Bridge The Gap Between You and Home Ownership… With HOS Financial’s Rent To Own Program.
Our Rent To Own Program 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.
Please choose applicable program:
Rent to Own / Lease Purchase Program
Lease Purchase Buy Back Program – Escape Power of Sale / Foreclosure
If any of the following apply to you, We CAN Help!
- Damaged Credit
- Low Down Payment
- New To Canada
- Self Employed
- Tax Arrears
- Facing Power of Sale
- Facing 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.
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 HOS Financial can help “bridge the gap”.
We bridge the gap between that “NO!” you first receive and the future “YES” you will achieve.
“….they helped us get our brand new home…”
When the banks declined us for a mortgage, we called Home Owner Soon and they helped us get into our brand new home. They offered excellent advice on how to repair our credit and purchase our dream home. Thank you for making all of this a reality. ~ Ames and Jodie, Ajax, Ontario
Our Lease Purchase Program starts with a down payment as little as $ 10,000 down if you are Purchasing a New Home.
If you are a current Home Owner and are facing Power of sale/Foreclosure…we can use the existing equity in your home. 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.
In Purchase situations these costs are out of Pocket, in Refinance situations, these costs may be able to come from the existing equity in your home.
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.
HOS Financial’s 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.
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.
Source: From Wikipedia, the free encyclopedia
“Rent to own is a real estate term relating to a real estate agreement, which is comprised of a rental lease and a purchase agreement where the tenant has the option to purchase the property at a fixed price at a specified point of time in the future. It is also known as lease to purchase option, lease option, owner financing or lease-to-own.
The lease resembles that of a typical rental lease where the landowner, the lessor, allows the other party, the lessee, to occupy the property in return for a monthly payment. A portion of the lease is termed “monthly option credit” which converts to down payment at the end of the term. The option to purchase the property states the price at which the property is to be bought and the date at which the tenant is able to exercise the option to buy the home. A security deposit is collected upfront and held as collateral without interest until the term is complete, and it is converted to down payment.
If the program is executed properly, it becomes an incredibly unique opportunity that only a few people have been exposed to across Canada. The best part however, is that this program literally transforms the financial destiny of those who get to participate in our program.”
What all of this means is 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.
A client has $ 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.
“…guided me through the rent to own process…”
Having declared bankruptcy following my divorce, I never thought I would be able to buy a home again. Home Owner Soon guided me through the rent to own process and I am now the proud owner of my home. Thanks for taking a chance on me when nobody else would! ~ Elizabeth, Barrie, Ontario
How does Rent to Own work
Here is a summary of events which occur during the Rent To Own Program:
- You work with your own realtor or one of our associate Realtors to find the house you want to own in the future…we do not have an inventory of houses to choose from.
- Our Underwriting department analysis your application to ensure you can afford the Monthly Lease to Own Payment and that we can formulate a plan to get you into Home Ownership in the future. Basically we make sure we can resolve the issues that make Banks say no today. Once we are confident you can exit our program we will send you a Rent To Own Program offer for your consideration.
- 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.
- Once we are satisfied your rent to own program will achieve the end goal…a successful exit…we will find a suitable Funding Partner.
- Once your Funding Partner is located, we will draft the Contracts which contain the financing details of your Lease Purchase Program.
- You “must” take these Rent to own program contracts to your lawyer to obtain Independent Legal Advice (ILA)…it is mandatory with our program.
- Once your lawyer has given the “green light” you will need to sign and return the contracts.
- The Real Estate contracts are then signed between the Seller of the Property and your Funding Partner…remember…your Funding Partner will actually buy the house on your behalf and you sign contracts to become the future Home Owner using our Rent To Own Program
- We close…you move in and we start working on the “Exit Strategy” put in place before you were approved your Rent To Own Program
If you are an existing Home Owner facing Power of Sale/Foreclosure, your transition process will be from an owner to a tenant and back to an owner at the end of the Lease Purchase Program. As with the Purchase program, our Buy Back program will enroll you in our Credit Compass program to resolve any credit challenges you are currently facing. Our Lease Purchase Buy Back program allows you and your family to escape Power of Sale/Foreclosure, press the reset button and get a fresh start!
Facing Power of Sale or Foreclosure? We can help!!!
Our specialty is helping families avoid the jaws of foreclosure and keep your family at home where you deserve to be. We understand how unexpected life events can affect personal finances.
If your current 1st or 2nd Mortgage lender is not renewing your mortgage…we can help!
If you are drowning in debt and need to refinance…we can help!
Our Rent To Own Buy-Back Model will:
- Keep your family at Home and kids with their friends!
- Repair any Credit Issues you are Facing today
- Eliminate any debt you have by accessing the equity you have in your home
- Return you to a traditional mortgage at the end of the term
- CHANGE YOUR LIFE!
Here are some other important details about our Rent to Own Purchase and Refinance Program:
- No one is accepted into our Lease Purchase Program unless there is a clear exit strategy…we have been underwriting Lease Purchase Programs for 9 years and our success is “only” based on the number of clients we “exit” into a traditional mortgage…as Guy Lew, President says
- “We are underwriting your file for a future mortgage and we are using a Lease Purchase Program to allow you to move in today”
- The “Future” Purchase Price is determined from Day One so you know exactly what you will pay to purchase the house in the future
- Credit Mentoring is mandatory during the Rent To Own Program
- ILA is Mandatory before the Rent To Own Program starts
Who is our client…
We are 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)
If you want to Buy, Allow us to help!
If you need to escape Power of Sale or Foreclosure we can help!
No matter where your Credit Score is today…you can still qualify for one of our revolutionary Rent To Own / Lease Buy Back Programs! Call today to speak with one of our Professionals – 1-800-670-2756