HOW THE PROGRAM WORKS
When you are ready, we will send you access to a secured portal where you will fill out a rental application. Your application will be reviewed and upon approval, you will be shown how much rent you can afford each month. With this approval, we will go out shopping for homes for sale on the market, and YOU PICK OUT THE HOME! Our program investors pay cash for the home you pick out, and rent it back to you on a minimal 1-year lease...it's that simple! You will also have the option to purchase the property later if you so choose with a locked-in buyout price. This way it provides responsible households with a clear and transparent rental home with an optional path to homeownership through a Lease with a Right to Purchase Program. This program provides up to five years of rent certainty with only a one-year financial commitment on the lease.
DO I QUALIFY? / APPLYING
Most of the time if you can rent an apartment somewhere, then you can qualify here too. The QUICK Qualifications for approval are as follows:
✅ 580 or higher credit score (TransUnion score reviewed only)
✅Prior bumps and bruises on credit are ok, just general rule of thumb is wanting a clean history in the last 12 months.
✅ Minimal combined annual household income of at least $45,000
✅ This program will not be eligible with any housing voucher programs
We recommend that if you are concerned about specific income requirements or credit requirements, we have created an in-depth and detailed checklist that we recommend you checking out here:
🎯 Check DETAILED ELIGIBILITY CRITERIA here 🎯
The focus isn't exclusively on your credit score. The full credit profile of your entire household is taken into account when they review your application to the program.
As with a standard lease agreement, you are required to sign a lease for a year and make a security deposit. Unlike a standard lease agreement, you will have renewal options providing five years of rent certainty and the right to purchase the home at a price established when you enter the Right to Purchase Agreement, in accordance with the terms of the Agreement. (This means, you can certainly rent the home for up to five years without any obligation of buying it at any time, and you can decide at every year interval, whether you want to commit to another year renting, or buy it, or move on to another home) You can also select the home that you want to live in from those eligible and available for sale in communities we serve – enabling you to live in a neighborhood today where you might not otherwise find a suitable home to rent.
PROPERTY LOCATION AND OTHER KEY CONSIDERATIONS
Our client buys homes in specific approved communities, (which are most areas we work in, including the Twin Cities and surrounding areas such as Wright & Sherburne counties) We will guide you in finding the right home in the right community in the program. This rental program works in most suburban communities in the twin cities. You will need to check the cities you are interested in here on this complete list to make sure where you want to live works for this program:
🏡 Check ELIGIBLE COMMUNITIES Here 🏡
(If your community is not on the list, then the other rental program might be a good fit for you to consider)
Once you approve the purchase price in your optional Right to Purchase Agreement, that is the price at which you may purchase the home anytime during the term of the lease, whether the home is later appraised at a higher or lower value. If you do not purchase the home as provided in the Agreement, then our client may rent or sell the home to others when your lease ends.
THE LEASE AGREEMENT
Your initial lease is for one year, so your financial commitment is limited to one year. Your lease is renewable every year for five one-year periods, and you have the right to notify if you don’t want to renew the lease. Your full security deposit will be returned as provided in the lease if you decide to leave the home at the end of a lease period and have been in full compliance with the lease.
THE RIGHT TO PURCHASE OPTION
Your Right to Purchase Agreement gives you the right to purchase the home you selected at a predetermined price for every year of your lease, as long as you have been in compliance with the lease, Agreement and other documents. Again, you are under no obligation to buy the home....but it's nice to have the options.