Rent-To-Own Program
We value you as a tenant and look forward to a long and rewarding relationship together. Our mission is to provide you with an attractive, comfortable and safe home that your family can enjoy, and to assist you in becoming a home owner without the traditional large down payments and strict credit requirements that are normally imposed upon homebuyers.
Our traditional Rent To Own Program refers to inventory homes only. That is, homes we already own. It is designed to help solve two of the biggest challenges new homebuyers face: 1) Strict Credit Requirements and 2) Saving a sizeable down payment. We encourage you to improve your credit during your first 1-3 years in the home. This puts you in the best position to get approved for a mortgage. Using established relationships with mortgage bankers, we will assist you in obtaining your mortgage under the most favorable terms available. Of course, you are free to use any mortgage provider you are comfortable with to obtain your mortgage. In addition, we will credit between $200-$500/ per month (this varies by property) toward your purchase for the first three years of your tenancy only. This rent credit can be applied directly to your down payment and closing costs at your closing with lender approval. Any excess amounts may be used toward home improvements.
Most lenders look favorably on Rent-to-Own scenarios as you will have proven by that time that you can make your payments on time. It is usually easier to qualify under these circumstances. As always, you are free to choose a mortgage lender that best serves your needs.
To put all of this into perspective we will use this hypothetical scenario. If you live at one of our homes for 3 years, paying $1,500/ month in rent, we give you a “rent credit” of $300/ month toward your down payment to be used at the time of purchase for up to 36 months! That would be a total of $10,800. The home will be appraised (usually by the appraiser your lender chooses) and the results of the appraisal will determine the contract price. Your loan will be for the contract price, minus your rent credit of $10,800, any additional down payment you provided originally and/or your full security deposit. Your loan would be more than $11,000 less than the value of the home (assuming you paid nothing additional)………instant equity! With that large sum of money available for use as a down payment AND your track record of making on time payments, it is simple for you to purchase your very own home, even with no money coming out of your pocket.
To find out about one of our home’s “Rent To Own” terms, please contact us at 704-246-7652.
There is no easier way for you to purchase a home!