How rent to own works
You rent the home. You have the right to buy it. Your rent is fixed for 27 months and your price for 21, both written down before you move in.
The six steps
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You apply
Before you see the home. Everyone 18 or older pays $25.
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We review your application
Rental history, income, debts, background check. Then a showing.
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We go through the details
A Google Meet with cameras off and our screen shared, then the numbers in writing.
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You decide
Your move in date, how you pay, or that this home is not the one.
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You sign and move in
A deposit of one month's rent holds the home. The balance is paid when you get your keys.
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You buy the home
When you can get a mortgage, at the price in your agreement.
The three things people ask about
What it costs
You pay one amount to move in: your deposit, your option fee, and your first month's rent. The deposit and option fee together come to 5% of the home's price, and lower the price when you buy.
There are two ways to pay it, and one of them lowers what you bring to move in.
How long you have
Your rent does not change for 27 months, and your purchase price cannot change at all for the first 21. You see how and when it can change before you sign.
There is no penalty for buying sooner.
What we promise
Repairs, taxes, and insurance are ours while you rent. Every dollar of your option fee comes off the purchase price.
And the things we cannot promise.
Getting ready to buy
Most people in this program cannot get a home loan on the day they move in. That is normal. It is the reason the program exists.
While you live in the home, the Strong Blocks team builds a buying plan with you. There is no extra charge from us for it. Mostly it is unglamorous work: paying rent on time, paying down debts, clearing old collections, saving for closing costs.
We work most often with ACTS Housing and Housing Resources, Inc. on counseling, and with PyraMax Bank and Associated Bank on lending. You can use any lender you want. If you already bank somewhere, start there.
Would you qualify?
Most people who get turned down are turned down for one specific reason, and it is usually not the one they were worried about.