Rent to Own

rent to own homes mn

ABOUT RENT TO OWN HOMES PROGRAM | PICK A HOME THEN RENT TO OWN!

How it works: 

Exploring Further: Common Queries About Rent-to-Own

Curious about the ins and outs of our rent-to-own program? Here are some frequently asked questions to guide you:

Rent Increase Limit: Wondering about potential rent hikes? Rest assured, the yearly increase is capped at a maximum of 3.75%

Purchase Price Adjustment: Concerned about changes in the purchase price? Currently, the price can increase by 3.5%-5% (varies by market trends) annually, mirroring the Twin Cities' average of 7%.

legitimate rent-to-own programs

Home Repairs: What if the home needs repairs upon purchase? You can request up to $2,500 for maintenance adjustments as part of the lease agreement.

Eligibility Criteria: Who can participate in the program? To qualify, your household must have an annual income of $75,000, stable employment, and a clean eviction and bankruptcy history. Additionally, all household members undergo a criminal background check.

Application Process: How do I apply? Each household member aged 18 or older must complete the Pre-Qualification and Full Application, providing detailed residence, employment, and income information. Expect a thorough review, considering factors like income, debt-to-income ratio, rental history, and credit score. (Request application)

Application Fee: What are the costs involved? There's a one-time Application Fee of $75 per household, payable online during the application process.

Home Selection: Once approved, how do I find a home? Collaborate with Brian Zimpel RE/MAX Professionals or his Team to search for suitable properties meeting specific criteria, including price range, location, and property type.

Deposit Requirement: Is a deposit necessary? Yes, typically equal to two months' rent, although it doesn't contribute to rent payments. However, it's refundable upon complying with lease terms or exercising the Right to Purchase.

Move-In Timeline: How long until I can move in? On average, expect a five to six-week period from entering into a purchase agreement to move-in day, subject to various factors like negotiation and inspection results.

Pet Policy: Can I have pets? Up to three pets (cats or dogs) are allowed, with zero breed restrictions and a non-refundable $300 per pet fee.

RENT TO OWN

Rent Payments and Purchase Price: Do rent payments count towards the purchase price? No, rent payments are separate from the predetermined purchase price outlined in the agreement.

Exercising the Right to Purchase: How do I proceed with purchasing the home? You can notify the program at any time during the lease, with written notice required at least 60 days before the desired purchase date.

Mid-Lease Purchase: Can I buy the home mid-lease? Yes, but with the condition that the closing date falls before the end of the applicable lease term.

Feel free to reach out to Brian Zimpel with RE/MAX Professionals for further clarification or to initiate the rent-to-own process. Brian Zimpel is here to guide you through every step of finding the perfect home with our rent-to-own program.

rent to own homes mn

Areas We Cover