How The Program Works:
A small down payment, "Option Deposit" is required. This down payment is variable and based on the cost of the home you choose. This down payment is credited to you as a deposit, becoming part of your overall equity interest in the property.
Your Monthly payments are composed of the rent portion as well as the Monthly Option Credit payment (typically 20% of the rent payment). These monthly credits accumulate over the term of the agreement and become a part of your overall equity in the property. These credits along with your initial "Option Deposit" are credited as a deposit towards the purchase price.
EXAMPLE:
| Initial Option deposit | $5,000 | Minimum 3% of Purchase Price |
| Monthly Cheque # 1 | $1275 | Fixed Rent, taxes, insurance |
| Monthly Gheque # 2 | $320 | Monthly Credits |
| Total Monthly Payment | $1595 | |
| Lease term | 3 years | 2 to 5 years negotiable |
| Agreed to Purchase price | $249,000 | |
| Total down payment | $16,520 | $5,000 (initial option deposit) + $11,520 in monthly credits |
Balance owing: $232,480 ($249,000 less 16,520)