Colorado Rent to Own Programs
Are you close to being able to buy a home but aren’t quite ready? Did you just move to Colorado and aren’t sure where you want to live? Do you need to rent right now but really want to buy a home soon? I have partnered with two rent to own programs, Home Partners of America and Divvy Homes, that will allow you to rent most single family homes that are listed for sale. Both programs then give you a purchase option where you have a locked in purchase price where you can then buy the home within 3-5 years. However, there are some key differences between the two programs. Read below and follow the links for more information and to learn more about the differences.
Home Partners of America – This is a great home rent to own program for those who are looking to rent a single family home for 1-5 years, or for those who would like a rent to own program that doesn’t have a mandatory savings plan built in and won’t cost you to back out. With this program you will be paying market rent for the home, and are just committed to the terms of your lease. After your lease is up, you can get your security deposit back and move out just like any other rental. However, if you choose to purchase the home, you can roll that security deposit into the downpayment. This program is also great as it locks in a purchase price for each year you rent the home. This is determined up front and will not change, so if the home appreciates greater than the purchase price and you choose to buy, you have instant equity! This program is also for those who are already have a good handle on budgeting. It is much easier to budget for the purchase of a home when you, A) already live in and know the home, and B) you have a set purchase price for up to 5 years!
Divvy Homes – This is a great rent to own program for those serious about purchasing a home, but are having a hard time right now because they may not qualify for a traditional mortgage loan, or do not have the downpayment needed to qualify. This rent to own program will accept applicants with a 550 credit score or higher, and there is NO cost to apply. With this program 75% of the monthly payment does go towards the rent, and 25% goes into a savings which you can then use to purchase the home at a later date. For this reason, the monthly rent will be higher, but this program forces you to save and will allow you to have saved 5-10% for a great downpayment by the end of the 3 years! It is a 3-year program, but you can purchase the home at anytime. If you decide to leave the program, you can at anytime and get your savings out minus a 2% re-listing fee.
For more information on either of the two rent to own programs above, please click on their respective links or reach out to me! I’d love to help answer any questions you have and I can even help walk you through the application process.
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