Our Rent To Own Program also helps families avoid the inflexible rules set by banks and allows them to become new Home Owners or Refinance their existing home should they be facing Power of Sale or Foreclosure.
We have been so conditioned to believe that there is only one way to obtain financing to buy or refinance our homes.
The media tells you the choice is between a bank or a credit union. Not true!
It is important to realize that traditional lenders are not the enemy, but, when banks start tightening their lending guidelines…as they have in the past few years… they decline many clients who deserve a chance at becoming a home owner.
Banks continue to use the same time tested approach to see who qualifies to become a home owners and who doesn’t. Banks simply plug in your financial numbers, examine your credit bureau and then based on the financial profile they create for you…you are either “Approved” or “Declined”.
This, of course, is a glorious moment for those approved, catastrophic for those declined.
Unfortunately, banks and other lending institutions are not in the business of moving those who are declined to the list of those who are approved.
Fortunately, this is where the Home Owner Soon Rent to Own Program will “Bridge the Gap”.
Which situation best describes yours? I want to…
Our Lease Purchase Program starts with a down payment as little as 3% or $10,000 down (whichever is greater) if you are Purchasing a New Home.
We have taken the “concept” of Rent to Own of the 1950’s and have modernized the concept to adapt to today’s lending environment.
With our unique program you can move into the house of your dreams today and become the owner of the property at some point in the future…during the rent to own term…normally 3 years…our team of experts work with you to correct the issues that cause your bank to say “no” today – making you “bankable”.
A client has the greater of 3% of the Purchase Price or $ 10,000 down and wants to buy a home today. Their credit score is low because they experienced a “life event” that caused their credit rating to get derailed and now it is below the banks standard. Instead of renting we can help you move in today…repair your credit through our Credit Compass program and become the home owner at the end of the lease term…during the program your down payment will be built to mortgage standards…your credit rating is repaired and you will be able to walk in to a bank and get that “yes” you have been seeking.
You should be prepared for additional closing costs such as Independent Legal Advice (ILA), appraisal and home inspection and possibly a broker fee if you are being referred in through a Mortgage Agent.
If you are transitioning from a renter, consider our Purchase Program as Home ownership Boot camp helping you easily transition from renting to owning.
As a home owner, you have to consider additional cost such as property tax, house insurance and other cost in your budget you might not be accustomed to when you are renting.
The Home Owner Soon Rent To Own Program helps you budget and prepare for the extra cost so you are best prepared moving forward. Also if your credit is damaged, our Compass Credit Management program will give you the guidance needed to correct any credit issues, build a new credit rating and put you in a position to qualify for a future mortgage.
Please note, Lease Purchase Payments are higher than normal rental payments as up to 20% of the monthly cost is added to your initial down payment to put you in a prime qualifying position with your Bank and CMHC. Our underwriting guidelines mirror all the major banks so you are confident to exit at the end of the term.