Mother and Son Ready for a Home to Call their Own
Patrick and Bev, a mother-son team, are looking to exit from multiple rentals so they can get a home of their own and break the cycle of renting. They have saved $20,000 for their down payment and need to rent-to-own for 4 years to become mortgage-ready. They found a great starter home near Ottawa and already made an offer on it.
Patrick and Bev have an annual household income of $141,000. Patrick works in construction for Kiewit-Dufferin Midtown Partnership. He is an Operator on the 417 OLRT Project and has been with the company since 2020. Patrick earns $100,000 annually. Bev works as a personal support worker (PSW) for Hilltop Manor. She has been employed with Hilltop since 2020. Her annual income is $41,000 annually.
Patrick has a credit score of 600. He has a car loan that he will need time to pay down as well as two small collections. Bev has a score of 630. She was discharged from a bankruptcy in 2017 and needs time to build her credit back up. They will both work with a Clover Properties-approved mortgage broker to help get them ready to qualify for their own mortgage in 2026.
The family found a great starter home in a family-friendly town of Merrickville, Ontario. The detached property has 2 bedrooms and 2 baths. It has a single car garage. The house has already been secured for $485,000 while comparables in the area are showing prices over $500,000 for similar properties. This home is located 1 hour from Ottawa and just 30 minutes to the 401. Merrickville is a town in transition as it has become an affordable place for Ottawa commuters to purchase in. If you would like more information, please click the following link – https://bestplaceincanada.com/towns/merrickville-wolford
If you can qualify for a $388,000 mortgage (based on a 20% down payment), and would like to earn about $871+ in monthly cashflow to help Patrick and Bev rent-to-own, please call or text Rachel at 416-450-1940.