Q: INCOME – What is the income requirement?
A: Due to increasing house prices and strict mortgage rules in place, the minimum household income requirement is $80,000. Our program is designed to work with clients that we can help to buy a house at the end of the term. We genuinely want our clients to succeed in this program.
Q: DEPOSIT – Is there any initial deposit required?
A: Yes. How large depends on the price of the house. We require our clients to provide 4% of the purchase price of the property. When you buy the home at the end of the program, 100% of this money will go towards your purchase.
Q: PRICE – What will be the price of my home at the end of the program?
A: Based on your current financial position, we buy a house you can afford to purchase at the end of the program. The house price appreciates annually according to the local market conditions. The appreciated price is agreed upon when you start the program and is written in the program’s agreement.
Q: DOWN PAYMENT – How much money do I need for a down payment at the end of the program?
A: Our typical target is up to 10% of the purchase price of your home. Our savings program is individually tailored to reflect our clients’ financial situation.
Q: RENT – Will my rent increase during the program?
A: No. The rent is fixed for the duration of the program and is also part of the agreement. Expect typical rent-to-own monthly payments to include a contribution towards the down payment necessary at the end of the program.
Q: CREDIT REPAIR – What is the credit repair requirement?
A: In order for you to successfully obtain a mortgage at the end of the term, you will be required to work with our credit repair specialist on a regular basis and be willing to pay for semi-annual credit repair coaching.
Q: MAINTENANCE – Who is responsible for the home maintenance?
A: You will be responsible for the maintenance, any small repairs and upgrades of the home and any costs associated with these. Just note that taking good care of your house will automatically increase its value.
Q: INSURANCE – What type of insurance is required by your program?
A: You will be required to have content insurance to cover your personal belongings. On top of it, you will be required to have disability insurance to protect yourself in case of any unexpected circumstances.
Q: TIME – How long does the program take?
A: Typical length of our program is 3 to 4 years which is necessary for our clients to repair their credit standing and to accumulate sufficient funds towards the down payment and closing costs.
Q: PETS – Am I allowed to have pets?
A: Yes. Our rent-to-own program is a pet-friendly program under the condition that you must follow rules which are beyond our control such as municipal and condominium by-laws.