Rent to Own Program
Rent to own programs is the solution for many renters wanting to 
purchase a home in the future. If you’re a renter and need a little time to improve your credit score or save for a down payment, we have TWO options for you. Lease with option to purchase or rent to own. Both programs make purchasing a home a bit easier and we’re proud to participate in both programs.
Lease with Option to Purchase
How it Works
Step one – You apply for the program. The application is $75 per household. The average turnaround time for approval is 1-3 days.
Step two – We go house shopping together. You and I will find a house FOR SALE that fits your monthly rent budget AND is attractive for a future purchase of the home.
Step three – The investor affiliated company buys the house in cash and leases to you (one year lease) with an option to purchase.
Step four – You move in and can purchase the home anytime for up to five years.
Fine Print
- Minimum lease is one year. You have no obligation to lease or purchase beyond one year. If you decide not to buy the house, the transaction is just like a lease. You’ll be given your security deposit back at the end of the lease.
- You may lease up to five years.
- You may decide to purchase any time within the five years.
- The list price of the home must be within $100,000 and $550,000.
Minimum Requirements
- 550+ TransUnion Credit Score
- Annual household income of at least $50,000
- Stable employment
- No history of eviction and no pending bankruptcy
- No bills currently in collections (past collections okay)
Criminal history and other elements are factored into the decision for approval in the program.
Lease with Equity Credits
How it Works
Step one – You apply for the program. The application is free. Time for approval is 24 hours.
Step two – We go house shopping together. We will find a house FOR SALE that fits your monthly rent budget AND is attractive for a future purchase of the home.
Step three – The investor affiliated company buys the house in cash. You are renting the property for up to 36 months and can purchase at any time.
Fine Print
- 2% downpayment is required. Example, if you pick out a $200,000 home, $4,000 is your downpayment. This is called your “equity credit”. A portion of your rental payments will go toward your equity credit. The equity credit turns into your downpayment when you’re ready to purchase.
- Your monthly payment will have 3 components:
- Rent (about 70% of your monthly payment)
- Equity credits (about 25% of your monthly payment)
- Maintenance funds (about 5% of your monthly payment)
- You can convert equity credits into a down payment at any time. If you’ve built 4% equity credits, that means you have a 4% down payment. If you choose not to buy the home and your 3-year lease ends, the home will be sold. The investor company will cash out your equity credits and share 8.5% of the home’s final sale value (we need to deduct 1.5% to cover selling costs).
- The investor company pays all taxes, homeowners insurance, etc. during the term of the lease. When you buy the home, you’ll start paying those costs.
Minimum Requirements
- Applicants must be currently employed
- Applicants must have been employed for the past 12 months (multiple jobs are fine)
- Average monthly income of at least $2,300/month
- Applicant can comfortably afford their monthly payment
- Credit score of at least 550
- If applicants have declared bankruptcy, their bankruptcy has been discharged over 12 months ago
- Have at least $1,300 saved up and ready to go for a down payment
Want more information or ready to move forward?
Fill out the form below and a Rent to Own specialist will call you immediately.
All the Best,
Rich Spaulding
Founder – Kennesaw Life Real Estate
