FAQ’s for Rent to Own
How do I qualify for the program?
The qualification process is quite simple. If you have a good job or good income to support the monthly obligations of a rent to own property, and are honest about your current situation and credit history, you may very well qualify. We are not like your traditional bank or lending institution. We believe those who have been turned away from their bank should get the chance to realize their dream and own their own home and those looking to get a fresh start should get that opportunity.
I have bad credit can I still qualify?
Yes, however each individual situation is different. All we ask is you be honest and up front with us in the pre-approval stage of the rent to own process. Our mission is to make the transition into home ownership as smooth as possible. Your success is our success!
Can I use borrowed funds for my initial investment down on a property?
Yes, we allow you to use borrowed funds for your initial investment, if this is the route you want to go. We are not like your conventional lenders and this source of funding is acceptable to us.
Do I have to have all my initial investment money for the property up front?
Not always. We like to make our program easily accessible for everyone and sometimes you may not be able to commit the full amount up front. Each application is reviewed and approved on an individual basis.
How long until I know if I have been approved?
Once you have submitted a complete application with us you can expect it to take 3-5 business days to receive a pre-approval from us. Once your application is approved and we have received all necessary documentation from you, we will then require you to sign an intent to rent and pay a $500 commitment fee, that is fully credited towards your initial investment on a property once you are ready to move in.
Can I Rent to Own any home I want?
This is part of our service that we offer. However this option is not available to all of our potential clients. If you can qualify for this part of our program we can definitely look at renting to own a home of your choice. If you do not qualify for this part of our program you can rent to own a home in our existing inventory.
Who pays for the property taxes, building insurance and condo fees (if applicable)?
All these costs are included in your monthly payment and Di-Rae Development ensures timely payment of each of these monthly expenses. You are responsible for your own content insurance and utilities.
Who pays for the regular maintenance of the property?
You are responsible for all regular maintenance and upkeep of the property. All proposed enhancements and improvements to the property, over and above regular maintenance, will need to be authorized by the management team in advance.
How quickly can I move into the property?
You can move into the property as soon as all the rent to own agreements have been signed, and you have provided us with your initial investment for the property. If you are renting to own a property of your choice, then you will gain access as soon as we obtain legal possession.
What happens when my Rent to Own term is up?
Close to the end of your rent to own term, our Mortgage professional team members will work directly with you to obtain a conventional mortgage. Together with them we will take care of the whole process and walk you through closing on your home from start to finish.
How do I qualify for conventional financing?
After evaluating your entire financial situation we will provide you with a customized plan to get you on track to qualify for conventional financing. Through your monthly rent credits, initial investment and repaired credit, making the transition into qualifying for conventional financing and realizing your dream of home ownership is seamless.