How It Works

How It Works

Step 1:

Fill in the form! Each customer is different, and we need to get all the details to see how we can best help you. We will explain things necessary to proceed such as Buyer’s Agency and how it works in North Carolina. We will also calculate what monthly rent payment you can afford. Generally your monthly rent payment should be between 25-30% of your gross monthly family income. To start our program we will have to verify the following:  your rent history, employment, and proof of income. We will also run a criminal background check, and a tri-merge credit report. Your credit score is NOT a deciding factor. 

Step 2:

Now that all the paperwork is out of the way, you are ready to take the next step! This is to choose what home you want to rent to own. There are many different variables when deciding which home to choose, and the importance of each will vary with different customers. You can choose the preowned homes in our inventory, or hundreds of BRAND NEW homes from the builders we work with. We will present you homes that meet your requirements whether they be size, location, or school district. It is important to know that the process for getting into a BRAND NEW home can take up to 90 days.

Step 3:

You move into your new home and begin making your monthly rent payments. Paying on time each month will earn you a 20% rent credit. We will set up a 2 year lease purchase agreement, which means that you will have up to 2 years to qualify for your own mortgage to purchase the home. We have many resources to help you become qualified. We will advise you of these if they pertain to your situation. If you need more than 2 years, that is not a problem, we will just renegotiate the agreement. When you are ready to purchase we will apply the rent credit you have been earning to the purchase price of the home. This usually covers your down payment and closing costs, so all you have to do is assume your new mortgage which will be less than your old rent payment! You are now a new homeowner, CONGRATULATIONS!