Our program is designed to enable you to choose a home. We work with you to determine a purchase price range and you select homes within that desired price range. Our Realtor will provide online access to listings in your area, and work side by side with a you to find your desired home. If your curious to know about specific areas you desire to live just drive by and see the outside of the homes and get a feel for the general neighborhood. However, to get inside you will need to get in touch with us and make an appointment to view the properties
The time frame required to find a home can take anywhere form 30 days to upwards of several months. This may be due to several variables;
Seller may require a lengthy closing period due to the fact that they still have to find a home or don’t move in to their home for a specific period of time.
We may require time to select a partner that will work with us to help you with the Home purchase program.
There may be limited homes available on the market within your specific purchase price point.
Once we have conducted an initial phone call or pre qualification we can quickly asses if the program is an ideal fit for you. Once we have determined if the program is a good fit and your comfortable we arrange an in person meeting to ensure we have answered all your questions. Following this step we ask that you complete a full application, which entails gathering of information similar to the details you would provide when qualifying for a mortgage. In addition we ask you to pull your own credit information (score and report), instead of us accessing your bureau so that we may help educate you on the steps to understand and read a bureau.
We then run a full analysis and provide a package outlining the type of program and payment options that may be best suited for you to consider. Once we have finalize a payment option and review the contract you then begin looking for homes that appeal to you and your family
In some instances may discover that you are better suited to obtain a mortgage and we will help you through the process.
We use a method slightly more elegant than most Rent to Own programs. Our purchase of sale agreement provides you with greater assurance the home will be yours at the end of the term, pending successful execution of the terms and the ability to qualify for a mortgage. The agreement outlines all terms, we are confident you will be pleased with the transparency in regards to costs associated since we do not use a far market rent scenario and instead we explain in thorough detail out approach. Additionally if the home is valued at a price point beyond your agreed purchase price, we cannot sell it for more than we originally agreed.
Our program typically offers anywhere from twelve months and upwards to sixty months (1 to 5 years). Each client is treated individually with their own unique circumstances. Considerations must be given to the amount of time required to build credit so that lenders will look more favorably at your mortgage application, along with the time frame required to build an acceptable amount towards the down payment. However at any given time during our program you have the option to pursue the purchase of the home and we will help guide you.
We provide a family first approach to our program. Meaning a Realtor is available to help guide and show you homes. You do not pay the commissions since the seller is paying these fees. In many cases Realtor fees may be anywhere in the range of 2-8% of the selling price. That could mean thousands of dollars, matter of fact we’ll also help guide you throughout the entire process which typically involves a home inspector, appraiser, mortgage agent/ broker, lender and lawyers.
We are often asked what is the key to a successful program?
- Utilize a gross and total debt service ratio more stringent than the banks
- Requirement for some clients ti improve credit before entering our program
- No less than 3% of purchase price as deposit
- Educate clients abut credit and have them access their own credit
- Routine check-ins with clients to ensure credit improvement
- We appreciate/escalate home purchase value at less than given area market value
- Option to register on title before program is completed
- Option to purchase before term is completed
- Programs are structure to provide an additional year on top of the expected term required to qualify for financing
Unlike other more traditional Rent to Own programs, we will show you a process that is unique and enables you to build equity in your home. Our qualification process utilized a strategy that is more stringent than most to provide greater assurance that you are mitigating the risk of forfeiting.
Some scenarios that are suitable for our program;
- Self Employed
- Poor Credit
- New to the Country
- Lack of down payment
- Facing Foreclosure
- Consumer Proposal
- Time to repair your credit or investigate the best financing.
The property taxes are paid by the owner of the home. However the amount paid for property tax is taken in to consideration and included in your monthly payment. We will provide you with confirmation of the amount paid for property taxes, to ensure these fees are transparent to you.
The insurance is paid by the owner of the home. However the amount paid for home insurance is taken in to consideration and included in your monthly payment. We will provide you with confirmation of the amount paid for insurance, to ensure these fees are transparent to you. In addition you will be responsible for insurance to cover your personal property.