Rent with an Option-to-Buy you can qualify for our "Homeowner in Training" Program giving you time to improve your credit and build up your necessary down payment.
You can earn a fixed monthly credit toward your future down payment. Additionally you can earn credit toward your down payment through improvements you make while in the property.
Once your credit has improved or you have accumulated enough down payment you can qualify for a traditional low rate bank loan or you may choose to convert to our easy qualifying "American Dream" Homeownership Program. The purchase price will be determined by an appraisal at the time you exercise the option to buy less any credits earned for improvements during your occupancy and the earned 10% or 20% discount.
Option payments, and all credits maybe transferable to other homes we may have available.
Lastly although a buyer can use any source to get a mortgage to purchase, to ensure buyers ability to qualify, with a third party qualifier.
This program is perfect for those with credit issues or those who haven’t saved enough down payment or just want to "test-out" the neighborhood, the schools or the house.
Steps in the Process:
1. Complete preliminary application online.
Make sure: to include:
a. The option payment, monthly payment you have
b. please include how soon you want to move
c. include email and mobile phone for appointment contact
2. Once preliminarily qualified you will get an appointment to see the property.
3. If you like the property and choose to go forward you will complete a full application with your personal information, to confirm income, identity, credit and employment.
4. To facilitate the process you may want to bring copies of, your last two pay stubs, picture Identification, proof of your past rental payments.
5. You do not need great credit to qualify but you may consider providing a copy of your credit report.
6. You indicate on the application how much you have as an option payment. We give all this to a mortgage broker who will tell us based on your option payment, credit and monthly payment how much redits you can earn monthly and if he could get you a.mortgage in 1 or 2 years.
