The Lease-to-Own program provides families who are committed to the goal of homeownership an opportunity to lease with the option to purchase in the future.
This program targets:
- Families that need time to improve credit score, reduce debt, or save for down payment (among other reasons) in order to meet their goals of homeownership.
- Families that were victims of the foreclosure crisis and want to work towards a second chance at homeownership.
Sample Candidate Criteria includes:
- Minimum credit score is 550.
- Each applicant will be required to pay an application fee of $50.
- Criminal Background check required.
- Gross monthly income must be three (3) times greater than monthly rent.
- All applicants are subject to a rental/mortgage history review.
- A maximum of 2 dogs/cats are permitted. Applicants with pets shall pay a $500 pet deposit. This does not apply to service animals.
- Final Approval by Owner: Manager shall provide all documentation regarding a prospective tenant to Owner for final approval.
- Notwithstanding the foregoing, no prospective tenant shall be approved without Owner’s express written consent, which may be withheld in Owner’s sole discretion.
For additional criteria, see your local housing counselor.
Some Additional Things to Keep in Mind:
- GROWTH collaborates with housing counseling agencies to provide post-lease, pre-purchase counseling to all lease-to-own families. Successfully completing the housing counseling component of the program is a requirement to purchase the home.
- The Lease-to-Own program requires a 2-year minimum lease term.
- It is GROWTH Initiative’s goal to convert the tenants to homeownership within 24-36 months. However, lease-to-own tenants must exercise the right to purchase by December 31, 2021, the program end date.
To apply: www.capitalrents.com