PROGRAM DETAILS
Our unique Lease-to-Own Purchase Program allows you to purchase a home today without having to meet the typical qualifications required by conventional lending institutions! Our program is specifically designed to assist Canadians experiencing difficulty in obtaining conventional financing.
With our program, you are considered the owner the day you move in; there are no more landlords telling you what you can and cannot do. You have the right to renovate and improve your property just as any other owner.
This is how our program works:
You are working with a Down Payment?
This is the most common way people Lease to Own their homes with Creative Housing Solutions Canada (CHSI). Our program is designed to help people obtain their own financing as quickly as possible and realize the ultimate dream of home ownership. This program is available for all properties in our Property Listings inventory or through our other Purchase Programs.
The lease is based on a one-year term with the option to extend for a second year. In our experience, most Canadians typically are able to obtain their own financing after one or two years. Our program helps you build or repair your credit, which may be all you need to obtain conventional financing.
The purchase price is established at the beginning of the lease term and is guaranteed for one year. The guaranteed purchase price is based on the projected value of the home one year from the day you move in. If you require more time and wish to extend for a second year, the purchase price and monthly payments will be reviewed and may be adjusted in order to reflect any increases in the cost of carrying the property for the duration of the lease extension. If you are not in a position to exercise your option to purchase at the end of your Initial term, the lease extension will provide you with additional time to accumulate a larger down payment.
Your Initial Option Deposit (down payment) will be applied to the purchase price and will be viewed by conventional lending institutions as an acceptable down payment when you exercise your Option to Purchase.
Our monthly payments are truly all inclusive: property taxes, structural (building) insurance, condo/strata fees (if applicable), Lease Payments and Lease Option Credits are all included. The Lease Option Credits are credited toward your down payment in addition to your Initial Option Deposit when you exercise your Option to Purchase the property. The Lease Option Credit amount varies depending on the property you select.
In an extended effort to make the monthly lease payments even more affordable, we provide our clients with the Option to reduce their monthly payments. For each additional $1,000 Initial Option Deposit you supply over and above the minimum amount required or published, we will reduce the monthly lease payment by $15.00.
That’s right…We will REWARD you by reducing your monthly payment!
This option provides you with approximately DOUBLE the monthly payment reduction that other (traditional) financing companies would offer.
Please note: This option does not affect the monthly Lease Option Credits that we offer.
What Happens at the End of the Lease Term?
At the end of the Lease to Own term with CHSI Canada, we present our clients with a variety of options to help them achieve their ultimate dream of home ownership! Typically, we find most Canadians are in a position to obtain conventional financing at the end of their lease term as a result of the Credit Counselling and guidance they have received from our credit experts during the lease term.
Find complete details here: http://www.chsicanada.com/programs/programcredit-counselling.html
There are several options to be considered:
You are able to obtain conventional financing without any additional assistance from CHSI
For many of our clients this is a reality. With the help of some equity appreciation in the home and with the added boost of the monthly Lease Option Credits provided by CHSI Canada most of our clients obtain conventional financing immediately. They simply buy the house from us at the predetermined price. It really is that easy!
If you have made all Lease and Option payments on time and have taken all the necessary steps required to improve your financial situation, CHSI Canada will do everything possible to help you exercise your Option to purchase your home. We will align you with one of our certified mortgage brokers who can help you choose the right mortgage for your situation.
We also help by providing confirmation of your payment history. We will do everything in our power to help you and your family reach the ultimate goal of home ownership!
You don’t quite have enough down payment. You may want to take advantage of our “Down Payment Assistance Program™”
Find complete details here: http://www.chsicanada.com/programs/program_dpap.html
You can sell the property
You will be able to sell your interest in the home as long as you have met all of the terms and conditions and your obligations of the lease contract.
Note: CHSI Canada reserves first right of refusal on any property that a Lease to Own client wishes to sell.
If you elect to chose this option, the property would need to have enough equity (cash over and above expenses) in order to cover your pre-established purchase price with Creative Housing Solutions as well as cover any Realtor commissions and any and all legal costs that would be associated with the sale of the property.
You can take advantage of our flexible ”Home Trade / Buy Back Program™”
Find complete details here: http://www.chsicanada.com/programs/program_hometrade.html
