RENT TO OWN DETAILS

We value you as a tenant and look forward to a long and rewarding relationship together. Our mission is to provide you with an attractive, comfortable and safe home that your family can enjoy, and to assist you in becoming a home owner without the traditional large down payments and strict credit requirements that are normally imposed upon homebuyers.

Our Rent To Own Program is designed to solve two of the biggest challenges new homebuyers face: 1) Strict Credit Requirements and 2) Saving a sizeable down payment. We provide advice to help you improve your credit during your first 1-3 years in the home. Using established relationships with mortgage bankers, we will assist you in obtaining your mortgage under the most favorable terms available. Of course, you are free to use any mortgage provider you are comfortable with to obtain your mortgage. In addition, we will set aside from $200-$400/ per month, depending on the home you choose (from each on-time monthly payment), for the first three years of your tenancy. This rent credit can be applied directly to your down payment and closing costs at your closing. Any excess amounts will be refunded to you via certified check.

Most lenders look favorably on Rent-to-Own scenarios as you will have proven by that time that you can make your payments on time. It is usually easier to qualify under these circumstances. As always, you are free to choose a mortgage lender that best serves your needs.

To put all of this into perspective we will use this hypothetical scenario. If you live at one of our homes for 3 years, paying $1,000/ month in rent, we give you a “rent credit” of $300/ month toward your down payment to be used at the time of purchase for up to 36 months! That would be a total of $10,800. The home will be appraised (usually by the appraiser your lender chooses) and the results of the appraisal will determine the contract price. Your loan will be for the contract price, minus your rent credit of $10,800, any additional down payment you provide and your security deposit. Your loan would be more than $11,000 less than the value of the home (assuming you paid nothing additional)………instant equity! With that large sum of money available for use as a down payment AND your track record of making on time payments, it is simple for you to purchase your very own home with no money coming out of your pocket.

To find out about one of our home’s “Rent To Own” terms, please contact Mark Metzger at mgmcarolina@earthlink.net or call 704-618-1413.