FAQ | Rent to Own Homes Winnipeg | Rent to Own Homes Edmonton

How do I qualify for this program?

steady income
have a minimum deposit of $9,000 or 3% of the future purchase price
you fill out the online application thoroughly and honestly
your application is successful if you meet our criteria (since we are not like the banks, we have more reasonable criteria for you to qualify)
we meet and answer any questions
you decide if you want to pursue the next steps to get into your dream home and let us know

How much income do I need to qualify?

Your household income must be at least $60,000 (Gross before deductions) in order for you to be successful in our program

What areas do you operate in?

We operate in many areas, Winnipeg, Alberta, Saskatchewan, Ontario, however, our usual place of business is Rent to Own homes in Winnipeg and surrounding areas and Rent to Own homes in Edmonton and surrounding areas.

How much of a down payment do I need?

We are looking for a minimum of $9,000 as a deposit. At least 3% ($3,000.00 for every $100,000.00 cost of a home).

We need to help you save about 7% ($7,000.00 for every $100,000.00 cost of a home) or preferably 10%, to make sure you can make your future mortgage down payment and cover the legal fees and closing costs.

The larger your down payment the lower your monthly payments for your down payment amount will need to be with the bank. See below for options for down payment sources.

What are my options if I don't have the down payment but can afford the monthly payments?

Save it and contact us when you have it.

Sell off one or more of your toys, vehicles, etc.

Consider asking friends or family members if they can lend you the down payment.

Contact us to help you save for the down payment.

If I am new to the Country or if I am self-employed can I still Rent-2-Own?

Our “Rent-2-Own” program is perfect for new immigrants or self-employed individuals who can’t get bank financing.

Can I still qualify with bad credit?

Yes you can. We have an amazing Credit Coaching Program. As long as you are willing, our team of qualified experts will work with you to get your credit back on track.

Does a portion of my monthly rent go towards the purchase price?

Yes, along with your monthly rent there is a monthly option payment that will go towards your mortgage down payment and legal/closing costs when it’s time to purchase the home.

Does my deposit go towards the purchase price?

Yes, 100% of your deposit goes towards purchasing your home and closing costs in the future.

How is my purchase price determined?

Your purchase price will be near fair market value at the time you purchase your home. Your end price is set at the time of our agreement and guaranteed in your “Rent-2-Own” contract so you will know exactly what your purchase price will be even if home pricing rise to higher levels.

How long do I have before I must purchase the home?

Usually 30-36 months, depending upon what length of time or term we agree to.

What do we do when the rent or lease term ends?

During the 24 or 36 months, depending upon what term we agreed to, we will have worked with you to help you fix your credit rating. We also will have saved your deposit and a portion of your monthly option payments will go towards a new mortgage and legal closing costs. Along with your repaired credit rating you should be ready to qualify for financing to purchase the home from us! With your improved credit our mortgage broker will work with you to qualify for traditional bank financing.

Who pays the mortgage, property taxes, and property insurance during the contract period?

We do.

Am I responsible for the utilities?

Yes this includes heat, electricity, cable, phone, internet and personal contents insurance just as you would rent or owning any home.

Can I paint the walls?

Yes! paint the walls!! absolutely permitted. Minor upgrades however, are generally permitted to increase the value of the home. Remember you are not yet the owner so any repairs must be agreed to between yourself and us as the current owners.

Am I allowed children and pets?

Absolutely, yes and yes. We very much want to help families along with anyone else who qualifies for our program.

What if I have a bankruptcy or consumer proposal in my financial history?

If the bankruptcy is discharged, we will work with you to help you regain your credit through our Credit Coaching Program and thereby help you qualify for a mortgage.

What if I just changed jobs?

As long as you demonstrate a history of commitment to being employed, you have a letter from your employer stating continued employment and can keep up the monthly payments this is OK.

Who pays for home repairs while we are renting?

Since this will be your home at the end of the agreement or term, once you move in you are responsible for all appliance repairs as well as home repairs. You are responsible for maintenance of the home.