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Rent/Lease to Own Purchase Program
5 Steps to Turn Renters into Homeowners
Have you been renting a house or condo for at least a year and have nothing to show for it? Rate One Mortgage is working on the perfect loan program for you! In just five easy steps we hope to turn Renters into Homeowners. You won't even need a down payment or closing costs!
- Landlord/Owner is selling to Renter/Buyer
- The purchase transaction will be treated as if it were a refinance loan -Owner/Landlord can use appraised value -Renter/Buyer must have rented subject property for at least 12 months
- Write up a purchase contract -Purchase price can not exceed 90% of appraisal value -Seller concessions of up to 3% must be included in purchase price -Contract need not be back dated or recorded
- Renter must provide proof last 12 months rental payments were not more than 30 days late. Proof must be: -Copies of canceled checks, front and back , and/or -Money Order receipts and/or -Bank or Credit card statements
- Apply for the loan. (When we have the program set up.)
If you are interested in this unique program email us and let us know!
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