Buyer's Choice Program

How the Program Works:

The Buyers Choice Program is a unique Lease-To-Own program that allows you to go out with a Realtor and choose the home you want from houses currently for sale. We arrange to buy the house and you "occupy" it for a pre-determined length of time (usually 2 or 3 years). At the end of this period, you purchase the home.

 How does it work?

An option deposit is required for this program, with the minimum being 3% of the purchase price, which is much lower than what the banks require. 100% of this option deposit will go towards the purchase price. You make a monthly payment (similar to rent), however a portion of that payment is credited towards the purchase price. So while you are in the home, you are earning credits that go towards the purchase price.

Example: Monthly Payment                          $1,695

               Credit Towards Purchase Price     $339

               One Tme Option Deposit               $5,000

               Three Year Term (36months)

               At the end of the three year term, you will have as a deposit $17,204 towards the purchase of the home.       

What are the Qualifications for this program?

• You must have a minimum down payment of 3% of the purchase price.
• You must have sufficient, verifiable income.
• If you have credit issues, you must be willing to rectify these issues during the term on your contract.

What do I need to do to get started?

First you need to complete the pre-qualification on-line application. We review your application to see if you meet the basic requirements. If you do, you will then be emailed a mortgage application which will give us information about your employment, assets and liabilities and gives us the authority to obtain a credit report. If you happen to qualify for a mortgage, we will tell you that, and give you all the details. If you don't qualify for a typical mortgage, then we can give you all the details of just how much of a home you could purchase with our Buyer's Choice Program.

We go over all the numbers and you decide just how much af a home you can afford by the monthly payment and the amount of a deposit you can come up with.

What is the Benefit of this program to me?

1. You start the road to home ownership today.
2. Just as a potential home owner would do, you get to go out and search for the home you want.
3. Unlike renting, you are free to make changes and improvements to the home because it is yours to call home. You can decorate and know that you will be there for a long time to enjoy it. You can make personal touches to the home that really makes it feel like your home.
4. Unlike renting, there is never the worry that the landlord will give you notice to leave because they are selling the property. Once under contract with you, the house cannot be sold to anyone other than you.
5. You can stop moving from house to house and know that this is your home for a long time to come.

Option Agreement Terms:

Under this Buyer's Choice Program, the terms are calculated as follows: 

(they may vary slightly according to the property and location)

• Down Payment: minimum 3% of the purchase price
• Monthly Rent: purchase price x .0079  + or - 10%
• (taxes and Insurance always included)
• Monthly Option Credits: 15% to 20% of the Monthly rent payment
• Option Purchase Price: .5% increase per month (based on purchase price) +3%

Example:

Assuming a purchase price of $ 225,000 and a lease term of three years, this is an example of calculations applying the above formulas:

Although this is a typical formula, the formula can vary slightly as each and every agreement is handled on an individual basis and for the most part is based on the following criteria:

• Individual Financial situation
• Price of the property
• Location of the property
• Length of the agreement (Term)
• Amount of initial down payment "Option Deposit"
• If there are any further "Option Deposits" set forth in the agreement