With our Rent-to-Own program we help people in Alberta live out their dream of home ownership. We understand many people are in difficult situations that prevent them from getting their own mortgage. With our program you do not need to meet the the same qualifications required by conventional lenders.
You may be self-employed or have only been at your job a short time or maybe you have damaged credit. Regardless of your situation….we can help!
We set you up with a credit repair specialist so at the end of the lease term you will quality for a mortgage.
We are not realtors, but a group of investors focused on helping people in unforeseen situations. We only work with people if it can be a win win solution for all involved.
You may be self-employed or have only been at your job a short time or maybe you have damaged credit. Regardless of your situation….we can help!
We set you up with a credit repair specialist so at the end of the lease term you will quality for a mortgage.
We are not realtors, but a group of investors focused on helping people in unforeseen situations. We only work with people if it can be a win win solution for all involved.
How does rent to own work? |
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The first step is for you to fill out an application so we know where you want to live and what your financial situation looks like.
- you find a house with a realtor that fits your budget and desires
- you pay an initial option payment usually 3%-5%
- we qualify for the mortgage and purchase the house with a term equal to how long it will take for you to qualify for the mortgage usually 1-3 years
- we have a purchase agreement drawn up for your purchase of the house
- you will lease the house from us for 1-3 years in which time you will improve your credit and build up the down payment for the eventual purchase
- you pay an option credit per month on top of the rent payment which goes towards the eventual house purchase along with the initial option payment
- we work with you to repair your credit so in 2 or 3 years you can qualify at the bank for your own mortgage
Can I still qualify if my credit is not good?
It really depends on your situation. We will be setting you up with a credit repair specialist to work with any credit issues. Most things can be remedied with a little time and commitment.
Who pays for regular maintenance on the house?
You will ultimately be the owner of the house and are responsible for maintenance. Any improvements you do to the house will increase the value of your investment.
What happens if I miss my regular monthly payments?
You are expected to make all payments on time. If you fail to do this, you will be considered to be in default under the terms of the Rent to Own contract. We don't want you lose your equity in the house so you must be sure that this program is right for you. We could potentially evict you from the house and we do not want that to happen.
How long does it take to get into a home?
Once your application has been approved you can start looking at properties and be in a house in a month or two.
What are the benefits of this program for me?
- You will start on the road to owning a home right away
- You get to choose the home
- Unlike renting you can decorate and renovate as you like
- Home appreciation - Any improvements that you make on your home will increase the value above and beyond your final price. This increase in value is yours to keep because your price is locked in.
What if I change my mind during the term?
You can walk away and owe us no money but you would be forfeiting your initial deposit and all the option credits. We only want to work with serious people who are committed to the program with the full intent of purchasing the property.
Are property tax and insurance included in my monthly payment?
Yes. We will pay property tax and insurance, but you will be required to have your own contents insurance.
Why might I be declined?
- Not enough initial deposit - we require at least 3% of purchase price
- Not enough gross family income
- Not having worked at your job long enough - we require at least 6 months at your job
- If we do not receive all of the required documents from you
I have bad credit, will I be able to qualify?
We specialize in working with people with credit issues. Our main goal is to assess whether your financial circumstances can be repaired and that you will be able to qualify for a mortgage when you are ready to purchase. All we ask is that you are honest when we ask you about your financial information
Will my monthly credits change during the Rent-to-Own term?
The monthly option credits are fixed and will not change for the duration of the program.
Is there any criteria for the types of house we should be looking for?
Yes - we recommend you keep in mind the following:
- a nice family home
- good, safe area
- metropolitan is preferred
- good condition with little or no work
- not too old