Frequently Asked Questions

How can I qualify for this program?

To qualify for our Rent-to-Own program, you need to meet three criteria:

1. Your combined gross annual income should meet the requirement for the home you're interested in purchasing.

2. You should have, or be close to having, the 3% option consideration payment.

3. You must complete the application thoroughly and truthfully.

After we receive your application, we'll invite you to schedule a call with us to discuss the process in detail and address any questions you might have.

What is the maximum price of the home I can buy?

It all hinges on your unique circumstances. That's why we suggest filling out our application or going through it as a team. By doing this, we can discover the ideal solution tailored just for you.

What is the Option Consideration?

When considering a Rent-to-Own program, the initial option consideration is key. Usually, it's a minimum of 3% upfront and an additional 7% distributed monthly throughout the program's term. Upon program completion, the entire option consideration goes towards your down payment. Opting for a higher initial/monthly contribution can result in a heftier down payment or a reduced future mortgage payment.

How much down payment do I need?

We aim to assist you in saving at least 10% of your future home's purchase price, which can facilitate a more seamless mortgage approval process. Please note that this 10% does not include legal fees and closing costs.

Opting for a higher initial/monthly contribution can result in a heftier down payment or a reduced future mortgage payment.

How can I determine if I have enough income to afford the monthly payment?

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 40% of your monthly GROSS income.

This is why it is important for you to complete the application thoroughly and truthfully.

Can I sublease or rent part of my home during the lease?

No. As part of the lease, subletting isn’t allowed during the time in which we are working together. This is in order to make sure you wouldn’t be held liable when things go wrong because of someone else.

What are my options if I don't have the initial option consideration but can afford the monthly payments?

We recognize that accumulating the initial option consideration can take some time. That's why we offer a savings program that provides tips on how to save more efficiently.

If you're keen to start the program quickly, consider these options: selling personal items like toys or vehicles could raise some funds. If you're nearing your financial goal, using an asset as collateral for a loan might cover the shortfall. Another avenue is to inquire whether friends or family could lend you the initial option consideration.

Can I participate in the Rent-to-Own program if I am new to the country or self-employed?

Absolutely! Our Rent-to-Own program is ideal for recent immigrants or self-employed individuals who are unable to obtain bank financing. It allows you to establish your credit from the comfort of your own home.

How is my future purchase price determined?

The purchase price will approximate the fair market value at the time of your home purchase. The final price is established in the Option to Purchase contract at the time of our agreement.

Can I make changes to the property, such as painting the walls?

Certainly, small improvements are typically allowed to enhance the home's value. However, for larger projects, please consult with us before you begin.

What happens when the rent or lease term ends?

Over the course of 24 or 36 months, based on our agreement, we'll collaborate with you to improve your credit score. Additionally, we'll set aside your initial option consideration and the monthly payments you've made towards the future purchase. These will contribute to your new mortgage. With your enhanced credit score, you should be in a good position to secure financing and buy the home from us.

Next, we'll present your consistent on-time rent payment record and your better credit score to the bank, which should help establish you as a credible borrower.

Who pays the mortgage, property taxes, insurance, and condo fees?

We do since this is included in your monthly rent payments.

Am I responsible for the utilities?

Yes this includes heat, electricity, water and sewer, cable, phone, internet and personal contents insurance just as you would rent or owning any home.

Am I allowed to have children and pets?

Absolutely, yes and yes. We very much want to help families along with anyone else who qualifies for our program.

What if I have a bankruptcy in my financial history?

If your bankruptcy is discharged, we're here to support you in rebuilding your credit with our Rent-to-Own Program, which will assist you in becoming eligible for a mortgage.

What if I recently changed jobs?

As long as you are able demonstrate a history of commitment to being employed and can keep up the monthly payments this is OK.

Who pays for home repairs while we are renting?

Upon moving in, you'll take on the responsibility for all appliance and home repairs costing less than $2,000.00, as the property will be yours at the end of the term. We'll ensure a home inspector conducts a thorough inspection before any final decisions are made, with you there to witness it. The cost of this inspection will be your responsibility, preparing you for homeownership at the program's conclusion.

How long do I have before I must purchase the home?

The usual length of our program ranges from 24 to 36 months, but this can vary depending on your personal circumstances, such as the time required to build your credit and save for your down payment. The exact duration will be set after our conversation and mutual agreement.