rent to own

Introducing Our Comprehensive Rent to Own Program

Have you ever envisioned residing in a specific locale but hesitated to commit to the rigors of traditional homeownership? Our innovative rent-to-own program presents an enticing solution, granting you the flexibility to lease a home in your desired area while also positioning you for potential future homeownership. Here's a detailed breakdown of how our program operates:

Step 1: Rent to Own Homes Application and Qualification Process

Embark on your journey by submitting an online application. We require a minimum credit score of 620 and evidence of your financial capability to meet payment obligations.

Step 2: Rent to Own Homes Selection

Upon approval, you'll gain access to our expansive inventory of homes for sale that meet our program's stringent criteria. Peruse our user-friendly website to explore available listings and pinpoint a home that perfectly suits your preferences.

rent to own homes program

Step 3: Rent to own Homes Program Lease Agreement

Once you've identified your ideal abode, you'll enter into a lease agreement with a one-year commitment, akin to traditional rental agreements. A standard security deposit, equivalent to two months' rent, is requisite upon lease initiation.

Step 4: Residency and Homeownership Opportunity

Enjoy the privilege of residing in your chosen home for up to five years. During this tenure, you retain the option to purchase the property at a predetermined price, exercisable anytime following the initial year of your lease.

Step 5: Shared Maintenance Responsibilities

As a tenant, you and the property owner share mutual responsibility for maintaining the home's upkeep throughout the lease duration.

Addressing Common Inquiries:

Rent Adjustments: Annual rent increases are limited to a maximum of 3.75%. (Updates every couple years, subject to changes)

Purchase Price Escalation: The predetermined purchase price may escalate annually, currently set at 3.5%, mirroring the Twin Cities' average.

legitimate rent-to-own programs

Maintenance Allowance: You may request up to $2,500 for essential maintenance adjustments during the lease term.

Eligibility Criteria: Applicants must meet specific prerequisites, including a minimum annual income of $40,000, stable employment, and a clean financial and criminal background.

Application Procedure: Prospective tenants aged 18 and above must complete both Pre-Qualification and Full Application phases, providing comprehensive household and financial information.

Program Expenses: A one-time Application Fee of $75 per household is mandatory, covering all applicants and deemed nonrefundable.

Home Selection Guidelines: Properties must adhere to specific standards, including price range, location, and structural integrity.

Deposit Requirement: A deposit equivalent to two months' rent is obligatory but is not applied towards rental payments.

Move-In Timeline: On average, the transition from purchase agreement to move-in typically spans five to six weeks, contingent upon various factors such as negotiation duration and required repairs.

Pet Policy: We accommodate up to three pets (cats or dogs) within specified weight limits and breed restrictions, accompanied by a pet fee.

MN rent to own program

Rent Payment Allocation: Monthly rent payments are not credited towards the purchase price of the home.

Exercising Purchase Option: Notify us in writing at least 60 days in advance of your desired purchase date to exercise your Right to Purchase.

Mid-Lease Purchase: You possess the flexibility to purchase the home at any juncture during the lease term with proper notice.

For further insights or to commence your application process, reach out to Brian Zimpel with RE/MAX Professionals at 612-412-5561 or complete the online contact form on our website. Uncover a dynamic homeownership solution tailored to your unique needs and aspirations!

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