How Our Leasing to Buy Program Works

We are not “Landlords,” and we are not looking for “Renters.” Instead, we work with people who want to Buy a home but can't currently qualify for a bank mortgage. A large percentage of our population falls into this category! So we place them in a lease with option to purchase arrangement which gives them the exclusive right to buy the house at a fixed price within the next 2.5 years. This gives them the time to improve their credit, build more time on their jobs, or fix whatever else is preventing them from getting approved for a mortgage. We put them in touch with talented and aggressive loan officers who are skilled with dealing with these situations and getting people qualified.

Unlike with traditional rentals, we require an option money payment, which is more than the usual “first month's rent and one month's security deposit,” to move in. This is for several reasons. The first is that we only want to work with people who are serious about buying a house! The more “skin in the game” people have, the more likely people will pay their rent, take care of the property, and make the necessary effort to buy it. And this payment requirement deters people who just want to be renters.

Secondly, some funds will be required when it is time to close on your purchase mortgage, to cover the down payment and/or closing costs. You'll get full credit for the option money payment when you buy the house. This might not cover all the closing funds that will be required, but it will cover a lot of it. We want to make sure you'll have available the funds necessary to buy the house.

Finally, traditional landlords and management companies consider applicants with credit issues, unconventional income sources, etc. to be too risky - and turn them down. The option money we receive gives us protection in the event things don't go as planned. So we are able to work with people that traditional landlords avoid!