The Williams and Follows Team is thrilled to be associated with Clover Properties, to offer an Assisted Purchase Program (rent-to-own) to those prospective homebuyers who want to own a home now, but can’t get the funded through a traditional lender.
What is “Rent To Own?”
Simply stated, rent-to-own is a way to get into homeownership sooner rather than later and to start building equity through homeownership faster. If life has thrown a curve-ball, this program can get you into a home now, as a renter, with part of the monthly rental being set aside for a future down-payment to purchase the home. Best of all, you can pick the home you want to live in and eventually purchase!
Who can benefit?
If you’re new to Canada and need time to establish credit (typically 2 years)
Have steady income but need time to save for a larger down-payment to qualify for lending
Self Employed and need time to establish “stated” income for lending
Filed for bankruptcy or a credit proposal and need time to re-establish credit
Divorced or separated and working towards getting back on your feet
Effectively, the program sets you up to be able to purchase the home at the end of the tenancy agreement. If you do the work necessary, you’ll be able to use the rental period to accumulate a proper down-payment (usually 10%) and to repair or establish your credit file. Tenancy agreements usually run from 1 – 4 years, depending on your situation. You must have the provable income to qualify. Assistance with household budgeting and credit counselling is provided along the way to help ensure success at the end of the term.
Clover Properties is Ontario’s leading rent-to-own specialists, assisting almost 400 families with their Assisted Purchase Program. We were drawn to them because of the transparency of their entire process. Without proper protocols in place, rent-to-own can be tricky at best or dangerous at worst. With Clover Properties, all the information is given up front and there are no, hidden fees. 100% of your rental hold-back goes directly towards your eventual down-payment for the home that you choose. When you find a property, there are two contracts provided to you. The first is the tenancy agreement and the second is the option to purchase agreement. You can then take these contracts to your own lawyer to get independent legal advice. This ensures the highest standards are followed.
It all starts with a phone call. If you have been turned down by a lender, give us a call to see how the Clover Properties Assisted Purchase Program can accelerate your path into home-ownership so you can start building equity sooner than later!
Call Keith Williams at 905-903-9250 today!