LEASING TO PURCHASE
Not quite ready to buy a home, but you would like the benefit of living in a single family home. Are you a first-time home buyer, relocating and you want to live in the area before you buy or are you credit worthy but cannot currently obtain a mortgage? Whatever the reason, there's a way for you to still live in that home that takes your breath away when you walk through the door with an option to buy it later.
As with a standard lease agreement, you will be required you to sign a lease for a year and make a security deposit. Unlike a standard lease agreement, you will have renewal options providing [three/five] years of rent certainty and the right to purchase the home at a price established when you enter the Right to Purchase Agreement, in accordance with the terms of the Agreement. You can also select the home that you want to live in from those eligible and available for sale in communities – enabling you to live in a neighborhood today where you might not otherwise find a suitable home to rent.
Before we get to getting that stamp of approval, you must meet the minimum qualifications below for consideration.
- Minimum $45,000 household income
- Minimum Credit Score of 580
- Proof of Income
- Two paystubs if employed
- Last year's tax returns if self-employed
- A letter from their employer with income stated if a transferee
- Bank statement demonstrating two-month's deposit plus first month's pro rata rent
- No pending bankruptcy
- No eviction in the past five years
- No disqualifying criminal background
How does the program work?
We provide responsible households with a clear and transparent path to homeownership through our Lease with a Right to Purchase Program. This program provides three to five years of rent certainty with only a one-year financial commitment on the lease. Click here for a step by step process of what happens after you have been approved.