Rent-To-Own Program
RIGSAR offers a unique Rent-To-Own opportunity to help you own your home sooner. Our Rent-To-Own (or Lease Option) Program is designed for people who feel that they can qualify for a conventional mortgage after one, two or three years. This program allows you to save a sufficient down payment, and to establish or rebuild your credit rating. The program is best suited for people in the following situations:
• Good income but un-established credit history
• Great income but poor credit to qualify for financing
• Self-employed/entrepreneur
• Lack of sufficient down payment
• New immigrants
• Declared bankruptcy in the past
• Difficult circumstances such as divorce, job loss, health issues etc. |
Benefits of the Program:
• Your purchase price is guaranteed even if you decide not to exercise your option to purchase for two or three years.
• You begin to participate in equity appreciation right away.
• Your down payment and monthly payments are affordable.
• Easy qualifying! The credit bureaus are not a factor in our decision.
• A portion of the rent is saved to help you establish sufficient down payment.
• Excellent program for new immigrants to Canada .
• You can renovate whenever you want.
• Freedom to make your home the way you want to enjoy it! |
How The Program Works:
We work directly with you to find the home of your choice that you can afford. This program allows you to lease the home with an option to purchase it as soon as you have sufficient down payment and have established good credit. A small down payment is required for our Rent-To-Own program. The down payment can vary depending on your home selection, and is credited to you as a deposit, which will form part of your overall equity in the property. Your monthly payment is comprised of your rent and Monthly Option Credit payment. The Monthly Option Credits are saved over the lease term and are credited towards the purchase price. The following example is based on a purchase price of $300,000:
Rent-To-Own Example
3 Year Term Lease Option |
Purchase Price |
$300,000 |
|
Initial Down Payment |
$17,900 |
Negotiable |
Total Monthly Payment |
$2,700 |
Rent + Monthly Option Credits |
Lease term |
2 years |
1-3 years negotiable |
Agree to Purchase Price after lease period |
$347,288 |
|
Down payment saved over lease period |
$19,440 |
$540 x 36 months |
Total down payment paid |
$37,340 |
$19,440 + $17,900 (initial down payment) |
Amount owing to purchase house after 3 year lease |
$309,948 |
This amount could be financed with a first mortgage from bank or other lending institution |
| |
Click here to apply for Rent-To-Own Program
