What is an option to buy?

What is an Option to Buy? 

If you are unable to obtain a loan but have money for a down payment, you may want to consider leasing a home with option to buy.

AN "OPTION TO BUY” IS LIKE RESERVING YOUR HOME AT TODAY'S PRICING. YOU CAN MOVE IN NOW, REPAIR YOUR CREDIT WHILE YOU ARE LIVING IN THE HOME, AND BUY IN THE FUTURE.

*Credit repair assistance, go to www.knowdebt.org or try www.needhelppayingbills.com. These are non-profit organizations that will assist you free of charge.

* You can purchase an option to buy at the time you complete your rental agreement.

* Option to buy fee is $1,500 to $5,000.00 or more.  Once you obtain financing, the fee is credited toward the purchase price of the home. 

ex. Home price $100k, -$5k option you get loan for $95k at end of the option term.

* Once you purchase the option to buy, your purchase price is locked in for one year and your option is also renewable.    

* At any time during your lease, you may obtain your loan through the financial institution of your choice and any type of loan you choose. 

* When you make your payments on time each month, you are rebuilding your credit.

Please Note:

* With the Rent with Option to Buy Program, you are buying an "Option to Buy" on a house. 

* Your Option to buy fee provides you the benefits listed above.

* At the time you exercise your Option to Buy and actually purchase your home, your fee will be credited toward the purchase price.

FREQUENTLY ASKED QUESTIONS

What are the rental qualifications?

A positive rental history from a non-relative, steady employment for at least one year, and monthly income at least three times the monthly rent; for example to qualify for a $700 a month house your monthly income has to be $2,100. If you do not meet these qualifications, we may still accept your application with a higher deposit. We do accept those who are credit challenged but not any prior evictions in the last two years.

What is an Option to Buy?

AN "OPTION TO BUY” IS LIKE RESERVING YOUR HOME AT TODAY'S PRICING. YOU CAN MOVE IN NOW, REPAIR YOUR CREDIT WHILE YOU ARE LIVING IN THE HOME, AND BUY IN THE FUTURE.

Do you allow pets?

Yes, we generally allow pets as long as they are not in violation of our insurance policy.  Please inquire if you have a dog which may be prohibited for liability reasons.  Monthly fees do apply for animals; dogs- $15 to $30 depending on the size; cats-$15.  This fee applies to each animal.

What’s the security deposit?

The standard security deposit is equal to one month’s rent.  Additional deposits may be required if you do not meet the above rental qualifications.

Are utilities included in the rental fee? 

Electric, Gas, Water and garbage services are not included in the rental fee, unless noted in the description of the house. 

Do the homes have washer/dryer hook-ups and central air? 

Yes, all of our homes do have central air and washer/dryer hook-ups. 

What’s the application fee?

The application fee is $35.

How long does it take to get approval? 

Normally within 24 hours, IF, supporting documentation is submitted with the application.

Do you allow Section 8?

We are not accepting Section 8 at this time.    

Are appliances included?

Generally, appliances like stove and dishwasher are included in the home.  We find that some people have their own and prefer to use them. 

Who mows the yard?

It’s important to remember that this is a home and not an apartment.  You are responsible to maintain the exterior of the home.  This includes mowing, trimming, weeding, cleaning gutters, and maintaining a generally pleasing exterior.

What’s the lease term?

Our standard lease terms are 12-24 months.

Do you require Renter’s Insurance (also known as Contents Insurance)?

No, but we do encourage it for your protection.  It protects the contents of your home against theft or damage from fire, water, etc.  You can select the insurance company of your choice, and it’s very inexpensive.  For example, a $25,000 contents policy may only cost $10 or $11 per month.  Money well spent protecting yourself.