Frequently Asked Questions

Q: HOW DOES THE LEASE OPTION PROGRAM WORK?


A: It's really rather simple! Select any house from our inventory. You lease your new home from us with the right to purchase it at a later date. Our tenant-buyers really love our program because it gives them time to make repairs to their credit, sell another home, and it also gives them time to save more money to pay down on their new home. All of your Option Consideration Monies are credited toward the purchase of the home as well as the earned monthly rental credits.


Q: WHAT HAPPENS WHEN I APPLY FOR A HOME?


A: Here is a summary of our process:

  • You will complete an application & pay the application fee of $35. (We also require your last 2 pay stubs and a common form of identification)
  • Your application will be processed, and if you are approved....
  • We will sit down with you and review your options. You then get to select a home from our inventory
  • We collect your option consideration money and your first months rent.
  • We give you the keys and the home is yours!
  • We refer you to a credit repair advisor to help you repair your credit and refer you to a mortgage broker who will advise you in what you need to do to get a mortgage in 1-2 years... or less.

Q: HOW LONG DOES THE PROCESS TAKE?


A: If we have a home you like then the process usually only take 1-2 weeks to move you in.


Q: WHAT ARE THE COSTS?

A: There is a $40 application fee to qualify you. Other costs, like the option consideration money and first months rent, vary from home to home.


Q: HOW CAN I BUY A HOME WHEN I HAVE BAD CREDIT? NO CREDIT?

A: You can't with conventional lenders, but you can with our program. Your past credit history is just that, the past. What we focus on is the now and the future. Your ability to make reasonable monthly payments and your desire to be a home-owner are important to us. We work with fantastic mortgage brokers, banks and credit repair companies who will help you position yourself for permanent financing. It is very important that you pay your rent and other monthly bills on time!


Q: I AM RENTING NOW, HOW IS THIS DIFFERENT?


A: With our program, we place you on the right path towards buying your home.


Part of your rent payment goes toward a CREDIT that can be either applied toward the cost of the home or closing costs. Instead of throwing your money away each month on rent and having nothing to show for it at the end of the year, with our Rent to Own program, typically 25 to 50% of your monthly rent payment, for the first year of the contract, is credited towards paying the closing cost when you purchase the home. For example: If you are paying $1000/month in rent you would have $250 a month going toward paying the closing costs... That's $3000 in only 12 months!


Q: HOW MUCH OPTION CONSIDERATION MONEY DO I NEED?


A: We are usually flexible with your option consideration. Normally we require 3%-5% up front. We are much more flexible than traditional lenders. We can accept borrowed funds, cash advances, etc. You also may be eligible to withdraw or borrow from your 401K to purchase a home without penalties. (We also consider items in trade.) The more option consideration you put down, the lower your monthly payment may be.


Q: IS THE OPTION CONSIDERATION MONEY NON-REFUNDABLE?


A: Yes! If you break the lease or don't pay your rent, you forfeit all of your option consideration. You will get the option consideration money credited back towards the purchase price of the home if and when you buy it.


Q: HOW LONG IS THE LEASE OPTION PERIOD FOR?


A: Typically we can give you 12-18 months, and sometimes 24 months, before you would need to complete the purchase. However you can purchase the home anytime before the expiration of the agreement.


Q: WHO PAYS THE PROPERTY TAXES AND INSURANCE DURING THE LEASE OPTION PERIOD?


We do! You pay the monthly rent and utilities until you actually complete the purchase of the home. We do encourage our tenant-buyers to obtain renters insurance.