"buying is the new renting"
Below average credit, low down payment, bankruptcy, short sale, or other factors shouldn’t keep you from owning a home.
If credit or other factors can be repaired and you’re willing to do your part to make it happen, the Rent to Home program is just right for you!
You’ve heard about rent-to-own programs (sometimes called rent with lease option), what about a program that can skip that middle step and launch you directly into buying a home? Sound too good to be true? Well it’s not and it’s happening every day.
Unless you live at home with your parents or live with a friend or other family member, you’re probably renting, Which means you’re making monthly payments to a landlord, With a conventional rent-to-own scenario, you make arrangements with a landlord at the beginning of your lease to purchase the property at the end of the lease. There are several problems with this type of lease:
- You pay more money each month with a rent-to-own lease because a portion of your rent is escrowed (put aside) by the landlord towards the purchase of your home.
- If you choose not to purchase the home at the end of your lease, you lose all the extra money that was escrowed for you – that’s money that you were paying every month that could have stayed in your pocket.
- Some landlords don’t let you know that they’re behind in their mortgage and you may end up having to deal with the bank that is foreclosing on the home you thought you were purchasing.
- Some landlords require a substantial amount of money up front in order to let you enter into a rent-to-own lease. This can be thousands of dollars, and again, you don’t get this money back if you decide not to purchase.
But Rent to Home is different. You continue renting where you are while working our program. This program is customized to suit your individual needs. We work with you - from where you are right now - to help you get to where you want to be. You tell us when you want to purchase your home and we take it from there. We develop your personalized “plan of action” to get you home purchase ready.
Steps to Rent to Home:
- You decide when you want to purchase a home.
- You sign up online or in workshop.
- You receive a confirmation of registration and are sent a Home Buyer Commitment Letter.
- You sign the Home Buyer Commitment Letter and send it to me.
- You are assigned a loan officer.
- You contact the Loan Officer, provide the needed documentation and have your credit pulled.
- The Loan Officer reviews your credit report and discusses it with you.
- The Loan Officer will provide you with a customized Plan of Action and provide a copy to me.
- I follow up with you on a monthly basis to monitor your progress, avoid any impending problems, cheer your progress and adjust your timeline as needed.
- When you’ve reached your goal, the Loan Officer issues a preapproval letter that states how much house you can afford.
- You and the Loan Officer discuss various financing options for down payment assistance and decide on the program best suited to you.
- You and I begin house hunting until we find a house that you like.
- You write an offer on a house and the offer is accepted (ratified) by the seller.
- Thirty (30) days later you become a home owner!
The Rent to Home program works best for those who are looking to purchase within 6 to18 months. You can still be on the program if your timeline is longer - just know that the temptations are greater the longer your deadline!!!!
Interested? Sign up today!