We offer two types of rent to own programs. The Future Homeowner program is for current leaseholders who would like to buy the home they are leasing or one of our other available homes but don't want to pay an up front fee to lock in a purchase price. The Lease Option program is for anyone that wants to lock in the price of a home at the current fair market value by paying an up front lock fee.
If you are a currently leasing a home from us, we offer the future homebuyer program.
This program is simple and straightforward. Starting with your 13th month's lease payment we will set aside a $50 per month voucher towards the purchase of any of our available homes subject to the conditions below.
- You must make your full payment on time as defined in your lease. Any repair and late fees must also be paid by the due date to qualify for the program.
- If you do not pay the full balance on time, the entire accumulated voucher balance will be forfeited and will start over with the next on time payment. If you pay on time for months 13 thru 24, you have accumulated $600 of vouchers towards the purchase of one of our available homes.
- You may contact us at any time that you want with regards to purchasing your currently leased property or any other that we may have available.
- The sale price will not be lower than the fair market value at the time of your initial lease of the property you are purchasing. The current fair market value will be determined when you express interest in purchasing the property. Since you did not pay any up front fees to lock in a price, the sale price will be the higher of the two fair market values.
- You are responsible for qualifying for the loan.
- The vouchers may not be used for any purpose other than the Future Homebuyer program and have no cash value for any other purpose. If you do not use the vouchers by the time your lease is up and you do not renew your lease, all vouchers are forfeit.
Benefits of the future homebuyer program
- You can buy your home at any time you want to become a homeowner.
- There are no up front fees.
- If you buy the home you are leasing, You already know your neighborhood, schools, etc.
- If you buy the home you are leasing You wont have to move all your belongings.
- We can keep the transaction simple and convenient for you.
- You are not responsible for normal wear and tear as defined in your lease.
If you are planning to lease a property from us and plan on buying the property from the start, this is the program for you. This program is subject to the conditions below.
- You must make your payment on time as defined in your lease.
- You will pay a non-refundable up front fee to lock in the price at the current fair market value. The fee will be based on the fair market value of the home and your credit situation. This fee will be credited towards your purchase if you exercise the option to buy.
- You will sign a 2 to 3 year lease for the property.
- You may exercise your option to buy at the end of the lease.
- You are completely responsible for the upkeep of the property, including wear and tear.
- You are responsible for qualifying for the loan.
Benefits of the Lease Option program
- You have a guaranteed purchase price at current fair market value.
- If prices go up, you win.
- If prices go down, you don't have to exercise your option to buy.
- You have time to take care of any credit issues while living in your future home.
How much is the fee for the lease option program?
The fee will be based on the fair market value of the house and your credit. We want to make sure you will qualify for a loan at the end of the lease so we will base the fee on how much down payment you will need at that point. Better credit scores mean you will need less of a down payment and lower credit scores mean you will need more down payment. It is in both parties interest to make sure you can qualify.
My credit is not too good. Can I still apply?
If you need to improve your credit, you will have a couple of years to work on it and we will be happy to provide you with contacts and resources who can assist you. If you have a bankruptcy it should be one or more years in the past so that the total time will be at least three years when you exercise your option to buy at the end of the lease. You will need to show a consistent job and wage history.
Can I make changes to the home?
We simply ask that you request approval from us for any changes you would like to make. We simply want to ensure the value of the property will not be adversely affected during the lease period in case you choose not exercise your lease.
Do I need to qualify for a loan up front?
You do not need to qualify for a loan up front. We are only concerned that you can qualify at the end of the lease. We understand that you may have credit problems that need to be resolved. The term of the lease will be determined and set to meet these needs. We will run a credit check, with your permission, to help determine this.
Stockton May Holdings main property page