F.A.Q.
What do I need to qualify for this program?
Can I qualify with bad credit?
How expensive of a home can I buy?
How much are the monthly payments?
What is Option Consideration (OC)?
Is the program available to me if I am new to the country, just started a new job, or self-employed?
Is this program the same as rent to own?
What do I need to qualify for this program?
You need:
- Income
- Repairable credit
- Good rental history
- And some savings to lock in your option to purchase, which is a smaller amount than is required for a full downpayment on a mortgage.
Can I qualify with bad credit?
Often yes! If your credit is reparable, our Lease Option program will give you the time you need get it fixed. Our team will build you a repair plan to help you get your credit back on track. However, it is your responsibility to follow the steps so you will qualify your mortgage at the end of the term.
How expensive of a home can I buy?
It depends on how many financial obligations you have, but the limiting factor is the maximum mortgage your current income(s) can carry.
Yes.
How much are the monthly payments?
It depends on how much you have saved towards your home already and how long the term is. The more you have saved and the longer the term, the less your monthly payments will be. We will go over this in more detail on the free consultation you get after submitting an application!
What is Option Consideration (OC)?
Option Consideration payments are made in addition to rent, this is what locks in your option (right) to purchase.
They are usually a combination of an initial, and monthly payments, 100% of which turns into your downpayment when you qualify for your mortgage and decide to exercise your option to purchase the property.
The total option consideration needs to be equal to a downpayment (usually 10% of the option to purchase price) by the end of your Lease Option Term.
Typically you will want to make the largest option consideration payments possible, so you are able to purchase your home and stop renting as soon as you can.
Is the program available to me if I am new to the country, just started a new job, or self-employed?
Yes! Our Lease Option Program is perfect for recent immigrants, self-employed individuals, or anyone who doesn’t have 2 years of income history and so doesn’t qualify for bank financing yet.
Is this program the same as rent to own?
Our Lease Option program is a specific type of rent to own. Often, rent to own opportunities are offered by landlords who are having trouble filling a rental house. So they offer an incentive to fill the vacancy by giving tenants the opportunity to build equity with some of their rent.
The problem is you don’t get your equity unless you buy the home, and often none or very little due diligence is done to make sure you as the renter will be able to do so. Unfortunately, renters end up more often than not losing the equity due to unaccounted for complications that arise when they try to buy.
What makes our Lease Option program different is the emphases and effort we put on planning the steps you will need to take to buy, before you get into a house. We do not put anyone into the program unless it is reasonable to assume they will be able to qualify for a mortgage, and become a successful home owner. We also take many proactive steps during the program to make your purchase at the end as hassle free as possible.