Homeowner-in-Training
What Is A
“Homeowner-in-Training” Program?
Our “Homeowner in Training” program is a wonderful opportunity to improve your credit while you are living in the home of your dreams. Our clients usually rent for 12 - 24 months and then apply for a regular mortgage.
What
Are The Requirements?
Sufficient income: we usually require that your housing costs (that is the sum of rent and estimated monthly utilities) do not exceed 30 % of your gross income. The monthly gross income estimate for the house on Durham Meadows Drive $3500.
A credit score that can be improved to at least 620 within 12 to 24 months.
In case you have declared bankruptcy or have a foreclosure on your credit, we can work with you after at least 18 months have passed since you have been out of bankruptcy or your house has been foreclosed on.
Good rental history
How
We Help:
1. We will set you up with either a mortgage broker or a credit counselor who will determine if you can achieve the minimum credit score of 620 within 12-24 months. They will point out ways on how you can improve your overall credit score and, if needed, work out a debt reduction program.
2. We will help you save money for closing costs with the option money you pay upfront and our early bird bonus. In order to enter into our homeowner-in-training program you pay 2 months rent option money. If you purchase the home, we will credit your option money towards your closings costs. In addition, our early bird bonus rewards you with a $50 credit for each month when you pay your rent on time. So if you rent for 24 months before you close on your property, you can earn $1200 credit which together with the option money of $1700 will result in a $2500 credit for your closing costs.
3. We strongly encourage you to save your tax refunds while you are in our rent-to-own program and utilize this money for your down payment.
What Is The Next Step?
First, give us a call at 336-269-1221 and we can do a prequalification interview over the phone. Next, we set up an appointment to view our current properties. If you are still interested, we get you in touch with our mortgage broker or credit counselor to determine if you can reach your goal in the next 12 to 24 months. If all works out, you pay your option money and first months rent, we sign the paperwork and you move into your future home.
What Is The Catch?
There is no catch: this is a true win-win situation. You will be enjoying the home that you will purchase in the near future and we will have super tenants that treat our property as their own. But you don't have to take our word for it -- just check out the testimonials or send us an email and we get you in touch with our past and current clients so that you can find out how easy they moved into home ownership.
For a free consultation, please contact us here or call us at (336) 269-1221.
We look forward to working with you.