How large is the deposit for our Rent-to-Own homes?
If you’ve taken a interest to one of our homes, one of the first questions you’re probably asking yourself is: “How large is the deposit?”
Aside from confirming you’re able to afford the home, we also need to see a qualifying deposit. Depending on the home you’re looking at, we require this non-refundable deposit to be anywhere between 4-10%.
Upon your mortgage approval, we’ll credit that entire deposit toward the purchase price of the home.
Why does it matter?
So you may be wondering: “If the deposit is factored into the purchase price of the home anyway, why does it matter?”
Lowers our risk and maximizes your success.
The reason we look so strongly at the size of your deposit isn’t just because it’s good protection for us, but also because it’s safeguarding YOUR success. We want to know that you’re someone capable of completing our Mortgage-Ready-Plan.
Due to those things, we aren’t the right fit if you’re someone who’s JUST turned a new corner in life or perhaps just haven’t shown the ability to seriously save money before.
Protect home value.
Next, we need to make sure you’re able to support the home itself. When problems arise, are you someone who’s prepared for making the necessary fixes? Is the condition of the home going to increase or decrease while you’re in still renting it?
If we were getting you into a home with little or zero money down, then then chances of you being the right fit are significantly lower….
We're fixated on your success
You see, we’re extremely fixated on your success. We want to make sure that you’re going to be able to get your home loan and take ownership. That’s why we’re all here.
We receive an incredible amount of interest from Tenant Buyers on our homes. If you’d like to improve your chances of being accepted into one of our homes, then the best way to do that is firstly by just continuing to grow your lending profile and secondly, work toward maximizing the size of your deposit.