Lease-to-Own Programs

Who do we typically help?

Clients that cannot currently qualify for a mortgage
Last minute problems closing with a mortgage
Bridge between renting & purchasing

COMPANY / APPLICATION LINKS

MINIMUM CREDIT SCORE

MINIMUM MONTHLY INCOME

MINIMUM SAVINGS / DOWN PAYMENT

MONTHLY RENT

DIVVY HOMES

550 FICO

$2,400 per month (Last 6 months)

Initial Contribution:
A one-time, upfront contribution to go toward your Home Savings (2% of the home value / price).

Rent + Home Savings
Rent is based on the fair market rent of your city. Home Savings is what we set aside for you to save up little by little for your future down payment (approximately 0.10%-0.25% of home value).

DREAM AMERICA

12-Month lease-to-own
Close in 2 - 3 weeks
Homes $150k to FHA limit ($400k max)
New construction and re-sale
Get pre-qualified in 5 minutes

500 FICO

+ 12 month history of on-time rent payments

Minimum to qualify for $150,000 house:
$4,000/month pre-tax household income (applicant + co-applicant, if any)

$5,000 cash available now from savings, 401k, or gift

Determined by house price, property tax, HOA fees and insurance costs. Rent is more expensive than your cost of ownership once you obtain a mortgage! That is why we offer a penalty-free early lease termination when you buy your Dream home.

10% of rent is credited towards your purchase

Watch intro video/client testimonials:
Click Here to learn about the Dream America program!
Click Here to listen to Trina who is now a homeowner!
Click Here to hear Denita discuss how Dream America is helping Veterans!

HALO

480, with a clear path to reaching 620 within 36 months (don't worry, we can help you get there)

$4500/month

Based on standard FHA down payment guidelines, we require that you have cash equal to 3.5% of the purchase price in order to enter the HALO program.

Lease terms are determined on an individual basis and factor in the cost of the home, property taxes, HOA fees (if any) and insurance costs. Rents start at $1,300/month.

HOME PARTNERS OF AMERICA

550

Several factors taken into consideration: (household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, and FICO® scores.)

When there are multiple people, not an average of the scores. Will also look at the income. Whoever has the highest income, their credit score will carry the heaviest weight.

$3,750 per month

$45,000 per year

2 months’ rent, plus $75 application fee.

One-time Application Fee between $75-$99 per household that must be paid online as part of the application process. This Application Fee covers all applicants in the household and is nonrefundable.

Will outline the maximum Monthly Rent of the home for which the prospective resident qualifies. (Click here for The Math).

Each year, a resident's Monthly Rent increases by no more than 3.75% over the previous year’s Monthly Rent.

For example, if the Monthly Rent for Year 1 is $1,400 per month, the increase for the next year is $50/month (i.e., $1,400 x 1.0375)*.

PATHWAY HOMES

To apply, click here, and type "PATHWAY HOMES" in the Subject Line.

600 Min Transunion Credit Score

$50,000+ Household Income

$0 Savings

No evictions in last 2 years and must pass a background check

The following program only provides a 6 month lease, therefore you must already have a Preapproval Letter from a Mortgage Lender in order to qualify for this program.

RIBBON HOME

Especially in a competitive market like the one we’re seeing now, the key is surprisingly simple--lead with your best offer, and if possible, pay in cash.

The steps in the Ribbon program are:

Step 1: Client must have a Preapproval Letter from a Mortgage Lender
Step 2: Client must accept the Ribbon Program Agreement to be ready to make an offer!

Step 3: Your Agent adds properties to Client's Ribbon Profile.
Step 4: Ribbon's team of experts works on valuing the properties to determine their maximum purchase price. They strive to provide you with the most competitive and accurate price possible.
(Valuations typically take less than 24 hours to complete.
Step 5: Ribbon buys and reserves your new home
Step 6: The Ribbon fee is due when we buy the home (typically paid by the seller)
Step 7: Client rents their new home from Ribbon while you secure financing
Step 8: Once Client is ready to repurchase their home, they buy it back from Ribbon at the same price

Ribbon Buy Box:
Price range: 150K - 700K
4 acres and under
Built after 1975 or renovated

NO: mobile, manufactured, modular, seller possession, as-is, flips, Fixer-uppers, Renovation Specials, investment/vacation/secondary homes, foreclosures, short sales, estate sales (by case), seller post-occupancy.

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All rights reserved.
Office: 678-757-5364 | support@yournewatlantahome.com
Elegance Realty provides Professional Real Estate Services to Buyers and Sellers in the Atlanta GA metropolitan area.