Rent to Own FAQ Clover Properties Rethink Renting. We have compiled many questions over our 6 years and have completed this rent to own FAQ to provide the most comprehensive list of answers to give you the best overview of our rent to own program. If you have a question that we do not answer here, please let us know so that we can add it to our rent to own FAQ for others. What is rent to own?
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How is rent to own different from renting? Who is rent to own for? How does your rent to own program work? Why does your rent to own program work? What are the advantages of rent to own? I have bad credit, will I qualify?
Will we be given a budget? Are the monthly payments higher than rent? Will my monthly payments change throughout the rent to own term? Do I get to choose my own home?
When we choose a home, is it just about price and value of the home? Does Clover Properties approve the house that we want to rent to own?
Who owns the house while I rent to own? Do I need a down payment? How much down will I have at the end of the rent to own term?
How do you determine the buy back price for the house? What is the minimum rent to own term? What kind of agreements are in place to protect me? What is the option to purchase agreement? What is a lease agreement?
Do we need a lawyer? Who is responsible for maintenance/repairs? Who is responsible for utilities? Who pays the insurance on the home? Who pays the taxes on the home? Will I need tenant insurance?
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What if I decide not to exercise my option to purchase? What happens if I cannot buy the home? What happens if Clover Properties goes out of business during the initial term? Do we lose the house? What are some reasons for not being able to qualify for rent to own? Are there any hidden fees in your rent to own program? Anything that will surprise after committing to the program?
What areas of the city do you typically work in? What is a rent to own?
Simply put, rent to own is renting with the option to buy. This amount varies depending on the initial down from the client (monthly option premium will be higher for lower initial deposit due to the fact that we require you to have 1. Clover Properties will work with the client every 6 months to ensure that their credit score is improving. Why does your Rent- to- Own program work? We are dedicated to professional service by working with only the best real estate agents and mortgage brokers. As well, we focus on a win- win situation for both you and the investors by ensuring that this program is the best option for you and have developed an effective strategy to support you in fixing your credit, building equity quickly allowing you to qualify for a mortgage by the end of the term. What are the advantages of Rent to Own?
Our clients enjoy being able to accelerate their journey to home ownership because of these reasons: Very little out of pocket to get started on the path to home ownership. Earn Towards Your Down Payment: You will earn monthly credits towards your down payment. Each and every month that you pay on time, we contribute to your down payment! This increase in the home’s value is yours to keep because your price is locked in.
Move Into Your Home Now: Instead of waiting until you can qualify for a mortgage, you get to move into your home now and qualify with the bank later. Improve Your Credit Score: We consult with you to help you improve your credit score so that you can obtain financing when you exercise your purchase option. I have bad credit, will I qualify? We specialize in working with people who have blemished credit. We assess whether your financial circumstances can be repaired to ensure that you could qualify for a conventional mortgage when you are ready to purchase.
Yes, this approval amount is calculated based on your income level and your budget. Are the monthly payments higher than rent? The monthly payments are higher to ensure you complete the lease term with a minimum of 1. Price and value are important but we look at many other factors including positive appreciation (after all, it is an investment for you), location, amenities etc. Does Clover Properties approve the house that we want to Rent- to- Own? Yes, the house has serve the best interest for yourself and for the investors purchasing the home on your behalf.
Clover Properties will complete a full analysis on the property to ensure that it will have good value in the future. Who owns the house while I Rent- to- Own? One of our investors will purchase your Lease- to- Own home while you repair your credit and build your down payment. Do I need a down payment? Yes, for every rent- to- own we must have an initial minimum down payment of $1.
The more you have to put down initially, the lower your monthly payments will be. How much down payment will I have at the end of the Rent- to- Own term? Our program is developed to ensure that all of our clients have built up at least 1. What happens if I cannot buy the home? There are a few options should you be unable to qualify for a mortgage by the end of the program. Do we lose the house?
If Clover Properties were to go out of business during the Lease- to- Own Term, it would have no effect on your Rent- to- Own transaction. Once you qualify and find a home, we find an investor to purchase the home on your behalf.
What are some reasons for not being able to qualify for Rent- to- Own? Not enough down payment. Cannot prove steady income. Inability to meet deadlines (we perform reference checks)The house prices you are looking at are out of your Lease- to- Own range.
Are there any hidden fees in your Rent- to- Own program?
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