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Ideal Rent-To-Own Homes
Ideal Rent-To-Own Homes
The Homes we seek...
The Homes we seek...
Affordable single family homes ($100K - $250K)
Family oriented layout- minimum of 3 bedroom and 2 bathroom
Recently updated mechanicals (hot water heater, furnace, A/C) and roof ( 10-15 yrs old or less)
Located in neighborhoods with potential for growth value and appreciation
Details about our rent-to-own program
Details about our rent-to-own program
Who is this program for?
Who is this program for?
We want to help buyers who are not in an ideal situation for a mortgage by the bank's standards and need some time, such as:
Tenant buyers with lower credit scores, credit issues, or high debt-to-income
Tenant buyers who lack a 2-year work history in their current career
Tenant buyers who are self-employed who deduct large portions of income on annual taxes
How does this program work?
How does this program work?
Most rent-to-own terms are 18-36 months long where the tenant buyer has the exclusive option to purchase the home. The tiered price structure of the home remains fixed throughout the contract term. Tenant buyers must satisfy two initial financial requirements in order to sign a lease-purchase contract with us:
Monthly household income must be at least 3 times the cost of rent
rent schedules are structured to mirror income payments
Provide lease-purchase option fee (convertible down payment)
typically minimum of 3% of purchase price
How does this program help?
How does this program help?
Down payments, credit scores, and cash at closing are 3 of the bigger hurdles when purchasing a home. Our program helps with:
Credit restoration services provided 100% free for our tenant buyer
A portion of each payment is credited toward closing costs (10-20%)
Established purchase price of the home is discounted when tenant buyers qualify for their mortgage ahead of schedule
40% of the required purchase option fee/down payment can be financed with us through the lease term
What are the next steps?
What are the next steps?
Complete the tenant buyer preliminary application using this website link and we will contact you via phone or e-mail. Thanks!
Secure a better mortgage
Secure a better mortgage
Save over $200 a month on your mortgage payment
Save over $65,000 in mortgage interest
630 Welsted Video.mp4Frequently Asked Questions
Frequently Asked Questions
What are the benefits of rent-to-own with Thompson Property Solutions?
Tenant buyers with us receive assistance with the most difficult hurdles when getting a bank mortgage:
Improved credit scores
Down payment assistance
Closing cost assistance
What requirements are needed to qualify for this?
Tenant buyers must have a steady job history w/ sufficient monthly income
Tenant buyers must provide a purchase option fee equal to 5% of the price of the home (40% can be financed in the future)
100% of the purchase option fee is applied toward the purchase price of the home upon qualifying for a mortgage
Will my rent payments go toward the purchase price of the home?
10-20% of every rent payment will be credited toward the tenant buyer's closing costs
What are some possible sources for purchase option fee that won't drastically affect my credit?
Retirement accounts and 401K loans, personal savings accounts, job bonuses, tax refunds, cash from life insurance policies, sale of investments, sale of vehicles or other property, or gifts from family/friends
What is the free credit restoration and enhancement program?
The owners at www.mycreditteam.com will provide a written plan of action and work hand-in-hand with tenant buyers until mortgage qualifications are met. This company has helped thousands of clients in all 50 states and has over 20 years of experience in this industry. The program is 100% free for tenant buyers under an agreement with us.
What expenses can I expect when I rent-to-own?
All repairs, maintenance, utilities, and up-keep expenses are the responsibility of the tenant buyer
What if something physically happens to the home during the lease period?
Insurance policies cover physical damage to the home. The owner's policy covers exterior structures while tenant buyer's renter's policy covers interior structures and their personal belongings
Can I make my own improvements to the property?
Absolutely! Tenant buyers can increase their own equity in the home by investing in home improvements even before they secure their own mortgage
What if I don't qualify for a loan at the end of the lease period? Will I lose my purchase option fee?
Lease extensions can be negotiated as long as the tenant buyer has made steady progress diligently participating in the credit restoration program and maintained on-time rent payments through the agreement term
Keep updated about us and new property offerings!
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