Rent to Own alternative to Mortgage now

Difficulty Getting a Mortgage?

One of our investors is an innovative real estate company founded with the mission to assist families who cannot qualify for a traditional mortgage. It has developed a Lease-AND-Own program that allows families to take the first steps toward home ownership by allowing them to live in the home they want to buy BEFORE their credit has fully repaired. It gives families the opportunity to get back on track financially while giving them the pride of living in the home that will soon be theirs. The Mortgage Alternative Program (MAP) is backed by a team of investors who believe in providing a helping hand to those most economically hurt by recent changes in the housing and lending markets.

Who is the MAP Customer?

MAP customers are those that cannot qualify for a mortgage due to a recent Short Sale, Foreclosure, Bankruptcy, Divorce or other credit damaging life event. The program requires no sourcing or seasoning of down payment and can be a solution for self-employed clients as Cove will utilize bank statements for verification of income.

How it Works

The customer applies for MAP program at no charge. If approved, customer picks out a home, Our investor buys it, customer moves in and leases it from the investor. The customer then has up to 6 years to repair their credit and buy the house from the investor at a guaranteed, pre-determined price. The customer may choose their own home, and then we represent the investor in the transaction where it buys the home from the current owner, so that it can lease it to you with your six year option to buy it. 

How Do I Qualify?

Answer the following questions:

1.     Do you have at least 5% to put down on a home?

2.     Are you working and able to afford monthly lease payments?

3.     Will you be able to repair your credit within the next 6 years?

If you answered YES to all of the above, we would be happy to get in touch with you to further explain the program. After applying and getting accepted, you will be ready to begin shopping for your next home!

The Power of Cash

Our investor has deep experience in negotiating, purchasing, and closing escrow – ensuring your transactions go smoothly and quickly. The investor will negotiate the most competitive price for you and unlike an offer made with a VA or FHA loan, your offer is as good as cash because it is made contingency free!

 

Illustrative examples of options for a $250,000 Rent to Own home 

$250,000  5% Deposit Program  
         
  No Buy Down    
         
  Program Details    
         
Deposits 5.00% $12,500.00    
Transaction Fee 3.00% $7,500.00    
Total Required 8.00% $20,000.00    
         
  Annual  Purchase  Annual  Monthly 
  Increase  Price  Increase  Payment 
Year 1 4.50%  $             261,250 0.00%  $    2,092
Year 2 3.00%  $             268,750 3.00%  $    2,155
Year 3 3.00%  $             276,250 3.00%  $    2,218
Year 4 3.00%  $             283,750 3.00%  $    2,280
Year 5 3.00%  $             291,250 3.00%  $    2,343
Year 6 3.00%  $             298,750 3.00%  $    2,406

 

 

  Reduce Annual Increase by 1%  
         
  Program Details    
         
Deposits 5.00% $12,500.00    
Transaction Fee 3.00% $7,500.00    
Total Required 8.00% $20,000.00    
         
  Annual  Purchase  Annual  Monthly 
  Increase  Price  Increase  Payment 
Year 1 3.50%  $       258,750 0.00%  $    2,196
Year 2 2.00%  $       263,750 2.00%  $    2,240
Year 3 2.00%  $       268,750 2.00%  $    2,284
Year 4 2.00%  $       273,750 2.00%  $    2,328
Year 5 2.00%  $       278,750 2.00%  $    2,372
Year 6 2.00%  $       283,750 2.00%  $    2,416

 

  Reduce Annual Increase by 2%  
         
  Program Details    
         
Deposits 5.00% $12,500.00    
Transaction Fee 3.00% $7,500.00    
Total Required 8.00% $20,000.00    
         
  Annual  Purchase  Annual  Monthly 
  Increase  Price  Increase  Payment 
Year 1 2.50%  $             256,250 0.00%  $    2,300
Year 2 1.00%  $             258,750 1.00%  $    2,323
Year 3 1.00%  $             261,250 1.00%  $    2,346
Year 4 1.00%  $             263,750 1.00%  $    2,369
Year 5 1.00%  $             266,250 1.00%  $    2,392
Year 6 1.00%  $             268,750 1.00%  $    2,415

Contact Us Today!

Call (480) 276-0700 today or email info@RentToOwnRealty.org for further details about the Mortgage Alternative Program to get you into the home of your choice now! Please fill in the below information and then copy it and paste into an email to us so we can send you a link to the homes that might be what you are looking for.

 

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