How do I qualify for an RTO program?
1. you and your spouse’s combined gross income is $60,000 or more per year;
2. you have or nearly have at least a 3% option consideration payment amount (see below);
3. you fill out the application thoroughly and honestly;
4. your application is successful if you meet our criteria;
(since we are not like the banks, we have more reasonable criteria for you to qualify);
5. we meet and answer any questions;
6. you decide if you want to pursue the next steps to get into your dream home and let us know.
How expensive of a home can I buy?
Please complete and submit the online application and questionnaire under the Tenant-Buyers tab. Or download and complete the questionnaire in the information brochure on our Contact page. Return the questionnaire to us via e-mail. We will look at your situation, and get back to you.
What is the Option Consideration?
The option consideration is the money you have to put forward to start the Rent-to-Own program. This is typically a minimum 3% of the purchase price of the future home. When you complete the program, 100% of the option consideration is credited back to you to use as part of your down payment. A larger option consideration means a larger down payment, or lower monthly rent.
How much of a down payment do I need?
We need to help you save between 11% and 12% of the purchase price of your future home to make sure you can make your future mortgage down payment and cover the legal fees and closing costs.
How do I know if I have enough income to afford the monthly payment?
To make sure this is successful for you we will want to make sure your monthly rent and future purchase payment amounts plus any car or other ongoing payments do not exceed more than about 40% of your monthly GROSS income. You will discuss this with one of our partner mortgage professionals.
You can also consider looking at a home with a room or suite you can rent out to assist with payments.
What are my options if I don’t have the option consideration but can afford the monthly payments?
Save it and contact us when you have it.
Sell off one or more of your toys, vehicles, etc.
If you almost have it, offer something as collateral for the rest.
Consider asking friends or family members if they can lend you the option consideration.
Or perhaps your friends or family members are interested in investing in your home through our Rent-to-Own investor program.
If I am new to the country or if I am self-employed can I still Rent-to-Own?
Our Rent-to-Own program is perfect for recent immigrants or self-employed individuals who can’t get bank financing.
Can I still qualify with bad credit?
Yes you can. We have an amazing Home Ownership Preparation Program. As long as you are willing, our team of qualified experts will work with you to get your credit back on track.
Does a portion of my monthly rent go towards the purchase price?
Yes, your monthly payment includes a portion that is a credit towards the future purchase price. This works like a forced savings account and the money will go towards your down payment and legal/closing costs when it’s time to purchase the home.
How is my future purchase price determined?
Your purchase price will be near fair market value at the time you purchase your home. Your end price is set at the time of our agreement and guaranteed in your Rent-to-Own contract so you will know exactly what your purchase price will be even if home pricing rise to higher levels.
How long do I have before I must purchase the home?
24 or 36 months, depending upon what length of time or term we agree to.
What do we do when the rent or lease term ends?
During the 24 or 36 months, depending upon what term we agreed to, we will have worked with you to help you fix your credit rating. We also will have saved your initial down payment money and your “future purchase” monthly payment amounts. This will go towards a new mortgage and legal/closing costs. Along with your repaired credit rating you should be ready to qualify for financing and purchase the home from us! We then show the bank your history of paying rent on time every month during the term along with your improved credit score and they should view you as a qualified borrower.
Who pays the mortgage, property taxes, insurance, and condo fees?
We do since this is included in your monthly rent payments.
Am I responsible for the utilities?
Yes this includes heat, electricity, water and sewer, cable, phone, internet and personal contents insurance just as you would when renting or owning any home.
Can I paint the walls?
Yes, upgrades are generally permitted to increase the value of the home. Remember you are not yet the owner so any renovations or changes must be agreed to between yourself and us as the current owners.
Am I allowed children and pets?
Absolutely, yes and yes. We very much want to help families along with anyone else who qualifies for our program.
What if I have a bankruptcy in my financial history?
If the bankruptcy is discharged, we will work with you to help you regain your credit through our Home Ownership Preparation Program and thereby help you qualify for a mortgage.
What if I just changed jobs?
As long as you demonstrate a history of commitment to being employed and can keep up the monthly payments this is OK.
Who pays for home repairs while we are renting?
Since this will be your home at the end of the agreement or term, once you move in you are responsible for all appliance and home repairs. Before we make any final decision on a house we will have a home inspector complete a full inspection with you present. You are responsible for the home inspection, since at the end of the program, it will be your house.