Looking for a great Rent-to-Own Program? We can put you in your own home today!!

We know life sometimes delivers challenges that can be hard to rebound from on your own. It could be a divorce, bankruptcy, consumer propospal, loss of job, work place injury, new to the country, self-employed or some credit related challenges that have you behind the proverbial “eight ball”?

These challenges could be making it difficult to get a mortgage, but they don’t have to bind you to a lifetime of renting. Our Assisted Purchase Program is a very viable option for those that can’t get a mortgage today but are willing to work towards getting approved in the near future while living in their own home that they select. Homeownership is closer than you think.

Please pre-qualify me!

Who do we help with Rent-to-Own?

Our Assisted Purchasing Program is designed to help families improve their financial standing and get them on the path to homeownership when the banks say “no” today. If you are experiencing any of the situations below, we can help!

Down Payment

In many cases, banks are looking for 10% and more for a down payment especially if there are credit challenges. Thinking about a B or Private Mortgage? B Lenders will also want 10% or more and Privates are looking for 20% down these days. They don’t really care that you have worked hard to save 5% but just can’t come up with the rest. That’s where Rent-to-Own can help. A portion of each monthly payment is put “away” for you towards your downpayment so you exit the Rent-to-Own with more than you started with. We call it “forced savings” and it has been instrumental in helping many families get into their own homes.

Credit Challenges

Credit issues in the past? Filed a bankruptcy or consumer proposal? Ran into some late payments due to job loss or divorce? No problem. Rent-to-Own provides you an opportunity to get into the home you want to buy today while giving you the TIME to REPAIR credit issues so you qualify for your mortgage at the end of the Rent-to-Own.

Self-Employed

If you are self-employed, you likely know how hard it is to qualify for your own mortgage. The banks want you to show more income in order to satisfy the stress test and this takes time. Rent-to-Own has worked for many self-employed families by getting them into the house they want today while providing them with them time to show the necessary income to qualify for their own mortgage.

New to Canada

One of the biggest challenges new Canadians face is that they do not have established income. Rent to own lets you enjoy pride of ownership now and gives you the time needed to establish your credit history.

Divorced

Divorce doesn’t have to be a rent-sentence. We are grateful to be able to help many people who have gone through a divorce get back on their feet and provide their families with a stable home environment. Time heals all wounds and also does wonder for improving credit and building up a bigger down payment.

Mortgage Help

Stuck in a private mortgage? Maybe took out a 2nd mortgage hoping it would make things easier and find yourself in a tough spot. We can help but doing a refinance Rent-to-Own which means we will buy your house, pay out the private funding and then you will Rent-to-Own your house back at lower monthly payments. It’s a win-win as you get out of having to pay any fees associated with the private funding and still get to stay in the house you want to live in.

Here is the Criteria We Use to Qualify

Wondering what is required to qualify? We list the main ingredients below that result in a successful Rent-to-Own

Down payment

We require a minimum down payment of $15,000 up to $450,000 of house or 5% of total price of the home if the home is over $450,000. This is 100% credited towards your purchase of the home. Your down payment is required at the time we have the home inspection and will provided before we firm up the accepted offer.

Household Income

Steady, provable household income that can support the price of the home you would like. A general guideline is minimum of $90,000 annually (in this housing-market) but this depends on the price of home you wish to purchase. We use the current stress test/benchmark to determine your affordability.

Credit Report

Although your credit won’t necessarily disqualify you from our rent to own program, it is important to know where you stand and what will be needed to improve it while you are in the program. We provide support, you provide the “doing”. Credit repair is a commitment.

Selecting a House

May not seem like a strong determining factor overall for qualifying for rent to own but it is for us. You should WANT to select your house as this might be the biggest determining success factor. With our program, you should commit the time to working with one of our realtors to find the “right” house. If you don’t love the house, it is going to make it harder to succeed.

What is the Process for a Rent-to-Own?

Below is the step by step process from start to finish. We are always available to answers any questions you might have.

1. Pre-Qualifying

Pre-qualify here to see if the program is a good fit for your situation.

2. Documentation

As part of the approval process, we will require you to provide documentation about your income and credit situation. The required documents are employment letter, T4, two current paystubs, credit report and photo ID.

3. Budget and Term

Once you are approved for our Rethink Renting Program, we will determine your house budget and how much time you will need to repair your credit which will determine the length of your program.

4. Home search

With your budget in hand, we will set up with a licensed realtor to start looking at homes that fit your needs and budget. It is really important to find a house that you love! When you have found a house, we will run all the numbers for your review and approval. Once approved, we will get an investor from our network to purchase the house on your behalf.

5. The offer

Once purchased, we still have to have the home inspection. This is mandatory and it is your responsibility to pay for the inspection. During this time, you will receive the two necessary agreements, one being the Lease and the other being the Option to Purchase for review. The Option Agreement outlines the details for your purchase back from the investor at the end of the Assisted Purchase Program.

6. Firming the offer

With a passing inspection, signed agreements and financing in place – we can firm up the offer and move towards the closing. Now it’s time for you to start packing. On closing day, we will ensure you have the information needed to gain access to the house – either by picking up the key are providing you with a lock box key to access the key. Either way, you are now on your way to homeownership!!

Why Choose Us?

We REALLY do Care!

We actually care about helping you succeed. We work with you to develop a property budget that fits the current lending rules and also fits your families needs. Work to live, don’t live to work. Support is our middle name. Not only do we set you up with a licensed realtor to help you find a great property, we also are here to support you throughout the entire term of the Rent-to-Own.

No Fees!

Clover Properties does not ask for any fees. No sitting fees, no consultation fees. No hidden fees at all. You do, however have one cost in the purchase and that is to pay for the home inspection which you would do anyways if you qualified for a mortgage.

The Commitment

Like a mortgage, Rent-to-Own is a commitment. You NEED to be prepared to work hard to improve your credit and meet your contractual obligations which include making your payments on time. We will be there to support you along the way.

I want to see if I pre-qualify!!

Over 700 Happy Homeowners, Let’s See What Some Have To Say?

We love our helping families get into homeownership and get ahead finacially by taking the leap away from being a renter!

Such a great path of turning your dreams into reality! Stephanie and Neil were hands down so great to work with! We had absolutely no problems during the entire process as they answered all our questions clearly & promptly. The whole process was actually much easier than I had thought… from start to finish! Neil was instrumental in working out a way to get us into a townhouse we wanted in a new development in Whitby. I am so happy to say we’ll be moving into this place in the next 2 weeks! I definitely recommend Clover Properties to anyone who has a dream of home ownership.

Yanthe, Whitby, Ontario

Clover property has been very instrumental in our lives. I was very skeptical about RTO due to other companies and their arrogant attitude. When I met Neil, he was sincere and forthright. He explained exactly how the program worked and what the expectations were. The program is challenging, but it is definitely worth it.

Davis, Ajax, Ontario

When we were declined for a mortgage, we started researching other options and came across rent to own. Thanks to Clover Properties for taking a chance on my family just when we thought no one would and for making our dreams a reality.

Stacy and Tom, Oshawa, Ontario