Try a Home?

Dated: 07/16/2019

Views: 20

TRY IT. LOVE IT? BUY IT!

Not ready to buy just yet?  This innovative program lets you find the perfect home and lease it with the right to purchase it when you are ready!

WHO MIGHT WANT TO TRY A HOUSE?

  1. First-time homebuyers cautious about buying a home now but want the option to purchase in the future.
  2. Potential homeowners who cannot obtain a mortgage now but do not want to move again.
  3. Households looking for a rental with the benefits of a single family home.

Pre-Qualification Checklist

This checklist will address key areas to help you determine if learning more about this program makes sense.

Can you answer “Yes” to these questions?

  • Does your household (can be unrelated persons) make a minimum gross income of $50,000 per year?
  • Do you have a minimum of a 550 Trans Union credit score?
  • Will your household be able to provide a refundable security deposit equal to twice your desired rent amount upon signing your lease agreement?

Can you answer “No” to these questions?

  • Do you or any household member have an open/unsatisfied Chapter 7 bankruptcy? If bankruptcy is satisfied or discharged, please answer ‘no’.
  • Have you or any household member been evicted in the past 3 years?
  • Have you or any household member had a landlord collection/judgment filed and not dismissed in the past 3 years?
  • Do you or any household member have any unsatisfied apartment/rental collections exceeding $250 that originated in the past 3 years?
  • Do you or any household member have any unsatisfied repossessions that originated within the past 6 months?
    (If yes, please note that this individual’s income may not be able to be counted toward the household’s rent approval amount)
  • Do you or any household member have more than one outstanding collection and/or charge off and/or currently past due account (excluding medical and student loans) with a cumulative unpaid balance of $1,000 or more within the past year?*
    (If yes, please note that this individual’s income may not be able to be counted toward the household’s rent approval amount)
  • Are you or any household member on any OFAC sanctions lists, including the Specially Designated Nationals and Blocked Persons lists, or a registered sex offender or sexual predator or otherwise subject to reporting requirements of any state, territorial, or tribal sex offender registry?
  • Do you or any household member have any felony conviction(s) with the latest disposition, release, or parole date within 6 years?
  • Do you or any household member intend to carry out any business, profession, or trade of any kind from home where clients will visit?

Important considerations before applying

Residents are allowed up to three pets (cats or dogs) with a max weight limit of 180 pounds total. The following dog breeds are not allowed (including partial): Doberman, Pitbull, Rottweiler or Mastiff. Livestock/farm animal pets such as pigs, horses, chickens, goats, etc are not allowed. Aquariums are limited to 20 gallons, and exotic, venomous and verminous pets are not allowed. There is a $300 per pet fee. This fee is due with the required deposit and is refundable in the event you purchase the home. Otherwise, it is not refundable. Please note that service and support animals are excluded from the pet policy requirements but may require further documentation to qualify as such.

The process can generally take 35-45 days from the time the leasing company goes under contract to buy a home until you may be able to move in. Make sure you have sufficient time in your moving plans for this general timeframe and understand it may change depending on the circumstances of a particular situation.

Latest Blog Posts

Try a Home?

TRY IT. LOVE IT? BUY IT!Not ready to buy just yet?  This innovative program lets you find the perfect home and lease it with the right to purchase it when you are ready!WHO MIGHT WANT TO TRY A

Read More

2313 River Road

Custom Home, 5 Bedrooms and 8 Bathrooms EXTERIOR5.15 Acres -Irrigation System - Well 10 car Garage with Openers/ Insulated Mature LandscapeConcrete Drive with Sidewalks PVC Fenced Back Yard

Read More

3 Things To Do Before You Buy A Home

3 Things To Do Before You Buy A Home Before you ever even look at a house there are a few things that you should do. We give you that advise and much more in this video. Links referenced in the:

Read More