Frequently Asked Questions

1. How does the Rent to Own Program work?

You will rent a house for 2-3 years and a portion of your rent will go towards the down payment (only if rent is paid on time and in full every month). As well, the initial option consideration (like a down payment) is also applied to the purchase price. What this means is that we acquire the home and help you own it in the near future on a Rent to Own basis. It’s that simple!

2. How much down payment do I need?

Buyers typically need between 4-5% of the initial purchase price and will be credited toward the purchase price at the end of the rental term. This depends on the location of the house and your income. The more you have the better, as this will help secure the house and may lower your rental payments. There are other options if you do not have the full amount.

3. If I qualify, do I require a deposit?

 If you qualify for the program, we require an initial application deposit of $500. This fee separates the “typical renters” and those that are serious about the Rent to Own process. Our program is in very high demand and we want to ensure we are working with people that are motivated to own their own home. The application deposit is than ultimately credited towards your home.

Note: The application deposit is fully refundable within 48 hours after we have received it. If you should change your mind within this time, you will receive a full refund. After this period, the application deposit is non-refundable.

4. How much will my monthly rental payments be?

Your monthly rental investment will be approximately the same amount as on your new mortgage when you purchase the house, including property taxes and insurance.

We calculate the rent by multiplying the purchase price by .0075-.009.
  e.g. 200,000 (purchase price) x .008 = 1600 per month

Note: The strength of your application and your initial down payment (option consideration) will depend on what number is used when calculating your rental payment.

 5. I own my home and have fallen behind on my house payments and my house may get foreclosed, can you help?

Yes, we can buy your house and through our program help you get back on track to owning your home again. Therefore, you won’t lose your house!

6. What are the reasons I might be declined from your program?

Your income is not high enough to afford a house of certain value. A guide to use is multiply your combined gross income by 3 and that will give you an idea of the house you are able to afford. Eg. 80,000 (total combined income) x 3 = 240,000 (upper limit of home you could afford)
· Lack of adequate down payment
· You have not been in your present job long enough. Our qualified tenants should be at their jobs for at least 6 months.

7. Who is in charge of maintenance and repairs to the property?

Ultimately the goal is for you to own the home; as such you will be responsible for all maintenance and repairs to the property.

8. Who is responsible for paying the property tax and house insurance?

You are not responsible to pay the property tax and house insurance during the rental term. However, you will be responsible to obtain tenant insurance to protect your belongings and if anything should occur during the lease.

 9. Who pays for the utilities?

You are responsible to pay all the utilities including water, electricity, gas (heat), cable, telephone, etc.

10. I have bad credit, can I still qualify?

Absolutely! The majority of our qualified tenants work with a Credit Counsellor to improve their credit and keep them on track during the Rent to Own program.

Click Here To Fill Out An Application