Have you been thinking about buying a home but aren’t quite ready? Did you just move to the Washington DC Metropolitan Area and aren’t sure where you want to live? Does Maryland or Northern Virginia seem like reasonable options for you? Do you need to rent right now but really want to buy a home in a couple of years? Our exclusive lease with a right to purchase program may be ideal for you.
How The Program Works
We have partnered with a national firm that provides responsible households with a clear and transparent path to homeownership through its Rent with a Right to Purchase Program. This program provides five years of rent certainty with only a one-year financial commitment on the lease. As of 2019, our partner has helped over 13,000 families throughout the United States including countless families in Maryland and Northern Virginia.
If you want to own a home but cannot currently qualify for a mortgage, or if you would prefer to rent a home now with the goal of purchasing it in the next five years, then this program may be for you. Our partner doesn’t focus exclusively on your credit score. The full credit profile of your entire household is taken into account when they review your application to the rent to own program.
As with a standard lease agreement, our partner requires you to sign a lease for a year and make a security deposit. Unlike a standard lease agreement, you will have renewal options providing five years of rent certainty and the right to purchase the home at a price established when you enter the Right to Purchase Agreement, in accordance with the terms of the Agreement. You can also select the home that you want to live in from those eligible and available for sale in communities that our partner serves – enabling you to live in a neighborhood today where you might not otherwise find a suitable home to rent.
Our partner buys homes in specific approved communities. We can prepare a custom list of eligible homes that we can send to you. We will guide you in finding the right home in the right community that qualifies for the program. Once you approve the purchase price in your Right to Purchase Agreement, that is the price at which you may purchase the home during the term of the lease, in accordance with the terms of the Agreement, whether the home is later appraised at a higher or lower value. If you do not purchase the home as provided in the Agreement, our partner may rent or sell the home to others when your lease ends.
Your initial lease is for one year, so your financial commitment is limited to one year. Your lease is renewable every year for five one‐year periods, and you have the right to notify us if you don’t want to renew the lease. Your full security deposit will be returned as provided in the lease if you decide to leave the home at the end of a lease period and have been in full compliance with the lease.
Right to Purchase Agreement
Your Right to Purchase Agreement gives you the right to purchase the home you selected from our national partner at a predetermined price for every year of your lease, as long as you have been in compliance with the lease, Agreement and other documents. You are under no obligation to buy the home at any time.
First is to make application to see if your household qualifies. You must have a minimum household income of $50,000/yr and no open bankruptcies. Also, it is ideal for your credit score to be at least a 580 but lower credit scores are sometimes considered. A $75 per household application fee is required. Your last two paystubs, one month bank statements and last filed tax return along with a copy of your ID will be required to be submitted with your application.
If you are ready to get started, send us a text at 202-858-0384 and say I’m ready to apply. We will send you the link to the online application and also provide you with a custom list of eligible homes in your desired communities.