Frequently asked questions
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Pricing varies depending on the home, your initial payment, and your monthly savings plan.
We believe in the power of options. If you prefer options, we'll give you the opportunity at a high initial payment with low rent, or low initial payments with high premium rent. Your freedom, your choice.
Before move-in
Initial payment
You make a one-time, upfront payment (3%–5% of your home’s value) that goes toward you exercising your right to buy at the end of your program.
Each month
Rent + home savings
Your rent is based on the fair market rent for your area. Your monthly home savings are separate. We separate them to show proof of your financial history and your willingness to save for the down payment in the future to be able to purchase the home.
*Your monthly home savings make up approximately 10-25% of your total monthly payment (or roughly .10-.25% of your home’s value). For example, on a $200,000 home, approximately $200-500 per month of your monthly payment would go toward your home savings.
Let's find out where you qualify in the neighborhood. Let's start looking for your home today. Click the link and start the process of getting pre-approved. It’s completely free, takes 5 minutes, and doesn’t affect your credit score.
What is a Credit Score
A credit score is a three-digit number designed to represent the likelihood you will pay your bills on time
There are many different credit scores and scoring models
Higher credit scores generally result in more favorable credit terms
A credit score is a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time.
Credit scores are calculated using information in your credit reports, including your payment history, the amount of debt you have, and the length of your credit history. Higher scores mean you have demonstrated responsible credit behavior in the past, which may make potential lenders and creditors more confident when evaluating a request for credit.
Credit score ranges vary based on the credit scoring model used, but are generally similar to the following:
300-579: Poor
580-669: Fair
670-739: Good
740-799: Very good
800-850: Excellent
There are many different scoring models, and some use other data, such as your income, when calculating credit scores. Credit scores are used by potential lenders and creditors, such as banks, credit card companies or car dealerships, as one factor when deciding whether to offer you credit, like a loan or a credit card.
Am I allowed to Renovate the House while in a Rent To Own?
Yes – In our Rent-To-Own, Lease Option agreement we keep a lease option clause and language in it that states you can make renovations and other improvements. Why? We want to honor our relationship as partners, not as landlords to tenants. This is your home, we only ask a written notification is sent to us to let us know what changes are being made.
Who is required for Maintenance payments while in the Rent To Own term?
Depending on the terms of the contract, you'll responsible for maintaining the property and we'll cover all repairs above $1000. Usually, regular maintenance is the homeowner's responsibility, so as a future homeowner, you will do the same. You’ll need a renter’s insurance policy to cover losses to personal property and provide liability coverage if someone is injured while in the home or if you accidentally injure someone.
Maintenance and repair requirements are clearly stated in the contract (ask your attorney to explain your responsibilities). You’ll be responsible for everything from mowing the lawn, have the home inspected, and other requirements listed.
What are some reasons I might be Declined for the Rent To Own Program?
Unlike some Rent-To-Own Lease Option programs, we at Almost Home want you to succeed. It is very vital to us that during your pre approval stage that we can verify consistent income and a guaranteed payment of your nonrefundable option consideration. If both of these things are taken care of, then you are in good company.
Do I qualify if I am self employed or own my own business?
Most Definitely-if you are self employed we can help you obtain your dream of home ownership even if the banks say No! We understand banks do not review or approve at times because of the risks of entrepreneurship. That doesn't stop us from saying yes. We believe that it is only right that you to the chance on yourself to serve your people, and now we can do the same for you.
Who Chooses the Home in a Rent To Own?
You do-One of our favorite parts is that you are getting to make the choice that serves you and your family's dream. Your Home Helper will match you up with a Hometown Hero(Realtor) to assist with the home-finding process. If you are currently working with a Realtor, you are welcome to continue to work with them!
What happens if I don't qualify for a Mortgage at the end of my Rent To Own term?
Don't Worry-The biggest disadvantage of rent-to-own homes is, if you choose not to buy the home, you forfeit any money that you paid in rent – plus the option fee, but we understand things happen. As we say, We will always do whatever it takes to get you to where you want to be, and sometimes that could mean an extension if needed. You may not be able to buy the home if you can't qualify for a home loan, but this is why our accountability team is going to be with you through the process to see your success through.
What is the Process of a Rent To Own
When you rent to own/Lease Option a house, the home buying process stretches out over a much more extended period. The buyer finds a property owner who is willing to enter into a rent-to-own agreement.
The buyer and seller negotiate an arrangement where the buyer can live in the home and pay rent for a specified period, with a portion of the rent going toward the house’s down payment.
At the end of the specified time period, the buyer will either have the option to buy or not buy or will be required to purchase the home
Do I Qualify for Almost Home's Rent To Own Program?
Feel Free to Fill Out Our Pre Approval Form and we'll be able to let you know.
A rent-to-own agreement can be an excellent option if you’re an aspiring homeowner but aren’t quite ready, financially speaking. These agreements give you the chance to get your finances in order, improve your credit score, and save money for a down payment while “locking in” the house you’d like to own. If the option money and/or a percentage of the rent goes toward the purchase price, which they often do, you also get to build Equity.
While rent-to-own agreements have traditionally been geared toward people who can’t qualify for traditional loans, there’s a second group of candidates who have been largely overlooked by the rent-to-own industry: people who can’t get mortgages in pricey, non-conforming loan markets. In high-cost urban real estate markets, where jumbo loans are the standard, there is a large demand for a better solution for financially viable, creditworthy people who can’t get or don’t want a mortgage yet.
As home prices rise and more and more cities are priced out of conforming loan limits and pushed into jumbo loans, the problem shifts from consumers to the home finance industry. With strict automatic underwriting guidelines and 20% to 40% down-payment requirements, even financially capable people can have trouble obtaining financing in these markets.
Anything unusual—in income, for example—tosses good income earners into an ‘outlier’ status because underwriters can’t fit them neatly into a box . This includes people who have nontraditional incomes, are self employed or contract workers, or don't have a U.S. credit history (e.g., foreign nationals)—and those who simply lack the huge 20% to 40% down payment banks require for traditional loans.
How is the Future Purchase Price of a Rent To Own determined?
Our Rent-to-own Lease Option agreements specify when and how the home’s purchase price is determined. In some cases, we will agree on a purchase price when the contract is signed, often at a higher price than the current market value. Why, because of appreciation of a home's value overtime. In other situations, the price is determined when the lease expires, based on the property's then-current market value. Many buyers prefer to “lock in” the purchase price, especially in markets where home prices are trending up, this is actually what we tend to encourage.
How much deposit is required for a Rent To Own?
In a rent-to-own/ Lease Option agreement, you (as the buyer) pay the one-time, nonrefundable, upfront fee called the option fee, option money, or option consideration. This fee is what gives you the option to buy the house by some date in the future. Still, the fee typically ranges between 3% and 5% of the purchase price.
Is a Home Inspection required for a Rent To Own?
Yes-We prefer you not to be surprised by anything detrimental to your success when moving into the property. Taking on new homeowner responsibilities can be a huge challenge when you are hit with a heavy maintenance payment because due diligence was not done.
What are the reasons Almost Home would not buy a property for their Rent To Own Program?
Success-Success of your program is the only reason. If we cannot come up with a reasonable plan that has a clear path to you becoming a homeowner, then we would recommend moving on to a possible property that will cause you to have a peaceful next 3 years.