Chicago Rent To Own

FREQUENTLY ASKED QUESTIONS:

How Does Your Rent To Own Program Work?

We can lease you a home with the exclusive right to purchase it at a later date. Our buyers love it because it gives them time to clean up past credit problems, time to sell another home, and also time to try out the neighborhood before buying.

How Much Option Consideration / Down Payment Do I Need?

We are very flexible with down payment (or option consideration), but you will usually need to have at least 3% to move in. The reason why we require 3% is because if you truly want to buy this home in 1-2 years and not be a career renter, FHA and most banks currently requires 3-5% down for permanent financing.

Is the price of the home determined and fixed in advance?

Yes. The price of the home is decided at the time you sign the Lease Agreement and is not affected by the local market conditions.

What Methods Of Option Consideration / Down Payment Are Accepted?

Unlike most lending institutions, we accept borrowed funds for closing. If you have a close friend or relative willing to lend you money for your down payment you can use that in our programs. You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties. We also accept trades.

Is the Option Consideration / Down Payment non-refundable?

Yes! If you break the lease or don’t pay your rent, you forfeit all of your option consideration money.

Do You Offer Down Payment Assistance Programs?

Sometimes. It all depends on your situation. It is best if we just get on the phone and talk about it. We also have some Handyman Special / Work For Equity homes were you can build large amounts of sweat equity that may be applied to your future down payment.

How can I buy a home when I have bad credit?

You can't through conventional lenders, but you can with our help. Through our Lease Purchase, we can help you improve your credit over time. We are not extremely interested in your past credit status. Your ability to make reasonable monthly payments and your desire to be a homeowner are important to us.

I Love The Home, What Is The Next Step?
If you want to see the inside, please call our office and we will schedule a time to get you in. Then, all we need is your application. We will then contact you within 24 hours once we verify income and employment. Please keep in mind that our homes sell quickly so time is of the essence.