on mortgage, but don’t qualify for home financing from the bank for one reason or another. In fact, 82% of potential home buyers can’t qualify for a loan today nationally. Thus, this large group of potential homeowners is turning to lease purchase/rent-to-own options to give themselves more time to qualify for a loan
This means that your realtor is only marketing to about 20% of the potential market. We pull from the remaining 80% and attract a lot more interest, meaning faster results for you.
WHAT’S THE CATCH?
Although we don’t really consider this a “catch,” some sellers are unclear why they have to wait to receive the proceeds from the sale of their home. Simply put, the wait equals the length of time it takes for a tenant-buyer to qualify for a mortgage loan (which is usually within 12-24 months).
If you’re a seller who needs to get your cash out TODAY, we’re probably not a solution for you (although there are workarounds we can discuss). If you CAN wait, there are some definite benefits to doing it this way. Since we work with a large pool of rent-to-own buyers, we can fill your house quickly. And once that happens, we take on full responsibility for your home, and you can stop paying for your mortgage, repairs, maintenance, taxes, or anything else while we take over.
And because we commit to a full-market value price at the beginning of the lease period, you don’t have to worry about market fluctuations or the value of your house decreasing while you wait for a buyer.
Finally, since you won’t be paying any commissions like you would with a realtor or watch your equity disappear through repeated (and annoying) price reductions….yes, you may have to wait a little while for your money….but you’ll be making far more from the sale when you do go to closing.
HOW DO YOU MAKE SURE THE BUYER IS QUALIFIED AND ABLE TO BUY AFTER THE LEASE ENDS?
All potential tenant-buyers are pre-qualified by a third party credit repair and enhancement firm and a mortgage lender we use nationally to vet our candidates.
As a condition of acceptance into our program, we require all tenant-buyers to devote time and money to a credit repair plan during their lease period.
We won’t agree to work with a tenant-buyer and put them in a lease purchase home unless we are 100% sure they’re willing and able to follow the program….with the expectation that they’ll be able to qualify for the loan by the end of the lease period.
Finally, because the buyer is required to put down a significant non-refundable deposit that’s applied to the purchase price only if they close, that “skin in the game” separates the true buyers from the usual renters.
HOW LONG DOES IT TAKE FOR YOU TO FIND A BUYER? HOW LONG WILL THE BUYER LEASE MY HOME BEFORE BUYING?
Although we’ve located the perfect tenant-buyer in less than 7 days, we typically find a qualified lease purchase buyer in 30-120 days.
The rental period will vary slightly based on how much work the tenant-buyer needs to do to qualify for financing. But in general, the lease period is 24-36 months.
WHAT DO YOU MEAN YOU TAKE OVER ALL RESPONSIBILITY FOR MY HOUSE DURING THE RENTAL PERIOD?
For the entirety of the lease period, we guarantee full compliance with all terms and conditions of the agreement. And most importantly, we are 100% responsible for all mortgage payments, maintenance, repairs, taxes, and any other issues that might pop up.
WHAT IF THE BUYER STOPS PAYING THEIR RENT DURING THE RENTAL PERIOD?
As the guarantors under this arrangement, we cover your house payments and promise full performance of the lease regardless of what may occur during the term of the agreement.
WHAT IF THE TENANT-BUYER DOESN’T BUY AT THE END OF THE LEASE?
We guarantee that you will be cashed out at the agreed upon price.
WHAT IF I OWE MORE THAN MY HOME IS WORTH?
We can definitely help, and can structure a solution that will still get this house off your hands.
WHO EXACTLY IS OUR LEASE PURCHASE PROGRAM FOR?
This program is for anyone who is struggling to sell their home, not getting the service and attention from their realtors they expected (even though they’re paying their high commission fees), and just wants their house sold ASAP without having to continuously reduce their price.
WHO ISN'T OUR LEASE PURCHASE PROGRAM FOR?
If you’re willing to take a lower offer because you need every dime out of the house to buy your next one, we probably aren’t a good fit (although you are still more than welcome to contact us to see if we can make it work).
