How to Rent to Own a Home
Wednesday, February 26, 2020
You’ve always wanted to own a home, but you didn’t think it was possible. Maybe you’ve been renting, saving up, and assumed you still had years ahead of you before you could pull the trigger on buying that house you’ve been dreaming of. Maybe you are self-employed or new to the country.
We’re proud to announce that our team of dedicated real estate professionals can help you find a home and qualify for a mortgage from the bank with our Rent to Own program.
What is Rent to Own?Exactly as it sounds. A legal transaction which allows a potential buyer to rent their property, with the option to later purchase said property.
With the help of JAAG properties, an Approved Diamond Level Member with C.A.R.O.P. (Canadian Association of Rent to Own Professionals), we create custom programs for each client. After all, there are many variables that can affect credit and the ability to get a mortgage from the bank.
What is the Criteria?The minimum criteria for our program is this:
- $50,000 or more household income (this will dictate your purchase price)
- $10,000 or three percent of the home price if over $300,000
What happens if I am approved?This is the fun part. I will work with you to find a home that fits your needs (and your wants). Once we find what you are looking for, I will work with JAAG to negotiate and finalize the sale. Once we are “closed,” you will sign a tenant lease and purchase agreement with JAAG and your deposit will go towards the purchase of your future new home.
How does it become mine?Over the course of 36 months, you will be paying a two monthly payments — a rental portion and a savings portion. As you might have guessed, that savings portion goes towards the down payment. When your term is up, you’ve saved what you need to make the down payment, and you are ready to make it yours! And as a bonus, you will also have a better credit score.
If you want to hear more about our rent-to-own program, I would love to meet with you. Contact me anytime at 519-752-5400 or shoot me an email at email@example.com. I’m looking forward to getting you one step closer to owning a home.