How Does A Lease With Purchase Home Agreement Work?
The rent to own process is actually pretty simple.
- Join our property list and tell us what type of home you’re looking for, your budget, etc (START with the form to the right)
- We’ll send you local Omaha rent to own / lease option homes that fit your criteria.
- If you like a home and want to apply, we’ll give you an application to fill out. Don’t worry – we help people with all kinds of credit and financial situations, and if you can afford the property, we can probably help you to own it.
- After you’re approved to rent the property, we’ll agree on a monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time… then at the end of the rental agreement you can decide if you want to purchase the home or not.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How to Qualify
Before going and visiting the properties, I’d like to let you know the qualifications for the lease option program.
1st – All of our properties are non-smoking properties.
2nd – you will need to make 3 times the monthly rent as household income. This means that if the rent is $1500, then you would need to make at least $4500 as an individual or couple in order to qualify.
3rd – We don’t accept any applicants who have been evicted within the past 5 years. Also, criminal histories are looked at on a case by case basis but in general we don’t accept applicants with a felony within the last 5 years.
4th – We do accept pets. But there is pet deposit.
5th – In order to qualify, you will need to pay the total move in amount before occupying the property. This means that you will need the full option fee, pet deposit, security deposit, and the pro-rated rent for the month in which you want to move into the property.
How to apply for the program
1st – look through the properties on this website and choose the one that you would like to own.
2nd – Send us a text message or give us a call and let us know which home would like to take a tour of. We will ask you to text us your information, such as your name, phone number, and email address. We will also need a picture of your valid Identification such as a driver’s license, or passport. We may meet you at the property to give you a tour or give you a code to open the lock box and allow you to do a self-guided tour.
3rd – Take a tour the property, either by meeting one of us there or by doing a self-guided tour. Make sure to turn off all lights and to lock the door and replace the key when you are finished touring the home. Then give us a call or send us a text to let us know that you have locked up the property and to let us know if you would like to move forward with filling out the application.
4th – Fill out the application. We will need the names and email address for each person who will be occupying the property who is over the age of 18. We will send you and them a link to your email addresses for everyone to fill out the rental application. This is time sensitive so it is very important that you fill out the application right away or the link will expire after 72 hours. There is an application fee for each person to fill out the application.
5th – After applying to the program, we will review your application including your credit history and background and we will contact your prior landlords to get information about their experience of you as a tenant.
6th – if everything comes back good with your background and your prior landlords recommendation, then we will send you out a copy of the lease and option agreements for you to review them.
7th – We will then meet you at the property to get signatures for the lease and the option agreements and we will deliver to you the keys at that time.
Our goal is to help you become a home owner like we have done with dozens of other people just like you who have wanted to live the American dream of owning their own home.
How Long Are Rent To Own / Lease Option Terms?
Your lease/option agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property – typically 3 years, but in certain circumstances we may extend your option if you need more time to get your credit or downpayment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!