4 simple steps to Ownership:
1. Qualify with us by completing an application; We will review your specific situation and discuss with you if our program is a good fit.
2. Find your home: Any home for sale in Gatineau (Gatineau, Hull or Aylmer).
3. Receive coaching: To establish or rebuild your credit, or time to accumulate the down payment needed to execise your Option to purchase.
4. Buy: Get your name on the purchasing/title documents.
Our Rent-to-Own program explain:
We can rent you a home with the exclusive right to purchase it at a later date. Participants of the program love it because it allows them to live in their own home while they save for a larger down payment and it also gives them time to clean up any past credit issues or establish a credit. We are obligated to sell to you; however you are not obligated to buy. 100% of your option fee as well as a portion of your monthly rent is credited towards the purchase price of the home if and only if you purchase the home.
Here's an example:
| Initial Down Payment/Option fee: | $10,000 Variable (5% of house price chosen) |
| Monthly Rent: | $1,600 |
| Monthly Credit included in your rent: | $320 |
| Lease Term: | 36 months (Variable 2 to 5 years) |
| Total monthly credits: | (36 x $320) $11,520 |
| Your total down payment accumulated after 3 years: | $21,520 |
Note: These figures are approximations and are based on a $200,000 property. These numbers will vary depending on size of down payment, value of property and current interest rates. Every detail, discussed and agreed, by yourself and us, including your monthly rent and purchase price, will be written in an option contract.
DOWN PAYMENT OPTIONS:
We are flexible with the down payment, and it will vary greatly depending on the house and situation. A absolute minimum of $5,000 is required, but most likely 5% of the price of the house you chose. We need to receive a deposit in order to have a firm commitment from you and to offer us some protection as well.
OPTION TO LOWER YOUR MONTHLY RENT:
We can look at buying a duplex, triplex or house with in-laws suite, to reduce your monthly payment.
OPTIONS IF YOU DO NOT WANT TO BUY THE HOUSE AT THE END OF THE LEASE:
We have many different options; if you need more time, we can extend the lease another year. We can help you secure financing, perhaps even be the bank for you. And a final option is you can choose to walk away and owe us no more money, however the money you have paid into the down payment is non refundable and will be retained as liquidated damages and not as a penalty. We want to work with committed people, interested in moving in their own home.
LIKE THE CONCEPT? HERE’S THE NEXT STEP:
We need your completed application form. We will then contact you once we verify income and employment. You then locate a property which fits your criteria and we will purchase the property so that we may lease it to you with an option to purchase in the future.