Frequently Asked Questions

What is "rent to own"?
Also known as a "lease to own" or "lease purchase option", a lease option is an arrangement where you rent a house and pay upfront 'option consideration' to have the exclusive right to purchase it at a later date. A lease option allows you to 'try before you buy', and gives you time to build a down payment, improve your credit, and ease into home ownership.
How do I qualify?
In order to qualify for one of our houses, you will need to be able to afford a reasonable down payment, have the ability to make monthly payments on time, and have a willingness to improve your credit situation so you can ultimately buy the home. That's about it. We want to set you up for success in a home that is truly affordable, so we will want to see that your gross monthly income is at least three times the monthly payment amount.
What if I have bad credit?
No problem. Don't let your prior credit situation keep you from moving into the home you deserve. If you have bad credit, all that we ask is that you have a willingness to improve your credit score so you can qualify for a loan at the end of the lease period. We have several resources to help you achieve this goal.
What if I don't have the required option consideration (down payment)?
If you don't have the entire option consideration saved up, you have a few options: Upfront option consideration can be borrowed, so find out if friends or family members are willing to help you out. In certain situations, we may be willing to split your option consideration into two or three separate payments. We also accept items in trade, on occasion, if you are a little short, so if you have an extra vehicle, boat, ATV or something else of value, let us know. Finally, we may be willing to trade work for equity if you're interested in doing some fix-up prior to move in.
How long do I have to buy the house?
Our lease option time frames are typically 12 - 36 months. We'll want to match the house to your credit situation so you have plenty of time to get financing.
What happens if I decide not to buy?
If you decide not to buy the house, you are released from all obligations without additional cost. Your upfront option consideration is forfeited.
Will you check my credit?
We accept all kinds of credit situations, from good to ugly. We would like to see a copy of your credit report before you move in, but mainly because we want to see what items that you'll need to work on during your lease. There may derogatory items on your credit that shouldn't be there and knowing this in advance gives plenty of time to clear them up. You can even pull a report yourself from one of the many credit reporting websites, and this will not show up as an inquiry on your credit.
Will you give me a loan if I can't qualify through the bank?
If you can build up your down payment to 15% or more, we will offer guaranteed owner financing, meaning, we will become the bank.
What might my payments look like with owner financing?
How much are the payments? Check out this FHA Mortgage Calculator (how much are my payments). Just move the sliders to see the different options. We offer rates competitive with banks without all the junk fees, actually no fees! Not only that, you can have a 500 credit score and we can still offer you the same thing the banks are giving you these days! Have more than the minimum to put down? We can adjust our monthly payments accordingly even in a rent to own situation! Our payments need to be close to what your mortgage would be, they can be less or more, it all really depends on you! If you love the place, we'll do absolutely everything we can to get you into this or any of our homes!
I found a house I like on this website, how do I apply?
First, you'll need to complete this Buyers Interest Form. We will look that over ASAP to make sure we are a good fit for each other. If we are, we'll have you fill out an application to check credit and background. Relax, we are very lenient so credit doesn't matter much and background check is mostly to check for criminal history. These reports are done by a third party and they charge a one time fee of $39.99. Once we receive your application, it usually takes us no more than 24-48 hours to process.
What do I do if I want a lease option, but I don't see a house on the website that suits me?
If you don't see what you're looking for, be sure to keep checking back. As we get new properties, we will update our listings. If you have saved a sufficient down payment, there is a good chance that we can find the perfect property for you.