Buy a Home
If you can't get a loan, the American Dream can seem out of reach. It doesn't have to be.
Sadly, about 80% of the population today can’t qualify for a traditional mortgage loan or any home financing options for various reasons – despite good credit or financial income. If you fall into this category, you may feel like you’ll be stuck renting forever. But who wants to live a life where they have no control? Who wants to have their rent constantly go up or be worried that the landlord will sell the house unexpectedly? Who wants to continue wasting all their hard-earned money by living in and paying for a place that they can’t even call their own?
It was once called the “American Dream.” However, the current unpredictable market can make it nearly impossible for you to fulfill your American Dream. It doesn’t seem fair. Fortunately, there are solutions out there to help get you where you want to be instead of continuing to pay and contribute to someone else’s American Dream.
“In the middle of every difficulty lies opportunity” – Albert Einstein
What do I need in order to be eligible for your Rent-to-Own Program?
We require a down payment up front that will be adjusted from the purchase price once you have closed on the property at a later date. We generally look for a down payment to be between 3-10% of the purchase price. The percentage would be dependent upon the home and your personal situation.
Besides that, the biggest qualification is that you’re devoted to working eagerly with us to convert you from a home renter to home buyer by the end of the lease term.
Please note that a poor credit score DOES NOT automatically disqualify you from our program, so please feel free to consult with us about your situation.
What if I don’t qualify for your program?
Unfortunately, we will not be able to move forward if you do not qualify. It wouldn’t be fair for us to get you into a home and ask you to make monthly payments if we know at the end of the rental period you won’t qualify for a mortgage loan.
What fees or commissions would I have to pay?
We are not real estate agents. We don’t charge any commissions or other fees.
However, as with any other home buyer, you’re obligated to put down 3-10% of the purchase price, which will be credited to the final purchase price at closing.
Other than that, you’ll make your monthly payments and be responsible to cover any usual costs that comes with being a home owner.
What is the average length of a rental period?
The length of the rental period varies from person to person. It is based on an evaluation from our third party credit consulting agency and mortgage consultant. Typically, we can get you where you need to be to qualify for a mortgage loan and be ready to purchase the home within anywhere between 12-24 months.
What happens to my rental payments?
The rental payments do not go towards your house payment. Consider it this way – you have likely already been making rental payments elsewhere. By choosing to live in a rent-to-own home, you know that you are in control and working towards securing the home you want today.
What happens if I still do not qualify for a mortgage loan after my rental period terminates?
This is a situation that rarely happens, because we want to set you up for success. We don’t accept application unless we are 99% certain the applicant will qualify for a mortgage loan and the end of the rental period.
In the rare event this occurs, we may look to extend the rental period if we’re positive you just need a little more time to qualify for the mortgage loan.
Who is the Rent-to-Own Program NOT for?
If you want something magical to change overnight or are not willing to put in the hard work to get to where you want/need to be, this is not the program for you.
Who is the Rent-to-Own Program for?
We’re looking for people who want to buy a home but are unable to qualify for a mortgage loan today for whatever reason.
Determination and willingness are two qualities we look for. This program is designed for people who want to work hard and invest time and energy into getting their credit on track, as the ultimate goal is to get you to where you’re able to qualify for a mortgage loan and become a home buyer.
On the other hand, this can also be a great program for someone who can get the traditional mortgage loan today but wants extra time to save for a down payment, get better loan terms, or is required to have “seasoning” in the eye of the lender.