Three 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 100% 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. (Note: 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 us 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 (rent 2 own) agreement. The rental 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” term the upfront option money is forfeited. (Option money is not refundable.)
	Rent 2 Own Application