About the tenant-buyers:
Michelle and Thomas are a married couple. They have three teenagers (13, 17 and 18). They have been long term renters and recently decided it was time to purchase their own home because they want more stability. The couple has decent credit and $20,000 saved up for a down payment. They just need time to pay down a little debt and build a bigger down payment to be mortgage-ready by 2027.
Combined, the couple has a total household income of $126,518 . Thomas is the Branch Manager for Westlake Royal Building Products. He has been with the company since 2020 and earns $80,751 annually. Michelle works for CAPREIT LP. She has been employed there as a Leasing Specialist since 2020 and earns $45,767 annually.
Michelle and Thomas have decent credit. Over the 4-year Rent-to-Own term, they need to work on paying down a little debt to improve their debt service rations. Michelle has a score of 631. Thomas has a score of 657. He has to deal with a few collection items as a result of losing a job in 2019. Due to that job loss Thomas fell behind on some bills but is committed paying off what is owed now that he has stable employment. The mortgage agent who referred this couple to our Rent-to-Own program will be working closely with them to ensure Thomas and Michelle will be ready to purchase the home in 2027.
Michelle and Thomas have fallen in love with a lovely townhouse located on Hamilton East Mountain, the most desirable area of Hamilton. With 3-bedrooms and 2-bathrooms, this townhouse has the space the family needs and fantastic proximity to schools, parks, shopping and restaurants. Recent upgrades include hardwood floors, baseboards and a finished basement with convenient walk-up to the carport. The townhouse is also located close to the QEW and the Highway 403, making it easy to get to Toronto or Niagara.
If you can qualify for a $416,000 mortgage and want to enjoy $1,225 in cashflow each month, please click the button below to indicate your interest in helping Michelle and Thomas Rent-to-Own this home.