RENT TO OWN
Rent-To-Own Pros
- As low as 550 Credit Score
- More Flexible Income Docs
- Only need move-in costs to close
- Single Family Condo OK
Lease-To-Own Program Benefits
- Rate locked in on a 30-year mortgage at the time of lease
- Assumable mortgage option at the end of the lease period
- Protects you from being priced out of purchasing
- You build equity before purchasing the home
- Equity is applied toward the purchase of the home
- No income or asset seasoning is required
- You can always purchase the home when you are ready
Minimum Requirements
- Credit score of 580+ (Equifax) down to 550 with a clean application
- Self employment requires a score of 580
- No minimum reserves but must document move-in cost funds
- No active bankruptcy, foreclosure, or short sale
- On time housing payment history for the last 24 months
- Pre-purchase counseling before you move in
Income Documentation
- Paid by W2? — Most recent W2 plus 60 days of most recent, consecutive paystubs
- Self Employed/1099? — Most recent tax returns, year-to-date profit & loss, 2 months business bank statements verifying cashflow and copy of business license
- New employment or raise? — Letter confirming start date and one paystub
Cash Needed to Move In
- NO down payment required!
- 1% of purchase price inception fee
- $1,295 Underwriting and Program Fee (You get a $400 credit by working with me!)
- Up to 3% of closing costs (can be covered by seller concession or finance up to 2%!)
Exceptions/Accomodations
- Have student loans on deferment? If so, these are not included in total debt ratio!
- Collections/Judgements are amortized over 36 months for easier approval
- Tax Liens are amortized over 36 months or if making payments, included in debt ratio
- Charge-offs are not included