How do I qualify for this program?
- You want to become a homeowner
- You have been saving for a down payment
- You fill out the application thoroughly and honestly
- We meet and answer any of your questions
- You decide if you want to pursue the next steps to become a homeowner as soon as possible without renting any further
How expensive of a home can I buy?
Case by case, the maximum amount you can qualify for will differ based on many variable. This is why we encourage you to complete our our application so we can provide you with the most accurate answer possible.
How much of a down payment do I need?
We typically aim for 7-10% of the purchase price of your future home to make sure there is enough to cover the the lender’s requirements when it is time for you to purchase the home after the rental period ends.
How do I know if I have enough income to afford the monthly payment?
Based on your income, we will develop a budget plan tailored to your needs. The goal is to set you up for success, so we will make sure the monthly payment is realistic enough for you to afford before we put pen to paper.
Can I sublease or rent part of my home during the lease?
No. As part of our program, subletting isn’t allowed during the time in which we are working together. This is to protect both parties from any liability if unfortunate events ever come up as a result of the sublease.
If I am new to the country or if I am self-employed can I still apply for the program?
Our program is perfect for recent immigrants or self-employed individuals who can’t get bank financing!
Can I still qualify with bad credit?
Yes you can! Our program is designed so that as long as you are willing, our team of qualified experts will work with you every step of the way to get your credit back on track.
How is my future purchase price determined?
Your purchase price at the end of the rent to own will be predetermined based on fair market value, and we will not put pen to paper unless all parties involved are happy with the amount that is decided. This is why our program protects you from the absurd levels of inflation that the Lower Mainland has seen in past years!
Does a portion of my monthly rent go towards the purchase price?
Yes, your monthly rent includes a predetermined amount that is credited toward your final purchase and becomes your down payment when you make the final purchase. This works like a savings account, and the money will go towards your down payment and legal/closing costs when it’s time to purchase the home.
Can I paint the walls?
Yes, upgrades are generally permitted, unlike regular rentals! Of course, we still need to know about it, so we do require you notify us in advance of any upgrades/repairs, large or small.
Who pays the mortgage, property taxes, insurance, and condo fees?
We do during the rental period, and you do after you take ownership of the home.
Am I responsible for the utilities?
Yes, this includes heat, electricity, water, internet, cable, etc. Remember – you are a homeowner-in-training as soon as you move in, and these are the typical responsibilities of the homeowner!
Am I allowed children and pets?
Absolutely, yes and yes!
What if I have a bankruptcy in my financial history?
If the bankruptcy is discharged, we will work with you to help you regain your credit through our program so you can qualify for a mortgage at the end of the program.
What if I just changed jobs?
As long as you are able demonstrate a history of commitment to being employed, and can realistically keep up the monthly payments, then this will be fine.
Who pays for home repairs while we are renting?
Remember, you are a homeowner-in-training as soon as you move in, so you are responsible for all minor repairs under $1,000. Note that before we finalize the purchase of your future home, we will have a qualified inspector complete a full inspection with you present.
How long do I have before I must purchase the home?
Typically 2-5 years, depending on how long it will take to get you ready!