Rent to Own Homes is a program designed to help Ontarians become homeowners sooner. Basically, the program allows the qualified applicant to become a homeowner during a ‘training’ period. At the end of that training, or leasing period, the client will have a substantial down payment saved, improved credit and a good idea of what home ownership entails.
You can accelerate your path to home ownership with our program, even if you have bad credit. You do not have to get pre-approved for a mortgage to start the program.
We work with you over the lease period to improve your credit score. In addition, a portion of your affordable monthly rent payment goes towards equity – forced savings for your down payment when the lease period ends.
There are many benefits to our lease to own homes program. You can:
- Get pre-qualified to shop for a home, condo or townhome in the area you want to live. We ensure that your monthly payments are affordable and your pre-approved maximum home price is within your budget.
- Move into your dream house sooner than you thought possible
- Decorate, renovate, make improvements and have pets – since you will be investing in your own home
- We help you avoid first time home buyer mistakes. You work with our real estate experts including realtors, home inspectors, mortgage brokers and real estate investors. We inspect the home for structural soundness and negotiate the price to ensure the value and potential is good for the selected home.
- The lease period is set according to your goals and finances. Your rent never increases during this period.
- A portion of every rent payment goes towards your equity savings for your down payment. This will be added to your deposit you make when entering the program. The goal is for you to have a sizeable down payment to purchase the home once your lease period is up.
- The future purchase price of the home is set when you begin the lease period. Any increases in market value/home prices above this set price will be to your benefit. You could be earning equity before you even own the home!
Learn more about who is eligible for a rent to own homes program.