Rent to Own
LEASE WITH A RIGHT TO PURCHASE
Looking for a rent to own style option for your next home? Do you have less than perfect credit? A prior foreclosure or bankruptcy? Struggling to find a lender that will approve you for a mortgage? No worries, there is a good chance we can help through the Lease with Right to Purchase Program. It is a transparent and fair process and there are no large down payments or non-refundable deposits.
In order to qualify for the program, you must meet the following criteria:
- Minimum 6-months of stable employment
- Minimum household income of $50,000 per year (before taxes)
- A credit score of around 575* or higher
- Chapter 7 bankruptcies are DISCHARGED
- Chapter 13 bankruptcies are in the payment plan stage and ALL payments are made on time
- No felony convictions.
- No prior evictions or outstanding apartment collections
- You can not be currently in default under a lease agreement
- Debt to income ratio (including requested rent) below 45%
Not all homes qualify. Here is a list of the main requirements for homes to be able to be approved in the program:
- 2-bedrooms or more
- 2-bathrooms or more
- Home value from $150,000 to $450,000
- Top-rated high school district
- Can not be located along a major highway, under airport flight paths, under high tension power lines.
- Single-family home or townhouse (fee-simple, no condos)
- Traditional Purchases ONLY that are move-in ready – Bank Owned, Short Sales, or Auctions are not considered.
- Minimum monthly rent is ~$1300/month and up.