Your Dream Home Is Possible With Rent To Own Homes Kitchener
Self Employed? Poor Credit? New To Canada? No Down Payment? Recent Bankruptcy?
- Low down payment: With as little as $10,000 or 3% of the purchase price* you can begin the process of owning your home. 20% of the rent you pay will be added to the Starting Down Payment to form your final Mortgage Down Payment. The Rent to Own Homes Kitchener program is recognized by CMHC.
- Improved credit: Improve your chances of qualifying for a lower mortgage rate from a traditional lender in 2-3 years while living in your new home.
- Flexible programs: Credit is not the major factor for approval, we look at the bigger picture of your home ownership.
- Credit coaching: We work with you, answering questions, and supporting your journey to better credit through the program.
- More choices: Be in control, shop and buy the house you want and not just one from the home listings the competitors give you.
- Increased security: We protect your interests with legally-binding agreements you can have checked and evaluated by your lawyer.
- Lock in your house price: Secure your future purchase price today and beat rising house prices. The purchase price you pay at the end of the program is determined right at the beginning so you know how much you are going to pay, irrespective of aggressive house market appreciation rates.
- Get fixed payments: Just as the house purchase price is fixed, your monthly payments are also locked in and won’t increase anytime during the program.
- Keep your options open: Choose the ideal solution that works for you whether it’s a longer term, the early purchase option, or ways to lower your monthly payments.
- Build equity: Build your equity faster and greater with your starting down payment and monthly option credits as compared to the first few years of a conventional mortgage.
- Same lifestyle: avoid being house-poor by gaining the education and assistance to create a lifestyle-conscious budget.
- Move in right away: no advance rental payments AND no need to make a down payment until you have purchased the house.
- Keep owner privileges: own pets, paint walls, add built-in furniture, renovate bathrooms—the house is yours and all upgrades belong to you upon purchase.
Real Estate Stats: Kitchener
Interesting real estate numbers for the Kitchener-Waterloo area:
…second-best community for real estate investment in Ontario, behind only Ottawa (source: Real Estate Investment Network), as indicated by the increasing rental rates and lesser number of property vacancies
…26.8% price growth over the last year (source: Zolo), and the best time to invest in your rent to own home is NOW
…80% more active residential listings compared to last year (source: Canadian Real Estate Association), which gives you more options to choose from
…in the top 20% when all of Canada’s suburbs are listed in order of real estate listing prices (source: Canada Real Estate Magazine), so you have some of the best properties to consider
Do you qualify?
There are only a couple of minimum requirements to get started on the process of renting – and then, owning – your own home.
- An amount of $10,000 or greater depending upon the price of the house, which will be taken as to be part of your down payment when you are ready to buy
- A monthly rent of no less than $1,800.
What if you don’t qualify?
The Rent to Own Homes Kitchener program is NOT credit driven and our clients generally fall into at least one of the categories below.
They have either…
- Low or no credit score
- Business for self and can’t show income
- Collections, judgments or writs on bureau
- Property tax or income tax outstanding, tax liens
- Need to go into a consumer proposal, bankruptcy or not fully discharged
- Orphaned mortgage, current lenders not renewing
- Mortgage higher than the current market value due to market correction
- Power of sale (foreclosure)
The Rent To Own Process
Here is a summary of events which occur during the Rent To Own Homes Kitchener program:
- You work with your own realtor or one of our associate Realtors to find and view houses for rent in Kitchener that you want to own in the future…we do not have an inventory of houses to choose from.
- Once your Funding Partner is located, we will draft the Contracts which contain the financing details of your Lease Purchase Program.
- Our Underwriting department evaluates your application to ensure you can afford the Monthly Lease to Own Payment. We will also design a plan to get you into Home Ownership in the future and work with you to resolve the issues that make Banks say no today. Once we are confident that you can successfully complete the program, we will send you a Rent To Own program offer for your consideration.
- You “must” take these Rent to own program contracts to your lawyer to obtain Independent Legal Advice (ILA). This is a mandatory element with our program.
- Once your lawyer has given the reviewed and concurred with the contract stipulations, you can then sign and return the documents.
- If you agree to the terms of the Rent To Own Program, we then ask you to send us back a signed copy of your acceptance along with supporting documents for our review.
- The Real Estate contracts are then signed between the Seller of the Property and your Funding Partner. But, remember, your Funding Partner will actually buy the house on your behalf and you sign the contracts to become the future Homeowner using our Rent To Own Program.
- We close and you move in. We start working on the “Exit Strategy” to be put in place before you are approved for the rent to own homes Kitchener program.