How much of a home can I qualify for and afford?

This would depend on your current financial situation as well as the ratio between your current income and debts. If you are interested in our Rent to Own program you can qualify on our application page and we would be happy to see how we can help you into your own home.

How do I qualify for the Rent to Own program?

  • 3% or minimum $10,000 as an initial option deposit (which ever is higher).

  • Steady Income and Employment History.

  • Recently Discharged from Collections, Bankruptcy or Proposal.

  • Open to rebuilding your credit and getting back on track.

  • Aspire to become a Home Owner.

What is the Initial Option Consideration?

This is the initial payment you have saved towards the purchase of a home at the start of our Live-Rent-Own program. The amount is equal to a minimum of 3% of the future purchase price of the property. When the program is complete and you exercise your option to purchase from us, 100% of this initial option deposit will be applied as a credit towards the down payment. A larger option consideration means a larger down payment which would therefore lower the monthly rent we charge.

How much of a down payment do I need?

To qualify for the program we only require a minimum of 3%, however at the end of the 2 or 3 year Rent to Own term we need to help you save a total of 10% of the purchase price of the home in order for you to qualify and make your own monthly mortgage payments.

What are monthly option payments?

Monthly option payments are additional payments on top of the monthly rent payments that are there to help you accumulate and save towards the required 10% down payment at the end of the rent to own term. The monthly option payments are 100% applied as a credit to the down payment when you successfully qualify for your own mortgage and exercise your option to purchase.

These payments are meant to show credit/payment history to banks to prove you are a reliable borrower and will meet your monthly payment obligations to the mortgage loan.

How do I know if I have enough income to afford the monthly payment?

To ensure your success in our Live Rent Own program, we need to make sure that your monthly rent and future purchase payments and other debts (Car loan, school etc..) do not exceed 40% of your Gross income.

What if I don't have the minimum 3% Initial Option Consideration, but can afford the monthly payments?

  • Save up towards the 3% initial payment and contact us back.

  • Sell off some of your toys or material goods that you may not need anymore.

  • See if a family member will help you out.

  • See if a family member may be interested in our investor program and help fund your home.

Can I qualify for the Live Rent Own program if I have bad credit?

Absolutely Yes! Our goal and passion is to help you get back on track with your finances and credit. With our Rent to Own program we have a team of Mortgage and credit professionals who you will work with to make this happen.

Will I qualify for the program if I have bankruptcy in my credit history?

In order to qualify for your own "A" or "B" lender mortgage you will need to be discharged from the bankruptcy for 2 years and have 2 years of clean credit. Our credit repair program is meant to help repair your credit so you can get that mortgage.

What other payments will I be responsible for?

You will be responsible for the following as a home owner in training:

  • Heat.

  • Electricity/Water.

  • Internet/Cable/Phone.

  • Personal Content Insurance.

  • The inspection cost upon picking your home.

  • All Repairs and Maintenance (as this is your home).

  • Land Transfer Tax, Legal and closing costs at the end of the term when you buy the home (This is factored into the savings plan).

The reason for this is to have you get used to the true cost of home ownership, we don't want to set you up for failure in the sense that during the Rent to Own your payments don't represent what you will actually be paying when you purchase the home from us and become a home owner.

During the Rent to Own term, We Cover the following costs:

  • Land Transfer Tax, Legal and Closing Costs upon initial purchase of the home where we go on title.

  • Property Taxes.

  • Mortgage Payments.

What happens if I change Jobs during the Rent to Own Term?

Banks want to see consistency in your work history being 2 years of solid employment in a specific career or industry. As long as the job move is within the same industry it should not impact your ability to qualify for a mortgage at the end of the Live Rent Own term provided that you keep up with payments.

How is the future home price determined?

The future home price is determined close to the area market appreciation rate and is set at the time of our agreement and is guaranteed in the Rent-to-Own purchase option contract; You will know exactly what the price will be at the end of the term, even if market values rise in your favor.

Is Rent to Own for you?

Rent to own is meant to help those with financial troubles (Bruised credit, Not enough saved for deposit etc...) choose and live in a home now as a renter and correct your financial troubles over the 2-3 years and then obtain a mortgage of your own to buy the home from us. We specialize in getting you ready and keeping you on track to qualify for that mortgage throughout the rental term.

What happens to my initial option consideration deposit and my accumulated monthly option credits if I decide not to buy the home at the end of the Rent to Own term?

In the event that you decide not to exercise your option to purchase the property after you have picked your home and moved in after one of our investors have bought the property; any monies accumulated as the initial deposit or monthly credit will go towards paying our investors cost of selling the property (Legal fees, Land Transfer, Realtor fees etc..) and anything left over would be refunded to you.

Please understand that our investors are taking a risk to buy the home for you today, so that we can lock in a future purchase price for you that is typically lower than the actual market appreciation rate, so that you can buy the property later as soon as we fix any credit issues that you may have to qualify for your own mortgage. We are buying the home for you and we do not want to get stuck with an asset we do not want.

What is the commitment fee during the initial steps of the rent to own process?

The commitment fee is a $1000 non-refundable fee that is collected and deposited into a separate credit account prior to working with our mortgage team to qualify and determine max purchase limit during the rent to own term. This $1000 fee goes towards your down payment credit upon completion of the rent to own to use towards the purchase of the home. The fee is collected to work with those who are serious about Rent to Own and is only refundable in the case that we are un-able to qualify you into the Rent to Own program. The fee is non-refundable if you decide not to proceed further into the program during the time we engage our mortgage team and or realtor looking for homes.