Common Questions about Rent To Own
How Does Your Financing Work?
We offer owner financing where we can sell you the home without you having to qualify at a bank. We are the bank and make the final and immediate decision.
How Much Down Payment Do I Need?
We are very flexible with the down payment. We can offer you many options and we will always do our best to work with whatever funds you have available. You can even start out with a lease purchase and then move to owner financing at a later date when you have additional money.
Do You Offer Down Payment Assistance Programs?
Yes we do. If you are a bit short on down payment but have strong income, we can set up a monthly payment plan to make payments towards your down payment.
What Other Methods of Down Payment Are Accepted?
You may be eligible to withdraw or borrow funds from your RRSP to purchase a home without penalties and we’ll consider most anything on trade such as cars, boats, RVs, trucks, motorcycles, jewelry, stocks, bonds, etc.
How Does Your Lease Purchase Program Work?
We can lease you the home with the exclusive right to purchase it at a later date. Our buyers love it because it gives them time to save up for a larger down payment, clean up past credit problems or sell another home, and also time to try out the neighborhood before buying and move in immediately. We are obligated to sell to you, however you are not obligated to buy. 100% of your option fee/down payment is credited towards the purchase price of the home.
What is the interest rate On Your Owner Financing?
We are flexible with our terms to meet your needs. Typical interest rates range from 7.5% to 9.5% depending on the down payment and application. All credit is accepted and applications are necessary to verify income.
How Do I Reserve The Home?
All we would need is your application completely filled out. We will then contact you within 24 hours. Please keep in mind our homes sell quickly, so time is of the essence.
How Fast Can I Move In?
If you’re buying with owner financing or lease purchase, you can be in the home in less than a week. If you prefer we get you a new loan, the average time is 30 days. We can shorten that if you furnish all the documents the mortgage broker wants quickly.
Can I Buy The Home With No Down Payment?
If you can qualify for new financing, then Yes. Our lenders have 100% financing programs available with good credit. If you cannot qualify for new financing, then No. Both our owner financing and lease purchase programs require down payment. The more you have down, the better the chance of acceptance and the better your terms.
What Determines Whether I Can Buy With Owner Financing Or Lease Purchase?
If your credit is good and you can qualify for a loan and you have good down payment, the choice is yours. We’ll lay out your options and you’ll decide what is best for you.
If your credit is not so good or you can’t or won’t qualify for other reasons and have a good down payment, the size of your down payment may be the deciding factor. The more you have down, the better chance you have with owner financing. Smaller down payments may qualify you for lease purchase where you can build up enough for our owner financing with our Down Payment Assistance Program discussed above or future capital you acquire on your own.
What If I Don’t Like This House But Want To Stay On Your Buyer’s List?
Simply complete the Owner Occupant Buyer form and we’ll notify you with every house we have available until you find one or buy elsewhere and notify us.