Remember, a Rent to Own Program is ONLY SUCCESSFUL when you buy your home at the end. Therefore we have to ensure we have done the proper underwriting for your success!
Not everyone can be approved for our Rent to Own program and there are a few reasons a prospective rent to own tenants is declined.
Here are the common reasons for an application to be rejected…
o Applicant does not meet the minimum down payment requirements
o The house you choose is:
o Too Rural
o Not in a Good State of Repair
o Applicant Income is not stable or verifiable
o Applicant income does not support the Value of the Property you choose. A good Purchase Price guideline is 5 times your total household income.
o Applicant Credit Profile cannot be improved to bank standards by the end of a Rent to Own Program