Our Rent To Own process consists of 5 Easy Steps.
View our Available Homes to find a home with an option consideration and price you can afford and drive by the house to see if you like it or Schedule a Showing.
Once you’ve found a home you’re interested in that is in your price range fill out the Rent To Own Application.
Our application is detailed because we want to be sure we’re setting you up for success by putting you into a home you will be able to close on. We understand that good people lose houses, get divorced, have unexpected medical bills, etc. That’s why this service exists. Your income and expenses are the #1 factor in whether you will be able to qualify for a loan in 1 – 2 years. Other factors we consider before approving any Tenant-Buyer are
- Your gross monthly income should be at least 3-4 times the monthly rent
- You must have a minimum of 3% for the Option Consideration (can be paid in installments)
- You cannot have had recent evictions
- You must have good references from previous landlords and your current employer
- You cannot have criminal convictions for drug crimes, violent crimes or sex crimes
- You cannot owe any child support or alimony
Pre-qualify with one of our preferred lenders who will help you:
- Determine your maximum purchase price
- Determine your maximum monthly payment
- Identify any problem areas including high DTI, low credit score, etc.
- Determine which loan product will work best for you and the length of time before you can qualify for that type of loan.
- Establish an action plan for qualifying for the loan product you’ve chosen. If you have major financial/credit problems we can enroll you in one-on-one coaching to help you get back on your feet and on track to qualify for a loan within 18 months.
Sign a simple Letter of Intent and put a deposit down on the home you want to buy. Now that you’ve pre-qualified with your lender and know that you qualify for the home you’re Interested in we will provide your full application and Letter of Intent for approval.
When you are approved we will have a formal closing with an attorney where you will execute the Lease and Option Agreement and you are free to move in! The whole process can happen as quickly as one week.