Rent-to-Own Program
HomesForNow is committed to being your first and
best resource in every area of housing needs – whether it’s
the perfect rental home for right now, or that dream home for down the
road, we’re here to help.
It’s never too early to start planning for
home ownership – in fact, the sooner you start getting ready, the
sooner you can make your dreams a reality. The HomesForNow Rent-to-Own
Program prepares you for the future right here in the present –
you can actually take the first steps to home ownership while you’re
still renting. And, unlike some other Rent-to-Own plans, our program allows
you to Rent-to-Own the HOME OF YOUR CHOICE – not just the ones we have available for rent!
321 OWN! Program
Start the countdown to home ownership with our 321 OWN! Program! If you qualify, we'll match you up with an experienced Buyer Specialist. Each Buyer Specialist is a fully licensed Realtor, who will work with you to find the home you want from among the thousands of homes available for currently for sale in the Minneapolis -St. Paul metro area, whether on or off the MLS! Then, your Buyer Specialist will negotiate with sellers to place you in that home on a Rent-to-Own basis. It's that simple! Here's how to qualify: First, you need to have "clean credit" for the last six months. Check with your Buyer Specialist for further details. Then, you can start the Countdown:
3 –
Have 3% of the Purchase Price of your new home available to put down when you move in as Security Deposit/Option to Purchase Fee/Earnest Money*. Example: A Purchase Price of $260,000 would require 3% initial cash, or approximately $7,800. This INCLUDES the normal Security Deposit, which would typically be around $2,000 on such a home. So, that leaves just $5,800 cash needed beyond a normal Security Deposit to turn you into a Rent-to-Owner, instead of just a renter. And yes, we do take credit cards!
2 – RECEIVE $200 PER MONTH CREDIT toward your downpayment and closing costs** for every month that you pay your rent on time. After 12 months, you've got $2,400 available!
1 – FOR ONE YEAR, PUT YOURSELF IN POSITION TO BUY*** We'll tell you what you need to do to be able to arrange financing that should allow you to complete the purchase of your home. Whether it's credit repair, paying off old bills, restructuring your finances - we'll work with you to develop a plan that makes sense. All you have to do is follow it!
OWN! – CLOSE ON YOUR NEW HOME!**** Between the money you put down up front, and the credits you received every month, in most cases very little or no more cash is required at closing! Now you're a home owner - and you did it the easy way, the smart way - with 3 2 1 OWN! and HomesForNow!
Call your us today for the
details, and an application!
* Money required at start of contract may be more or less than 3% of the Purchase Price. Each contract is negotiated individually. Money may be characterized as Security Deposit, Option to Purchase Fee, Earnest Money or some other type, in any propertion as may be negotiated. Some or all of such money required at start of contract may be non-refundable if purchase is not eventually closed.
** Amount of monthly credit may be more or less that $200. Each contract is negotiated individually. Any monthly credit is subject to rent payments being made as agreeed, and may be subject to other terms and conditions.
*** Length of agreement may be more or less than one year. Each contract is negotiated individually. Buyer understands that lender qualifications for mortgage financing are subject to change at any time. While Homes For Now will help to position Buyer to qualify for mortgage financing, Buyer is solely responsible for Buyer's eventual mortgage qualification. Homes For Now makes no warranty that Buyer will be able to close on this or any other purchase even if Buyer has fully complied with any plan outlined by Homes For Now or parties that may be referred to Buyer by Homes For Now.
**** Cash required at closing will be estimated at start of contract. Each contract is negotiated individually. Buyer understands that cash actually required at closing may be more or less than estimated. Homes For Now makes no warranty that Buyer will be able to close this or any other purchase within any specific time frame.
