{"id":57,"date":"2015-03-29T21:02:22","date_gmt":"2015-03-30T01:02:22","guid":{"rendered":"http:\/\/thinkingoutsidethebox.guru\/?page_id=57"},"modified":"2025-04-05T13:45:06","modified_gmt":"2025-04-05T17:45:06","slug":"frequently-asked-questions","status":"publish","type":"page","link":"https:\/\/thinkingoutsidethebox.guru\/home\/what-is-rent-to-own\/frequently-asked-questions\/","title":{"rendered":"F.A.Q."},"content":{"rendered":"

How do I qualify for an RTO program?<\/strong><\/p>\n

1. \u00a0 \u00a0 \u00a0you and your spouse’s\u00a0combined gross income is\u00a0$80,000 or more per year;<\/p>\n

2. \u00a0 \u00a0 \u00a0you have or nearly have at least\u00a0a 3% option consideration\u00a0payment amount (see below);<\/p>\n

3. \u00a0 \u00a0 \u00a0you fill out the\u00a0application thoroughly and honestly;<\/p>\n

4. \u00a0 \u00a0 \u00a0your application is successful if you meet our criteria;<\/p>\n

(since we are not like the banks, we have more reasonable criteria for you to qualify);<\/p>\n

5. \u00a0 \u00a0 \u00a0we meet and answer any questions;<\/p>\n

6. \u00a0 \u00a0 \u00a0you decide if you want to pursue the next steps to get into your dream home and let us know.<\/p>\n

 <\/p>\n

How expensive of a home can I buy?<\/strong><\/p>\n

Please complete and submit the online application and questionnaire under the Tenant-Buyers tab.\u00a0 Or download and complete the questionnaire in the information brochure on our Contact page.\u00a0 Return the questionnaire to us via e-mail.\u00a0 We will look at your situation, and get back to you.<\/p>\n

 <\/p>\n

What is the Option Consideration?<\/strong><\/p>\n

The option consideration is the money you have to put forward to start the Rent-to-Own program.\u00a0 This is typically 3%\u00a0 to 5% of the purchase price of the future home.\u00a0 When you complete the program, 100% of the\u00a0option consideration is credited back to you to use as part of your down payment.\u00a0 A larger option consideration means a larger down payment, or lower monthly rent.<\/p>\n

 <\/p>\n

How much of a down payment do I need?<\/strong><\/p>\n

We need to help you save between\u00a011% and 12% of the\u00a0purchase price of your future home to make sure you can make your future mortgage down payment and cover the legal fees and closing costs.<\/p>\n

 <\/p>\n

How do I know if I have enough income to afford the monthly payment?<\/strong><\/p>\n

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.\u00a0 You will discuss this with one of our partner mortgage professionals.<\/p>\n

You can also consider looking at\u00a0a home with a room or suite you can rent out to assist with payments.<\/p>\n

 <\/p>\n

What are my options if I don’t have the option consideration but can afford the monthly payments?<\/strong><\/p>\n

Save it and contact us when you have it.<\/p>\n

Sell off one or more of your toys, vehicles, etc.<\/p>\n

If you almost have it, offer something as collateral for the rest.<\/p>\n

Consider asking friends or family members if they can lend you the option consideration.<\/p>\n

Or perhaps your friends or family members are interested in investing in your home through our Rent-to-Own investor program.<\/p>\n

 <\/p>\n

If I am new to the country or if I am self-employed can I still Rent-to-Own?<\/strong><\/p>\n

Our Rent-to-Own\u00a0program is perfect for recent\u00a0immigrants or self-employed individuals who can\u2019t get bank financing.<\/p>\n

 <\/p>\n

Can I still qualify with bad credit?<\/strong><\/p>\n

Yes you can. We have an amazing Home Ownership Preparation Program.\u00a0 As long as you are willing, our team of qualified experts will work with you to get your credit back on track.<\/p>\n

 <\/p>\n

Does a portion of my monthly payment go towards the purchase price?<\/strong><\/p>\n

Yes, your\u00a0monthly payment\u00a0includes a portion that is rent, and a portion that is a credit towards the\u00a0future purchase price. This works like a forced savings account and the money will go towards your\u00a0down payment and legal\/closing costs when it’s time to purchase the home.<\/p>\n

 <\/p>\n

How is my future purchase price determined?<\/strong><\/p>\n

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\u00a0contract so you will know exactly what your purchase price will be even if home pricing rise to higher levels.<\/p>\n

 <\/p>\n

How long do I have before I must purchase the home?<\/strong><\/p>\n

24 or 36 months, depending upon what length of time or term we agree to.\u00a0 Most of our RTO programs have been 36 months as this provides more time to accumulate the money needed to buy the house.\u00a0 24 month terms are typically only possible for people who have at least 10% up front for option consideration.<\/p>\n

 <\/p>\n

What do we do when the rent or lease term ends?<\/strong><\/p>\n

During the\u00a024 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 \u201cfuture purchase\u201d monthly payment amounts. This will go towards a new mortgage and legal\/closing costs.\u00a0 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.<\/p>\n

 <\/p>\n

Who pays the mortgage, property taxes, insurance, and condo fees?<\/strong><\/p>\n

We do since this is included in your monthly rent payments.<\/p>\n

 <\/p>\n

Am I responsible for the utilities?<\/strong><\/p>\n

Yes this includes heat, electricity, water and sewer, cable, phone, internet and personal contents\/liability insurance just as you would when renting or owning any home.<\/p>\n

 <\/p>\n

Can I paint the walls?<\/strong><\/p>\n

Yes,\u00a0upgrades are generally permitted to increase the value of the home. Remember you are not yet the owner so any renovations or changes\u00a0must be agreed to between yourself and us as the current owners.<\/p>\n

 <\/p>\n

Am I allowed children and pets?<\/strong><\/p>\n

Absolutely, yes and yes. We very much want to help families along with anyone else who qualifies for our program.\u00a0 For pets, do understand that you will be required to adhere to local animal bylaws, whatever they may be.<\/p>\n

 <\/p>\n

What if I have a bankruptcy in my financial history?<\/strong><\/p>\n

If the bankruptcy is discharged, we will work with you to help you regain your credit through our Home Ownership Preparation\u00a0Program and thereby help you qualify for a mortgage.<\/p>\n

 <\/p>\n

What if I just changed jobs?<\/strong><\/p>\n

As long as you demonstrate a history of commitment to being employed and can keep up the monthly payments this is OK.<\/p>\n

 <\/p>\n

Who pays for home repairs while we are renting?<\/strong><\/p>\n

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\u00a0will have a home inspector complete a full inspection with you present.\u00a0 You are responsible for the home inspection, since at the end of the program, it will be your house.<\/p>\n","protected":false},"excerpt":{"rendered":"

How do I qualify for an RTO program? 1. \u00a0 \u00a0 \u00a0you and your spouse’s\u00a0combined gross income is\u00a0$80,000 or more per year; 2. \u00a0 \u00a0 \u00a0you have or nearly have at least\u00a0a 3% option consideration\u00a0payment amount (see below); 3. \u00a0 \u00a0 \u00a0you fill out the\u00a0application thoroughly and honestly; 4. \u00a0 \u00a0 \u00a0your application is successful … Continue reading F.A.Q.<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":30,"menu_order":10,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-57","page","type-page","status-publish","hentry"],"yoast_head":"\nThinking Outside the Box - FAQ<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/thinkingoutsidethebox.guru\/home\/what-is-rent-to-own\/frequently-asked-questions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thinking Outside the Box - FAQ\" \/>\n<meta property=\"og:description\" content=\"How do I qualify for an RTO program? 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