Your Rent to Own Action Plan focuses on the following key areas:
➢ Credit Improvement – Our goal would be to ensure your credit scores move to over 620 and have at least two active accounts in good standing for a full 24 months minimum. You would then be considered favourable for mortgage qualifying.
➢ Income Stability – It will be important that you maintain your income and job stability during the term of your Agreement.
➢ Financial Obligations and Debts – You cannot increase your personal debts and add to your financial obligations. Any changes will impact your ability to qualify for a mortgage. If you plan to make any purchases during your Rent to Own that results in a monthly debt payment, please contact us immediately PRIOR to incurring the debt.
➢ Down Payment Accumulation – You will need a minimum of 5-10 % down payment that you will accumulate during your Rent to Own agreement by way of your initial deposit and the monthly payments you make. This down payment will be used at the end of the agreement when you purchase the home. It is extremely important that you maintain these regular payments as any default could result in you not qualifying to purchase the property at the end of the Rent to Own Agreement.
Contact us now for your best next action step to your Rent to Own program!
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