Rent to Own Program
Your Pathway To Own is a rent-to-own program that assists people with less than perfect credit or less than perfect savings to buy a home.
What is Rent to Own?
Rent to Own, also known as Lease Options to Purchase, is a lease agreement with an option to purchase a home at the end of an agreed term (usually 2-4 years).
During this term, the Tenant Buyer works on improving their credit and building up their final deposit based on a customized financial plan that allows them to acquire financing to purchase the home at the end of the term.
With Rent to Own, Tenant Buyers are tenants first. They turn into buyers when they qualify for a mortgage with a bank and choose to exercise their option to purchase their home.
Rent to Own involves two contracts: a Lease Agreement and an Option to Purchase contract.
What are the Benefits of Rent to Own?
Choice – You get to choose your own home.
Fixed future purchase price – You will know the price of the home ahead of time because the purchase price is locked in for the entire term.
Protection from rent increase – The rent payments are fixed during the period of the lease agreement so you will not need to worry about rent increases.
Pet friendly – We know that pets are part of the family. Our program is pet-friendly.
Who is this Program For?
- First-time home buyers
- Self-employed and new business owners
- People new to Canada
- People with credit challenges
- People who are divorced, separated, or who have lost a spouse
- People who are relocating to a new area
- Past homeowners
The Services We Offer
- We help you find your home with the help of a realtor.
- We provide private financing to buy your home with the help of our investors.
- We provide education, coaching, and support to Tenant Buyers.
- We help you build your credit and maintain your credit score through our credit management program.
- We help you budget and save up for a final deposit so you can qualify for a mortgage at the end of the rent-to-own program.
- We provide you with a financial needs analysis and access to financial literacy workshops.
- We guide you through the home ownership process.
Minimum Requirements for the Program
When applying to our program, you will need to have a minimum of $10,000 in savings or 3% of the purchase price of the home, whichever is greater.
Our program helps Tenant Buyers save up a minimum of 10% of the future purchase price of the home. We are looking for individuals who are committed to that goal.
How does the Rent-to-Own program work?
- An application process needs to be completed.
- Upon acceptance into the program, we will develop a customized program to meet your financial needs.
- You will provide an initial deposit towards your new home.
- We will purchase the home that you choose and you will have the exclusive right to purchase the home at the end of the agreed-upon term.
- During the program, we will work with you to build your savings and improve your credit toward the purchase of the home.