How Our Rent To Own Program Works
Here is how we do it. We sell you the property “Rent To Own.”
That means that you are buying the property from us. We lease the property to you for a specific period of time, usually 1-2 years depending on your situation, and during that time you have the option to buy it from us at a price that we both agree upon when you first move in.
You will also pay a “Lease Option Fee” when you move in and buy the house from us. This money will apply to the purchase price of the home and will reduce (usually eliminate) your down payment when you eventually take out a 30-year mortgage with a bank.
The minimum “Lease Option Fee” that we accept is $3,000 plus the first monthly lease payment. So if the monthly lease amount is $1,050 and the “Lease Option Fee” is $3,000, you will need $4,050 to close the deal and move into the house. Make sense?
Each property is different and has a different “Lease Option Fee” amount. When you register online, just tell us how much you have for the “Lease Option Fee” and we will try to only send you houses that fit those specifications.
For example, if you have $5,000 for the “Lease Option Fee,” don’t ask for the list of $10,000 “Lease Option Fee” properties… it will just disappoint and frustrate you. We encourage you to be realistic about what you can afford, so your payments don’t stress you out.
It is our goal to help you eventually qualify for a mortgage and refinance the house, pay us off and put you on the deed. Remember, you do NOT have to qualify for a mortgage now.
We work with a very good, very reputable, very understanding mortgage brokerage… they are “good people” and we’d like you to talk to them. Now, don’t misunderstand… we don’t expect you to be able to qualify for a mortgage right now… after all, that is probably why you tracked me down and are listening to what I have to say.
You pick the home of your choice
We ensure you are matched with a home you can financially afford
You have the ongoing support of an expert home buying advisor to help you get credit qualified (If needed)
Any care and attention to the house or yard/garden is on a property that you will own
Our program is pet-friendly
Own Your Own Home On Your Timeline
What we want to do, is find out how soon you will be able to qualify… for some people, it may only be a few months… for others, it may be a year or two years or five. It doesn’t matter to us how long it takes, but we don’t want to put you into a program that doesn’t give you enough time to get on track financially so you can get a loan when the time for that finally comes.
Our mortgage broker is excited about doing your prequalification for a mortgage because they know that they have a good chance of getting your business down the road when you are finally able to take out a loan. They are not going to be nasty to you like so many other mortgage brokers, just because they can’t do a loan for you right now… they’re like us… in it for the long term.
So that’s the first thing we are going to ask you to do… it’s a quick phone conversation that takes maybe 20 minutes… you don’t even have to go meet with them… and they keep everything 100% confidential.
Bad Credit – No Problem
And by the way, there is nothing that we haven’t seen before… you’re not going to shock us, no matter how bad your current situation. Remember, there were over 1 million bankruptcies in the United State last year alone… and a lot more people than that have bad credit.
Our mortgage broker will just ask you a few questions about your income and your job (or lack thereof), they’ll pull your credit report to see if there are any surprises, and then, they’ll be able to tell us exactly how long you are going to need before you can get a bank loan.
You Might Even Qualify Now
Sometimes, we discover that you qualify for a home loan right now… you may have thought that you had bad credit, but it turns out after we look at your credit report that the bad things on your credit that you thought were so bad, didn’t matter as much as you thought.
If this happens, it’s very cool because now your options open up… you can buy virtually any home on the market that is within your price range. Of course, we would still be happy to sell you one of our homes, but we also want to give you the opportunity to see what else is available out there.
What we will do is connect you up with a real estate agent… someone who works with buyers as their main job… someone who isn’t pushy, will take the time you need to help you find a property and will hold-your-hand through the process.
We look very hard for good agents to connect you with… real pros. This agent will either meet with you in person and sit in front of a computer with you and pull you up listings or email you or they will snail mail you the listings. Whichever you prefer.
But remember… that’s only going to be for about 10% of you who are reading this page. What we REALLY do is work with the other 90% of you… that’s our expertise.
After you talk to our Mortgage Broker, we will send you an official “Buyer Registration And Qualification” email. You are now officially registered as one of our potential buyers… and remember… all this is FREE and there is absolutely no obligation.
Now comes the fun stuff…