Unlike traditional renting, we offer a pathway to homeownership by letting you choose almost any home listed for sale and rent it while you save up to buy that same home.
We offer a 1-year and 2-year program. If you reach mortgage eligibility sooner, you can purchase the home at any time. On the flipside, if a client needs more time, we are happy to work with them to make sure their homeownership goal can be achieved.
Once you are prequalified, you will need to provide documentation to verify your income.
Last yearâs Tax Return
2 recent bank statements
2 recent pay stubs
Last yearâs W2
Down payment for the home is normally 2% of the purchase price. Ex. A home worth $200,000 would require a $4,000 down payment.
Most move-in ready homes on the market are eligible for the program, but there are also some specific eligibility criteria.
Your monthly payment is divided into two parts. Rent, which is based on the market rental prices in your area, and a contribution to your down payment savings. If applicable, HOA fees are also added to your rent.
Crunch a few numbers with our Budget Chart to see how we break down the monthly payment.
If you buy your home within the first 12 months of the program, youâll pay a buyback price thatâs 4% higher than the homeâs original appraised value. After 12 months, the price climbs by 1% every 3 months, reaching 8% in 24 months.
We always hope youâll complete the homeownership program, but youâre free to exit at any time for any reason.
Because we bought a house expecting to sell it to you, we need to sell it to someone else using a real estate agent, which costs 6%. We split that cost with you, which means you pay a relisting fee of 3% of the appraised value when we bought the home. We pay the rest of the real estate commission to the real estate agent.
