Psalms Properties Rent To Own Program
Who is Our ideal candidate?
- More than 30 days to your move date
- Renters having a hard time renting (for any reason including lower credit
- First time buyers with lower credit
- Foreclosures over 1 year old
- Self-employed people
- Those who need time to save a down payment
- Newly single clients wanting/looking for rentals
- Those who have had a recent job change or limited income history
Rent To Own ProgRam Qualifications
For rent to own homes or home rentals
- Minimum $5000 or ideally 2-3 months rent available
- 55k annual household income
- 580 credit score to schedule a callback
- 650 for the 30 days or less
Credit under 635? For the Next Steps Click Here
Rent To Own Process
- Do your research on who a rent to own is good for
- Decide why you want a rent to own home
- Decide if interest rates are the reason you want to temporarily rent your dream home
- Decide if you need Psalms Property Management to find you a Property or do you need help closing a property you found on your own.
- Know your co-applicants and your credit score
- Review and sign your contracts
- Move in day
How Does Rent To Own Work?
A lease-option versus a lease-purchase agreement
- Lease-options give you the opportunity to buy the house before the lease is up
- A lease-purchase, or rent to own homes agreement, legally binds you to purchasing the homes once the lease is up
The main difference is one is a requirement and the other is a choice.
Do I need a realtor to rent to own?
No, you do not need a realtor. Psalms is a property management company. In fact, most realtors are not willing to work with clients looking to rent to own because they do not make a lot of commission. Keep in mind Psalms does charge for the service of finding** rent to own homes, homes rentals and/or the professional negotiating of the home rentals you have already found.
** Psalms Property Finder rate is equal to one month of rent
- Eligible for Pure Joy Miles
How long can I rent for?
A rent to own homes with Psalms Property Management is typically between 12 and 36 months. The goal is to save up credit with the homeowner that will serve as your down payment. This means that even if you cannot qualify for a mortgage you can start paying towards a home purchase.
**Home Rentals time frames may vary
Who pays for repairs?
Typically the renter does. The benefit of using Psalms Property Management is to help negotiate the best agreement between you and the seller. We can also assist with maintenance issues at a set price for rentals
Can I use my Voucher
Psalms Properties accept, and value a voucher as income for rent to own homes or home rentals. Keep in mind that each applicant still needs to meet qualifications.
We recommend speaking with your case worker, and getting more information about converting your rental voucher into your counties buyer program.
Psalms Management Property Finder
What is a Property Finder? A Property Finder helps to find the right property and negotiate the best price. We are employed by you, the property seeker, to help you find a rental property or investment property home rentals
Access to properties “off market”
Working with a property finder means you could also get access to discreetly positioned ‘off-market’ or ‘pre-market’ properties that would otherwise change hands quietly without your knowledge. This is particularly relevant in a housing market that has scarce supply, or if you have very specific requirements.
Why Pick Psalms Property Mangement?
A rent-to-own program and home rentals can be vulnerable to scams, shady landlords and excessive fees.
- Avoid landlords who collect a non-refundable deposit, and then turn around and look for excuses to evict the buyer from the house
- Is the house worth it if I am saving the landlord from foreclosure?
- The seller leaves you with unpaid property taxes
- The landlord can't legally sell the house because they don't actually own it
- Promised fixes are not made after the contract is signed
- The house is in disrepair, or has hidden issues like lead or asbestos
These are things Psalms Property Management can help navigate you through for rentals or rent to own homes.
Retainer Fee
- A retainer fee funds the initial expenses of our working relationship for home rentals
- A retainer fee is a payment made to a professional, by a client for future services on rentals
- Retainer fees do not guarantee an outcome or final product.
- Portions of retainer fees can be refunded if services end up costing less than originally planned.
