It's simple. Select any house in our inventory. You lease your new home from us with the exclusive right to purchase it at a later date. Our tenant-buyers love our program because it gives them the time they need to save up for a larger down payment, clean up past credit problems, sell another home, and even try out the neighborhood before buying. 100% of your option consideration money is credited towards closing costs and/or purchase price of the home.
Here is a summary of our process:
If we have the home you like, it may take only 1-2 weeks to move you in.
There is a $50 application fee per adult. Other costs like option consideration money and rent will vary from home to home.
You can't through conventional lenders, but you can with our help. Through our RENT-TO-OWN Program, 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. We work with fantastic mortgage brokers and banks who will help arrange a loan. It is absolutely critical that you pay your rent on time every month in order to get approved for a mortgage.
Yes, we can help you if you have experienced a bankruptcy or a foreclosure. We can help you if you have any type of negative credit history or even no credit history at all. We will put you in touch with mortgage brokers and banks that will help people like yourself get back on their feet.
Not in the usual sense of having to have perfect credit. We look at your circumstances and have our Mortgage Liason advise us as to what it will take for you to obtain an actual loan on the property. Banks do have certain income and debt ratios, and credit scores to obtain a loan. We are willing to work with the right applicant to give them the time to take care of those issues to prepare for the banks requirements while occupying the home.
We are usually very flexible with your option consideration. Each home is different and all will require more than one month's rent. In some cases we can offer you many options and we always do our best to work with whatever funds you have available.
YES! If you break the lease or don't pay your rent, you forfeit all of your option consideration money. If you don't pay the rent, we have to. You get your option consideration money credited back towards the closing costs and or purchase price of the home when you buy it.
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 option consideration, you can use that with our programs. You may also be eligible to withdraw or borrow from your 401k to purchase a home without penalties. In some cases we will take items of trade (cars, trucks, boats, jewelry, ect.)
Typically we can give you 12-24 months. Before you would need to complete the purchase. Each property is treated individually and we try to accommodate your own situation. However, unless otherwise specified you may buy at anytime within the lenghth of the agreement.
You need to be flexible in your terms. There are a lot of people looking for quality RENT-TO-OWN homes. If you're looking to RENT-TO-OWN, we recommend you be reasonable in your expectations.
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.
Yes, sometimes we sell homes with owner financing. But usually we create RENT-TO-OWN situations. We also work closely with licensed mortgage brokers who work with many lenders to find the right loan for you.
The Home Owner Does! You pay the monthly rent and utilities ect., until you actually complete the purchase.
Copyright Washington DC Real Estate and Homes, LLC. All rights reserved.