IDEAL CANDIDATES FOR TENANT-FIRST RENT-TO-OWN
A Tenant-First Rent-to-Own program is designed to provide a viable path to homeownership for individuals who may face challenges in the traditional homebuying process. If you fall into any of these categories, APPLY NOW to get started on the road to homeownership:
First-Time Homebuyer
If you are an individual or family looking to become a homeowner for the first time, the Tenant-First Rent-to-Own strategy provides you with a more gradual approach to homeownership, allowing you to build equity while renting.
Limited Down Payment Savings
If you are an aspiring homeowner who is struggling to save a substantial down payment, Tenant-First Rent-to-Own often requires a smaller upfront payment, making it a more accessible option if you have limited savings.
Credit-Challenges
If you have bruised or damaged credit from a financial setback due to past health issues, victim of identity theft, bankruptcy, consumer proposal, foreclosure, or just poor money management in the past, or if you are younger with no credit history, it may be difficult to qualify for a traditional mortgage. Tenant-First Rent-to-Own offers a pathway for you to improve your creditworthiness over time.
Individuals with Variable Income
Getting traditional mortgage approval can be challenging for those with variable or non-traditional income such as freelancers, self-employed individuals, or small business owners. Tenant-First Rent-to-Own offers more flexibility in assessing income stability.
New to the Country
If you are an immigrant with no credit history or job tenure in Canada, you will need to prove your creditworthiness to the bank before you can get traditional mortgage financing. Tenant-First Rent-to-Own allows you the stability of moving into your own home while establishing the credit history and job tenure needed to obtain mortgage financing.
Divorced
If you are recently divorced and need time to get back on your feet, Tenant-First Rent-to-Own allows you to re-establish your credit as a single, while maintaining some semblance of stability for yourself and possibly your children, in your own home.
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