Our Rent to Own program is designed to purchase homes in the Calgary, Alberta area. These homes typically have 3 bedrooms, 2 or more bathrooms, 1,200 ft2 or more of living space, preferably a garage and/or a driveway. Right now these homes are going for between $325,000 to $425,000. Based on all of our calculations, to safely qualify for this program you will require at least $14,000 for an option fee, $500 for a home inspection, be able to afford a monthly rent of at least $2,500 and have a household gross income of greater than $100,000. This will ensure that you have the best probability of qualifying for a mortgage after you exercise your option.
A Rent to Own program consists of:
1. Purchasing an option on a home (4% of the home price)
2. Choosing a home you would like to live in
3. Live in the home as a tenant paying monthly rent for 2 years
4. Some of this rent (typically $400 to $600) is saved for you and will be used towards purchasing the home when the option is exercised
4. Improve your credit score, when required
5. Exercising your option
6. Applying for your own mortgage and purchasing the house