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This helps to create a savings account for a regular down payment, and also locks in the price of the house to ensure no one else buys it while you are renting. Any sweat equity or regular appreciation above and beyond that pre-determined sales price is yours to keep.
During this RTO period, HPP also helps with high-quality homeownership education through our Homeownership Handbook. Completion of the handbook is required, as well as online Credit Counseling classes (a course required by WHEDA loans and certain other low down payment or specialty mortgage programs).
All our homes are available for the RTO program. There is no set time frame in which the house has to be purchased, you can take as many years as is needed. There is no additional down payment required for this program, just the standard one month’s rent for a security deposit. The down payment is created with the start of the monthly rent payments and continues until a full down payment is reached (typically 5% for traditional financing and 10% for our own Seller Financing (see below). See our Q&A section for more information.
Finally, as part of the RTO program, if financing is not possible but the down payment continues to grow until there is 10% down, we can provide Seller Financing as a solution to getting the title into your name as well.
Home Path Properties (HPP) is a unique property management company in that we specialize in helping folks not only find a home to rent, but a home to stay in and someday own.
Together, we can help make the dream of owning a quality home come to fruition.
Home Path Properties (HPP) is proud to provide Seller Financing for those RTO clients who have a history with us making their rental payments on time and have saved up at least 10% for their down payment.
Interest rates are based on availability at time of qualifying ask our property manager for current rates. These rates are fixed for 30 years and we never have balloon payments or pre-pay penalties. You are free to refinance to a lower rate (and encouraged to do so) at any time.
Seller financing turns a previous rental house into a home in your own name. This enables you to take advantage of homeownership benefits such as tax deductions and security; just as if you obtained a loan from any other lending source.
Any rental applicant who is approved as a renter for any of our homes, is also approved for our Rent-To-Own program. In both cases, a normal 12-month lease is signed at the same rental rate. The only difference is with the RTO program the renter will send in an additional $200 payment amount each month. This additional payment is specifically allocated towards the future down payment.
All of our houses are available for either rent, Rent-To-Own (“RTO”), or purchase using Seller Financing. We can help you get from one level to the next by providing quality homes in nice areas and walking you through, step by step, what is needed to shift from a renter to a homeowner.