Rent to Own
Rent to Own “Untenant” Program
For Future Homeowners
There are countless people with dreams of owning a house but, for one reason or another, they don’t qualify for a mortgage from the bank (new to the country, limited or no down payment, recent bankruptcy or consumer proposal, divorce, and other). Lending money isn’t something that banks do carelessly, especially if there is even the slightest problem with your credit rating. That is where we come in! With our Rent to Own “Untenant Program”, you have the freedom to move into your home prior to obtaining financing or a mortgage.
After filling out an application to participate in the “Untenant Program” our mortgage specialist will carefully analyze your situation. They will then advise you on the house price you can qualify for, once your credit is re-established. After, you and our realtor will begin looking for the house of your choice, assuming it is within the price range outlined by the mortgage specialist’s detailed analysis.
The “Untenant Program” allows you to move into your new house immediately. During the “Untenant Program” our team will work on repairing your credit rating and your image with the bank in case you have faced bankruptcy in the past or are self-employed. We will make sure to present you to the bank as a low-risk borrower. By the time we are done, every bank will be ready to give you a mortgage as soon as they possibly can!
The “Untenant Program” Steps
- 1 Complete your Rent to Own application
- 2Our mortgage specialist carefully analyzes your eligibility and determines the price range of your potential house purchase
- 3Once approved, you sign the legal documents and provide us with the deposit
- 4Our experienced team of realtors helps you find your new house
- 5CFP Group purchases the house of your choice
- 6You move into your new house and begin paying monthly rent
- 7Throughout your rental period, we work on improving your credit rating so you can qualify for a mortgage ASAP
- 8Once you are approved for a mortgage, you purchase the house from us. You will receive credits for your down payment and additional rent paid during the program
- 9Celebrate your home ownership!
Frequently Asked Questions
How does Rent to Own work?
We simply buy your home for you. After making an initial down payment (which will be returned at the end of your agreement), you live there and pay us monthly rent.
How do I qualify?
Our eligibility criteria is not as strict as the banks. Simply fill out the form at the bottom of this page to get started.
Do I have to have good credit?
If you’re new to the country, have gone through a recent bankruptcy, divorce, or are self-employed, it can be very difficult to get a bank mortgage. We work with lots of people who have a sub-par credit rating.
How much is the down payment?
The down payment amount is individually assessed and depends on several factors.
How much of my rent payment goes towards the mortgage?
Approximately $250-500 from each rent payment is applied towards the amount you will pay the bank for your down payment.
What will the purchase price be after the 'rent' term?
The price of the house is frozen from the point where you sign a contract with us, no matter what happens to the real estate market.
What if I change my mind about buying?
Your initial deposit is non-refundable, so you must be positive you will buy the house at end of your ‘rent’ agreement. If you decide mid-way that you cannot proceed with the purchase, you may find someone else to take over your contract.
Do I pay the taxes?
None at all, you only pay rent.
Can I have pets?
Unless the building you choose to live in does not allow pets, you are free to have any and every kind of pet you want, just like a home owner can.
Can I paint and decorate?
Absolutely. You are living as a home owner and have the freedom to do anything to your home, granted you get renovation or extension plans approved first.
What if I don't have enough down payment?
In this economy, many people do not have the cashflow to make a down payment. You could try these options:
I. Take your down payment on your Rent to Own agreement from your savings, then replenishing your savings in 12 installments over the course of a year.
II. If you have RRSPs, this may be an excellent investment. Our mortgage team can show you how to use your RRPSs to get started in the “Untenant Program”
III. If you have any older family members, you might be surprised how often they are willing to help out by lending or gifting you the money.
Contact Us about Rent to Own
Are you ready to get into the real estate market and take the first step towards owning your own home? This is the Rent to Own business opportunity you’ve been looking for. Just fill out this form to get started!
All information shared is kept confidential and will never be shared with anyone outside of CFP Group: