HomesURent2Own.com

Faq

Q. What is a lease/option purchase?

A. A lease option/purchase is a rental agreement that has a separate option agreement that allows the tenant/buyer to purchase the property at a predetermined time.

Q. What are the requirements to be eligible for the lease/option purchase program?

A. As a minimum, you must have at least the following to be considered eligible.

Must have at least $1,995.00 + 1st months rent + $10.00 key deposit
One time $99.00 administration fee
Checking account
Verifiable income(W-2’s, pay stubs, Awards letter for SSI or SSD, Court Ordered child support, 1099’s, 1040 tax returns, etc)
Must select one of the available properties that Homesurent2own LLC owns.

Q. What is a tenant/buyer?

A. A tenant/buyer is a person(s) who is a renter but is interested in purchasing a home.

Q. If my credit isn’t an eligibility requirement for the lease/option purchase program, why do you need to view my credit report?

A. We need to review your credit report so that we can try to assist you with improving your overall credit score. This is important because when the time comes for you to exercise the option to purchase the property, we want you to be able to have a legitimate opportunity to qualify for financing.

Q. Do I have to exercise the option to purchase the property?

A. No

Q. What happens to the option money if I decide not to exercise it to purchase the property?

A. You lose it—The option money is NON-REFUNDABLE.

Q. After 1 year of renting, do I get my option money back id I decide not to purchase the property?

A. No, the option money is NON-REFUNDABLE.

Q. How much of the rent payment is credited towards the purchase of the property?

A. 20% of the rent payment is credited towards the purchase of the property, if the tenant/buyer exercises the option to purchase the property?

Q. What if I decide not to purchase the property, do I get the 20% monthly credit back?

A. No, the 20% credit is only if you exercise the option to purchase the property.

Q. How much money do you require as an option payment?

A. The minimum amount is $1,995.00, however that amount can change depending on the price of the property your interested in.

Q. Why don’t you accept money orders or cash for rent payments?

A. Money orders and cash can’t be used as a trade line.

Q. What is the $99.00 administration fee for?

A. That fee is for processing of the application which includes a tri-merge credit report, gathering all necessary documents from the tenant/buyer, a one-time consultation for review of credit, and the preparation of all documents that have to be signed.

Q. What happens if I fill out the application, but don’t include the $99.00 administration fee?

A. Your application WILL NOT be processed?

Q. What do I have to do next?

A. After you have selected a property, the next step is to fill out the application form, send it in via mail, fax, and/or email with the $99.00 administration fee.

Q. How long do I have to rent before I purchase the property?

A. Usually 12 months, however there are times when the rental period is less.

Q. When does the option occur?

A. The option occurs when the rental period expires, usually within 12 months.

Q. Does the option amount get taken off the purchase price?

A. Yes

Q. Why do I have to pay my rent with a check?

A. Because cancelled checks oftentimes are recognized by many Lenders as a positive account. They can get you a better rate and terms when you pay that way.

Q. Can I purchase a home with poor credit?

A. Yes, our lease/option purchase program is excellent for poor credit and no credit tenants. It’s gives them an opportunity to establish credit or improve their credit before they have to exercise the option to purchase the property.

Q. Can I purchase a home without putting the option purchase money down?