Actually … 80% of our clients are already homeowners but are losing their home due to a variety of reasons. Our Specialty Program is our Rescue Refinance Program where we rescue the client’s home from the jaws of Power of Sale or Foreclosure.

We make every effort to research the area your client has chosen to live. We use resale stats of homes sold over the last 12 months and we try to be as conservative as possible when determining the Future Purchase Price. We access the same database as Real Estate Agents through Teranet and analyze the statistical information for the area.

We normally work with appreciations between 2 to 3% throughout Canada. When clients are attempting to secure a Mortgage at the end of the Lease Term, we have found that most Appraisals are coming in significantly higher than the Pre-Determined Purchase Price. This is great as the client has unexpected extra equity.

If there is an unexpected market correction during the lease term, we are able to extend the lease so the house value meets the target price within 6 months. In some cases, we have ordered multiple appraisals and averaged out the Market Value so the client exited the Program and transacted on that Average Value with the approval of the investor.

We use a Benchmark of 5 times Total Family Income

Of course, we do not restrict which Realtor they prefer to use. We just ask that the Realtor contact us so we can pass along the procedural manual so they understand the process

This is our specialty. Over the last few years we have seen a dramatic increase in the number of Rescue Refinance Files. If your client is about to lose their home…call us immediately. Time is of the essence!

We do take in rental income and use 50% of rent to add to gross income. Our first concern is your client may not have any property management experience and the rental unit might take longer to fill causing financial hardship, which we don’t want. We consider rental income on a case by case basis, not to qualify, but to strengthen the Application.

Our minimum deposit is the greater of $ 10,000 or 3% of the Purchase Price.

NOTE: We offer 3% down on an Exception basis only and is based on the profile of the applicant.

We pride ourselves as being real estate investment professionals, our team of people come equipped with real estate and financial backgrounds. When we started this business in 2002 (Purchases Only), we saw how many rent/lease to own companies sprouted up charging low deposits of 2-3% and auto-approving practically everyone.

These companies do not address the credit rehabilitation and only offer secured credit cards and the clients are left on their own only to result in high rate of defaults. This is why many Realtor hate to refer clients into this program since many of these companies produce disappointing results.

Our down payment base is much higher than most allowing more down payment to be accrued during our program and a greater chance of getting an approval from a bank lender when your client exits our Program. Since you are a referring agent, why set your client up for potential failure?

As Credit Management is Mandatory this “rarely” happens…. The main focus of our Program is to give your clients a second chance. If your client fails to follow our program or does not disclose something, while it is not something we can control we can still help! We can extend the Lease and give your client enough time to smooth out the “bump in the road” .

Bank Insurer’s says the security deposit must be refundable in order to qualify as a lease to own deal?

CHMC and other insurers have specific rules when it comes to approving clients exiting a lease Purchase Program. We have a direct line to the President of CMHC…just kidding…but we pride ourselves in keeping up with the Insurers requirements. Unless the client defaults during the Lease Program…95% our clients EXIT the program and obtain Traditional Financing. The other 5% have extended their Lease.

The simple answer is “no”…not all! . Keep in mind, our Investor has invested 25% for a Down Payment, they had Closing Costs and will have early discharge costs. Our policy is to refund any security deposit less cost to dispose of the property. If we can back fill the property with another tenant, 100% of the fee’s can be returned.

You simply invoice us and we send out the cheque the following Friday to head office, broker or direct to agent depending on your arrangement .

Please email all invoices to:sintha@hosfinancial.com

The only thing for sure is death and taxes, we do aim to transact and Exit every client on every deal we approve. We definitely provide the clients everything they need to have a successful Lease Program but in the end, they are Masters of their own destiny as they control their own cash flow.