There is NO Bank Qualifying required to get started.

Benefits of Lease Purchase for the Tenant Buyer

• Maximum Leverage: You don’t need a 10-20% Down Payment to get into the Property. When you buy a Lease Purchase (Rent 2 Own) home, you can put down as little as first month's rent, a security deposit and a 2% to 4% or less option deposit. We can even spread some of this over monthly payments.
   
  • You are spending very little money to control a very expensive, and very profitable, piece of real estate. You will be put in full legal control of the home for a specified period of time without actually having to own it.
     
  • Compare that to a typical bank or lender who requires 10-20% down.
     
  • What is Option Consideration (Option Deposit)?
     
    • It is the upfront money you pay the seller in order to "lock in" the purchase price for 1 – 2 years.
       
    • When you sign a Lease Purchase contract, you will pay the seller an option deposit. This money is your vested interest in the home and will be fully (100%) credited toward purchase price when you buy the home.
       
• Rent Money is Working Toward the Purchase of a Home: Every month a portion of your rent payment (typically 25% to 50% of your monthly rent/lease payment, depending on the home) is credited towards your down payment or off the sales price. This rent credit goes toward the final purchase price of the property. You are buying the property while renting it. Equity accumulates much faster than with conventional financing through a bank or lender.
   
  • Why Does a Landlord Give a Rent Credit? The Landlord gives a rent credit to the tenant as an incentive to pay their rent on time and take care of the minor maintenance and repair on the property.
     
• Frequently No Down Payment at Closing - Minimum Cash Out of Pocket : Since you have given the seller up front option money and you have been receiving monthly rent credits, there will frequently be very little or nothing left to pay for a down payment at closing.
   
• Profits from Appreciation: Since the sales price is locked in before closing (as specified in your agreement), any increase in property value will mean that your equity (the amount you owe minus what it's worth) is increasing in the home.
   
• Credit Problems are Okay: Qualification restrictions simply do not exist. You will be approved at the sole discretion of the seller.
   
• No Lengthy Escrows or Mortgage Approvals: Your approval will be based solely at the discretion of the seller instead of a lender who can take up to a month (or longer) to render a decision.
   
• No Taxes, Less Liability: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced.
   
• Quick Move In Time: You can typically take possession of the home in less than one week instead of conventional move in times of one to three months after your offer was accepted.
   
• Time: Before you actually buy the home, you will have 12-24 months (depending on your agreement) to save for a down payment, repair your credit, find the best mortgage interest rates, investigate the home and research the neighborhood and/or schools.
   
• Minimal Maintenance: Major maintenance and repair problems or any maintenance problems that exceed a certain amount of money are the responsibility of the owner.
   
• Privacy: Your name will not be on the deed (or any other public records) until you exercise your option to buy.
   
• Peace of Mind: You will have full control of the home knowing that you have the exclusive right to buy the home at a future date.

3 Main Requirements For The "Rent 2 Own" Tenant Buyer

1. Pay Rent On Time:
Each and every month the Tenant Buyer must pay rent on or before the 1st day of the month. Depending on which program is chosen, between 25% and 50% of the rent will be credited towards the purchase price of your future home. If the rent is not received on or before the 1st of the month you will lose the entire rent credit for that month. When you just rent there is no rent credit. When you have a traditional loan, in the early years very little of your monthly payment goes towards reducing the loan amount. When you “Rent 2 Own” if you pay your rent on time you will get a rent credit with a generous amount of that rent going toward reducing the amount owed on the home.)

2. Maintain The Property:
This will be your home. You will be responsible for all the day to day maintenance on the property. Anything major is usually the responsibility of the owner. If you clog the toilet, break a window, or make a mark on the painted walls it is your responsibility to take care of it. It is in your best interest to maintain and improve the property because eventually you will need to refinance the property and cash the home owner out and your lender will give you a larger loan if the property is in good shape.

Plus, if you make improvements to the property and the property goes up in value, (if you exercise your option to purchase) that increase in the homes value is yours to keep. Your purchase price is locked in at the beginning of the “Rent 2 Own” term and it cannot be raised for any reason. This is one of the huge benefits of our “Rent 2 Own” program.

3. Pay Up Front Option Money:
An upfront “Option Consideration” payment is required to move into the property. The amount is reasonable and negotiable. This payment is 100% applied towards the down payment of the property when you exercise your option to purchase the property. "Option Consideration" is what "locks in" the purchase price for the term of the lease option. The lease term on each property is different. During this time you will have the opportunity to save money, repair your credit and locate the best loan. Usually you have the right to buy the home at any time during the lease option period. If you do not exercise your option to buy the property during the “Rent 2 Own” lease term the upfront option money is forfeited. (Option money is not refundable.)