Buy your first home without down payment with renters to owner’s home programs

Buying your first home is undoubtedly exciting yet a stressful experience. You may be on the market in search of your dream house or apartment but the high interest rates and down payment is just letting you step foot through the door. 

An alternative and easy option is to look for rent-to-own home programmes. These are programmes created to fulfil the dreams of renters to become homeowners. If high interest rates terrify you and let’s say you are also not quite sure that you have found your “dream” home yet; you can definitely take advantage of it. 

Rent-to-own home programme allows you to find a property of your choice and rent it or lease it for a short period. During that period, your rent can be fully or partially saved as your mortgage that will go toward buying that property; so that after the contract ends you get the option to buy the property if you like.

Sounds interesting right? Well, it is just as effortless to apply and get approved as it sounds. This article will take you on a tour of the renters to owner’s programme, its perks and application process. Find out if you qualify for it or not!

How does Renters-to-Owners home programs work?

Rent-to-own home options are created to provide an opportunity to tenants who do not qualify for buying a home at the moment. However, they might choose to become a homeowner in the near future. It helps potential buyers to match with their single-family home options and let them rent or lease the property for a certain period.

Usually, companies or organizations give the potential buyer a chance to rent the property for a minimum of 6 months to a year. During that period, the rent paid by the tenants will go towards the total amount of the house. This remains as an option-to-purchase the property if they want to. 

Some companies may use only a portion of the rent towards the mortgage. At the end of the contract, the client might decide to purchase the home or simply not to go with it. In that case, there is absolutely no obligation to purchase it. They will also not be charged any penalty for it.

How Do I Qualify?

Most rent-to-own home programs have their very own set of requirements. Some of the companies may ask for a near to perfect credit score, specific household income and a certain amount of down payment saved for the home. 

However, here at Marked Rentals, the requirements are not too overwhelming at all. To qualify for the renters to owner’s program here are the items on the checklist that you need to tick off-

• Proof of employment history
• Proof and verification of current employment
• No record of evictions
• Verification of total household income
• Verification of credit, CORI 
• Proper documentations for standardized rental lease process
• Pass the Background Check

Marked Rentals makes the entire process as smooth as possible by keeping the requirements minimal. If you face trouble providing any of the documents, you might want to contact our team to check if they can make any arrangements for you or not.

How Can I Apply for Renters to Owners Home Program?

To apply for the program, through Marked Rentals, you need to fill up the application form with your details and documents. Here are the questions you need to answer-

• Your Name
• Your Email address
• Your Phone Number
• All the cities, towns, areas you want to live in 
• How long have you been at your current place of employment?
• Monthly Income: All employment and income information will be verified prior to enrolment.
• How soon are you looking to move?
  

You can get the application link here- Application Link!

As soon as the team reviews your application and approves, our representative will contact you for further verification of the document. Finally, you will get an agent who will help you choose the perfect home for you. After getting your approval, our team will process the rent/ lease process.

Wrapping Up

Renters who have always dreamt of having their own home one day, can finally have an alternative option to purchase it. Even if you don't qualify for the traditional mortgage or are unsure of such a huge commitment, this rent-to-own home option opens up the door of future ownership. You can choose to live as a regular renter while contributing towards your mortgage. 

Best part of the program is that the potential buyers can refuse to buy the property at the end of their lease if they want to; without getting any penalty. This is truly an outstanding alternative to transition into a homeowner from a regular tenant.