It is Simple: You move into the home today with a Purchase and Sale Agreement for you to purchase “Your Home” at a later predetermined date at a pre-determined price agreed to before you move in. During the time you are Leasing the home, our team of experts will work with you to get you “Bank” ready before the end of the Lease to Own period. Our Terms are set to provide you enough time to clean up past credit problems and improve on any aspect of your Credit Profile required by current Mortgage Guidelines.
In addition to helping with your Financial Profile, we will help you save enough money during the Lease Term so you have the required Down Payment for your Future Mortgage. A portion of your monthly payment goes towards rent/lease and up to 20% of your Monthly Payment goes into a Savings Component used towards the Final down payment for your mortgage This savings component is often referred to as Option Credits (Credit given to you towards your mortgage when you exercise the option to buy your home). The total savings accumulated during the Lease are added to your initial Down Payment to form your final down payment at the end.
Click for YouTube Video “HOS Lease Purchase Program.”
Down payment is the greater of 3% or $ 10,000 Minimum*
We have a variety of options for funding you application. If you have 3% or $ 10,000 to start, there is a very good chance we can help you get into your home “today”.
Please note that we do not care about where your credit score or profile is today. We will work with you to get Bank/Mortgage ready!
If you have 3% or $10,000 and want to buy a home…Apply Today!!!
Please Note: *Having the minimum Down payment Requirement does not mean you are automatically approved. The starting Down Payment may be subject to change
If you are accepted into the program, we require an activation fee of $99 plus HST once we are about to start the contracts.
This fee is not payable “UNTIL” you are approved for funding.
There are the few reasons a prospective rent to own tenants is declined.
- Insufficient starting Security Deposit or Down Payment. The starting Down Payment or Equity requirements for our program are listed above.
- The house you chose is:
- Too Rural
- Not in a Good State of Repair
- Your Income is not stable enough.
- Your income does not support the Value of the Property you choose. A good Purchase Price guideline is 5 times your total household income.
We are not Credit Score Driven. As long as your credit profile can be improved to Bank Standards by the end of the Lease Term, where your Credit sits today will not be a deciding factor in your approval.
It does no matter. We do not restrict Self Employed clients.
You are responsible for the upkeep of the property. You will be the direct benefactor from any improvements that you make – it will increase the value of your investment, so you are responsible for the property’s maintenance. Please remember that all homes need regular ongoing maintenance, so you should budget accordingly when considering the monthly payments. When you first picked this home, you would have called a home inspector and know exactly what is required for that home in advance.
Yes. We pay all property taxes and the real property insurance. You are required to purchase a resident insurance policy to cover your possessions inside the home. You will be responsible for the utilities, and upkeep on your new home.
You do! We let you choose the home you want, in the area you most desire, at a price that fits into your budget.
We have each home professionally inspected prior to closing and make sure that your home is in good condition and free of hidden problems in all major areas (roof, electrical, heating, cooling, and foundation). The cost of the home inspection is your responsibility. We will use an Inspector of your choice but have recommended companies you can call.
Yes, either is acceptable.
The short answer is no, we don’t do rent to owns for mobile homes and nothing on lease or rented land.
We have almost a 100% percent rate. The only time the tenant was not able to buy the home was because they did not follow the Credit Repair Program or have lost their job. If you need more time to improve credit score or find a New Job, we can extend the lease for another 12-24 months.