Are you able to afford a home and make the monthly payments...but still been turned down for a mortgage loan?
You’re not alone. Unfortunately, a whopping 82% of Americans today can’t qualify for a mortgage loan or any kind of home financing today (a National statistic) .
If you’re one of the 82% (and if you’ve been looking at rent-to-own listings, you probably are), maybe you think you’re relegated to renter status for life...
Stuck renting a place where you must follow the whims of your landlord (including surprise rent hikes & selling their house out from under you)…
Stuck renting a place that you and your family can’t truly call your own…
If this sounds like you, then keep reading to see if Bright Property Solutions’ Rent-to-Own Program is the right for you.
A proven, step-by-step Rent-to-Own program that’s turned 450+ home-renters across the country into homeowners
Many home buyers who choose the rent-to-own route are excited when they’re given a chance to move into a home.
….until they quickly realize they don’t know exactly what they need to do to make sure they actually get that loan to buy.
If you qualify for our rent-to-own program, we won’t just put you in a house and leave you to your own devices in the hope you’ll be approved for a loan.
Instead, the Bright Property Solutions’ Rent-to-Own Program makes sure you’re supported every step of the way so you can successfully cross the finish line to homeownership.
During your rental period, you’ll work directly with our third party credit and mortgage loan consultants. With their help, you’ll create a step-by-step plan that tells you exactly what you need to do to raise your credit enough to qualify for your mortgage loan….and finally be able to own the house of your dreams.
If you’re interested in one of our properties, schedule a free “get me into my dream home” consultation call with our team.
Then, we’ll reach out to our third party credit consulting agency and mortgage lender/advisor to have them consult with you and see if you qualify for our rent-to-own program.
Please note: we only take people who are willing to put in the work and follow a credit repair plan to get into a home. If we have any doubts about your commitment to the plan or have doubts that you’ll qualify for a mortgage loan at the end of the rental period even after following the plan, we regretfully won’t accept you into our program.
What this means for you:
The LAST thing we want is to have you paying rent during the rent-to-own program if we know you won’t be able buy at the end of the lease. Our company mission is to put you squarely on the path to homeownership, and it would violate everything we stand for to accept your payments if we doubt in your ability to qualify for a mortgage loan..
This does not mean we won’t accept you if you have a low credit score.What it means is that we must know you’re willing to put some time and energy into raising your credit profile. And that it’s realistic for you to raise it sufficiently during the lease period, as pre-determined by our third party credit consulting agency and mortgage lender/consultant.
Once we’re confident that following the Bright Property Solutions’ Rent-to-Own Program will get you qualified for a mortgage loan after the lease period, we’ll draft up a lease-purchase agreement.
During the lease period, we’ll be your landlord. That means you’ll be paying rent directly to us.
Usually, the lease specifies a 2-year term (or longer if you’ll need more time), but your option to purchase can be triggered at any time once you get a loan commitment and can go to closing.
What this means for you:
Usually, the lease specifies a 2-year term, but your option to purchase can be triggered at any time in that two years once you get a loan commitment and can go to closing.
Once you’re in your new rent-to-own home, you follow the plan put in place by our partner credit consulting agency, My Credit Team.
Working with them will require a small fee and a few hours monthly from you. We mention this upfront because we won’t accept anyone who doesn’t commit to crossing that line from home renter to homeowner.
Altogether, My Credit Team has helped more than 3,000 people transition from home renters to qualified home buyers.
You’re officially a homeowner!
If you’ve followed the credit repair plan, you should qualify for a mortgage loan on or before the end of your lease term.
Once you’ve been approved, you close on your new home with the price that was locked-in for you when you signed a lease purchase agreement with us.
If you have been following your credit plan throughout the lease period and still don’t qualify for the loan, we’ll work with you and cover 6 additional months of credit consulting free of charge.
FAQs about the Bright Property Solutions’ Rent-to-Own Program for home buyers
+ What are the minimum qualifications to qualify for the Bright Property Solutions’ Rent-to-Own Program?
We require an up-front down payment that will be applied against the purchase price when you do eventually close on the property, so your ability to put some skin in the game is mandatory. Generally, your down payment will be between 3-10% of the purchase price, depending on the home and your personal situation. It will be applied to your purchase price when you go to closing.
Other than that, a commitment to diligently work with us to convert you from a home-renter to a homebuyer by the end of the lease term is the most important qualification.
A poor FICO score will NOT disqualify you from our program, so don’t hesitate to consult with us.
+ Can I still do your rent-to-own program if I don’t qualify?
No, unfortunately not. It wouldn’t be fair for us to put you into a home and have you make rent payments if we know you won’t qualify to buy at the end of the rental period.
Even if you don’t qualify, you can still schedule a free consultation from our partner credit consulting agency here.
With their help, you may be able to qualify for our rent-to-own program in the future.
+ How does MyCreditTeam raise my credit score?
This will vary from person to person, but you can read more about their process on their FAQs page.
+ What’s the commitment for the credit plan?
It starts at $199 and a few hours monthly.
+ Do I have to pay any fees or commission?
Since we aren’t realtors, we don’t charge any commissions or other fees.
But as with anyone who buys a home, you are required to put 3- 10% down, which’ll be fully credited to your final purchase price at closing.
Beyond this, you’ll make regular monthly rent payments and cover the usual costs associated with home ownership.
+ Do my rental payments count towards my house payment?
No, they do not. But consider it this way - you’re already making rent payments somewhere.
At least with a rent-to-own home, you know that these payments will pay off down the line and help you secure the home you want today.
+ What if I don’t qualify for my mortgage loan after my lease period finishes?
This rarely (if ever) happens, and we’ve worked with over 450 buyers since we started doing this. This is because we don’t accept people into the program unless we’re 99.99% sure they’ll qualify for a mortgage loan after the lease period.
In the unlikely event this occurs, we may be able to extend your lease if we’re confident you need a little more time to qualify for a mortgage loan.
+ How long is the average rental period?
The length of the rental period is based on evaluation from our third party credit consulting agency and mortgage consultant. But usually, we can bring you to a point where you can qualify to purchase in 12-24 months.
+ Who is the Bright Property Solutions’ Rent-to-Own Program for?
This program is for anyone that is part of the 82% of the market who wants to buy a home, but can’t qualify for a mortgage loan today.
Most importantly of all, this program is for people who are willing to invest the time and energy to get their credit back on track so they can qualify for a loan to become buyers.
Alternatively, this program is perfect for someone who can qualify for a loan today, but just wants an extra year or two to save for a down payment or get better loan terms, or needs “seasoning” in the eyes of the lender.
+ Who isn’t the Bright Property Solutions’ Rent-to-Own Program for?
This program is not for anyone who wants an overnight miracle, or or is unwilling to put in the time and effort to fix what’s broken.