Rent-to-Own
WELCOME TO A NEW PATH TO HOMEOWNERSHIP
Which Rental Option is Best For You?
Proper planning will help you focus on your rental goal and eliminate unnecessary distractions. As your trusted advisor, it is my job to streamline the process for you by operating in good faith, loyalty, disclosure, confidentiality, and reasonable care.
In order to determine which houses, apartments, townhomes, or condos we will view, please complete this rental questionnaire. Having your preferences on paper makes it easier to be intentional in prioritizing your interests and to help determine what rental options will become the best fit. Whether it's apartment living or rent-to-own homes, I will explore every option available to you and lead you in knowledge in making your decision.
Once completed, we will begin with a quick phone consultation to assess your needs. So that I can best assess your needs, let’s schedule a time to chat about details and strategy to get you into your next home! Schedule a convenient time here.
Leasing with a right to purchase or lease (rent) to own, are programs that enable you to try before you buy in most circumstances, and get you into a townhome or single family home quicker than traditional renting. Because the rental market is so competitive, this option gives you advantages over regular renters with nothing to offer up front, and opens up your options to more available homes on the market to live in. With these options, the seller usually pays my commission.
We work with several companies, Read the quick points of each and we will decide which is the best option for you. The attributes they share are as follow:
Apply for approval with a budget
Place an offer through them
They cover inspection costs, and closing costs!
Bring as little as 2% to the closing table
Move into your brand-new home!
A portion of your monthly rent payment may go towards equity of your home
Divvy Qualifications:
This is a lease to own, meaning a portion of your monthly payments DO go towards purchasing the home, but you are also NOT obligated to purchase. Can renew your lease up to 3 times.
Minimum Credit Score 550
$30k minimum income/$2500 minimum monthly
Employed at least 3 months
Proof of $2k in bank account
No bankruptcies or evictions in the past year
Debt to Income Ratio (DTI) of up to 50%
To learn more about this option, click here.
HomePartners Qualifications:
This is a lease with a right to purchase, meaning your monthly payments will NOT go towards purchasing the home, but you are also NOT obligated to purchase. Can renew your lease up to 5 times.
Minimum Credit Score 580 (600 Miami/Ft. Lauderdale)
18 months of positive payment history
$40k/yearly minimum income
Consistent verifiable income
No bankruptcies or evictions
(Ch 13 bankruptcies may be accepted if payment plan can be proven, Ch 7 closed/discharged)
To learn more about this option, click here.
Dream America Qualifications (Georgia Residents ONLY):
This is a rent to own, meaning your monthly payments WILL go towards purchasing the home, and you are expected to purchase after year 1. Things happen, so if you can't purchase, you risk forfeiting down payments to move in.
Minimum Credit Score 500
$48,000 minimum income/$400 minimum monthly
12 Months of on time rental payments
Proof of $5k+ in bank account
No bankruptcies or evictions in the past year
Debt to Income Ratio (DTI) of up to 50%
To learn more about this option, click here.
Ribbon Qualifications (MUST GET PRE-QUALIFICATION WITH A LENDER)
This is a cash backed option to get you into a single family home. They purchase a home and lease it to you for up to 6 months while you secure traditional financing to purchase it back from them at the same price the bought it for. They cover all closing costs and waive all contingencies making it easy to win offers and get into your dream home.
Must adhere to lenders credit requirements (typically 580-620 minimum credit score)
Credit, Income, and Assets will be verified
Backs the purchase of the home you're interested in (option 1)
Purchases the home you're interested in and leases it back to you 6 months max (option 2)
Fees may be waived if pre-approval comes from their preferred lender
To learn more about this option, click here.
Your part in this process is easy as search, view, and lease! Ready to gear up and get started? I look forward to our conversation, but in the meantime let me know if you have any questions!