By: Miguel Fernandez Morales LLB, MBA

Our Rent to Own Program

Tags: MIGUEL FERNANDEZ, MARKET INFORMATION, TREB MARKETWATCH REAL ESTATE ADVISORS, YOUR FAMILY REALTOR, SPANISH SPEAKING AGENT IN TORONTO, CUBAN AGENT IN TORONTO, AGENTE DE BIENES RAICES CUBANO EN TORONTO Y EL GTA, BIENES RAICES, CASAS TORONTO, HONEST REALTOR, REAL ESTATE ADVISORS, CUBA

Looking for a great Rent-to-Own Program? We can put you in your own home today!!
We know life sometimes delivers challenges that can be hard to rebound from on your own. It could be a divorce, bankruptcy, consumer propospal, loss of job, work place injury, new to the country, self-employed or some credit related challenges that have you behind the proverbial “eight ball”?
These challenges could be making it difficult to get a mortgage, but they don’t have to bind you to a lifetime of renting.  Our Assisted Purchase Program is a very viable option for those that can’t get a mortgage today but are willing to work towards getting approved in the near future while living in their own home that they select. Homeownership is closer than you think.

Down Payment
In many cases, banks are looking for 10% and more for a down payment especially if there are credit challenges.  They don’t really care that you have worked hard to save 5% but just can’t come up with the rest.  That’s where Rent-to-Own can help.  A portion of each monthly payment is put “away” for you towards your downpayment so you exit the Rent-to-Own with more than you started with.  We call it “forced savings” and it has been instrumental in helping many families get into their own homes.
Credit Challenges
Credit issues in the past?  Filed a bankruptcy or consumer proposal?  Ran into some late payments due to job loss or divorce?  No problem.   Rent-to-Own provides you an opportunity to get into the home you want to buy today while giving you the TIME to REPAIR credit issues so you qualify for your mortgage at the end of the Rent-to-Own.
Self-Employed
If you are self-employed, you likely know how hard it is to qualify for your own mortgage.  The banks want you to show more income in order to satisfy the stress test and this takes time.  Rent-to-Own has worked for many self-employed families by getting them into the house they want today while providing them with them time to show the necessary income to qualify for their own mortgage.
New to Canada
One of the biggest challenges new Canadians face is that they do not have established income.  Rent to own lets you enjoy pride of ownership now and gives you the time needed to establish your credit history.
Divorced
Divorce doesn’t have to be a rent-sentence.  We are grateful to be able to help many people who have gone through a divorce get back on their feet and provide their families with a stable home environment.   Time heals all wounds and also does wonder for improving credit and building up a bigger down payment.
Mortgage Help
Stuck in a private mortgage?  Maybe took out a 2nd mortgage hoping it would make things easier and find yourself in a tough spot.  We can help but doing a refinance Rent-to-Own which means we will buy your house, pay out the private funding and then you will Rent-to-Own your house back at lower monthly payments.  It’s a win-win as you get out of having to pay any fees associated with the private funding and still get to stay in the house you want to live in.

Here is the Criteria We Use to Qualify
Wondering what is required to qualify?  We list the main ingredients below that result in a successful Rent-to-Own
Down payment
We require a minimum down payment of $15,000 up to $400,000 of house or 5% of total price of the home if the home is over $400,000.   This is 100% credited towards your purchase of the home. Your down payment is required at the time we have the home inspection and will provided before we firm up the accepted offer.
Household Income
Steady, provable household income that can support the price of the home you would like. A general guideline is minimum of $90,000 annually (in this housing-market) but this depends on the price of home you wish to purchase.  We use the current stress test/benchmark to determine your affordability.
Credit Report
Although your credit won’t necessarily disqualify you from our rent to own program, it is important to know where you stand and what will be needed to improve it while you are in the program. We provide support, you provide the “doing”. Credit repair is a commitment.
Selecting a House
May not seem like a strong determining factor overall for qualifying for rent to own but it is for us. You should WANT to select your house as this might be the biggest determining success factor. With our program, you should commit the time to working with one of our realtors to find the “right” house. If you don’t love the house, it is going to make it harder to succeed.

If you want to know more or do you think that Rent to owns for you, please contact me right away