IdahoBidders

Rent-To-Own Pre-Qualification Form
Name *

First
Last
Email *
Phone Number *

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Maximum Home Price? *
Maximum Monthly Payment? *
City or Area you want to live? *
Date you would like to move into your home? *

MM 		/
DD 		/
YYYY
Number of Bedrooms? *
 2 bedrooms 
 3 bedrooms 
 4 bedrooms or more 
Number of bathrooms? *
 1 bathroom 
 2 bathrooms 
 3 or more bathrooms 
Minimum Square Footage? *
Available Cash for Down payment? *
The more money you can put down the more likely the owners will agree to do a lease purchase. This amount is usually 1-3% of the purchase price.
Are you currently contracted or exclusively working with a real estate agent/broker? *
 Yes 
 No 
Why are you interested in a Rent-To-Own instead of just renting? *
Do you have a preapproval letter from a mortgage lender? *
 Yes 
 No 
In order to qualify for this program you will need a letter from your lender. This letter needs to state when you will be able to get a mortgage and the amount. If you do not have a mortgage lender would you like a preferred lender to contact you? *
 Yes 
 No 
 Would like a list of preferred lenders 
This is a very important part of the process in this program. In order to qualify you must either have a recent preapproval letter or must have one before you can qualify.
How would you rate your credit? *
 Great 
 Good 
 Average 
 Poor 
 Very Poor 
Are you currently employed or are you self employed? Please check the correct selection? *
 Employed Full Time (40 or more hs per week W-2) 
 Part Time (less than 40 hrs per week W-2) 
 Self Employed (1099 or commission based) 
 Unemployed 
Are you Married? *
 Yes 
 No 
Filled for bankruptcy in the past 2 years? *
 Yes 
 No 
Had a foreclosure in the past 7 years? *
 Yes 
 No 
Have you had a short sale in the past 2 years? *
 Yes 
 No 
Do you currently have any outstanding debts that you are behind on or in collections currently? *
 Yes 
 No 
This does not include current payments for cars, boats, utililites, etc.
What time and days are the best times to reach you in case a property becomes available right away? Check all that apply. *
 Weekdays 
 Weekends 
 Afternoons 
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 What is a Lease Purchase?

A tenant and landlord enter into a written agreement that, at some point in the future, the tenant has an option to purchase the home they are renting. The terms of the agreement can vary a lot, with or without a set price at the time the option is exercised. The agreement could set the price at the appraised value at the time of the purchase, or another agreed-upon valuation method.

Do Rents Apply Toward the Down Payment?:
With all of the terms of the lease purchase being negotiable, this one also isn't set in stone. The parties can agree to a portion of rents going toward the down payment, but it isn't required. Of course, this would mean a higher rent amount, so the tenant may not want this option any more than the landlord. Some buyers might want it as a method of forced savings for down payments.

Are There Up-front Payments Required?:
Generally, the seller will want the tenant to give them a non-refundable payment to "purchase" the option to buy the property at the specified time. This is the "option" payment, and can be any amount. It is also payment to the owner for "locking in" the tenant's option to purchase, even if the landlord later wishes they hadn't.

 Frequently Asked Questions About A Lease Purchase

Q: Who is responsible for the home’s maintenance, upkeep, and taxes and insurance?
A: Typically, the home buyer is responsible for these expenses during a lease purchase.

Q: Can the seller sell the property to another buyer during the agreement terms?
A: No, if a buyer and seller enter into a lease-to-buy contract, the seller cannot sell the home unless the buyer defaults.

Q: As a buyer, do I have to purchase the property when the lease term ends?
A: Yes, the agreement requires the buyer to purchase the home when the lease term ends.

Q: How is the purchase price of the home determined?
A: The buyer and seller, just like a traditional purchase, agree upon the home’s purchase price. The value of the home is most commonly market driven.

Q: What is Option Money?
A: Option money is money paid by the buyer, to the seller, for the right to buy the home later. Option money is not usually refundable.

Q: Can the buyer sell their right to the home?
A: Yes, in most cases, the option money gives the buyer the right to sell their option if they choose not to purchase the home.

Q: How much does the buyer pay during the lease?
A: The buyer and seller agree on the monthly payments.

Q: Are monthly payments on a lease purchase more expensive than monthly payments on a traditional rental property?
A: In most cases, the monthly payments for a lease purchase will be larger than rental payments on a similar home; however, the extra money is used to decrease the home’s eventual purchase price.

Q: Does the buyer have to qualify for the home loan before the agreement comes to term?
A: No, the home buyer does not have to qualify for the home financing until the contract term expires, however, pre-qualification may be necessary to ensure that the buyer will qualify for the home loan at a future date.

Q: If a buyer defaults during the agreement, is any of the “extra” money collected during the agreement period refundable?
A: No, if a buyer defaults, they usually lose their right to the property, the option money and all “extra” money that was going to be used to lower the purchase price.

Q: How long do lease option agreements last?
A: The buyer and seller agree on the length of the rent to own agreement; typically, they last between one and three years.

Before agreeing to lease purchase a home, be sure to have the home inspected by a home inspector, in the case of a new home, ask about available home warranties.

 

 

Rent-To-Own Homes

Boise & Surrounding Areas

If you’ve wanted to own your own home, then this may be the most important information you’ve ever read. While many people think that you need to have “perfect” credit to buy a home, this isn’t the case if you are using creative financing. We specialize in assisting people to buy their home on a Rent-To-Own basis. This is sometimes referred to as a “lease purchase” where you will lease the home for a short time as we fix any issues on your credit that will need remedied before our lender can close a loan in your name. Most of the time, we can allow you to move in the home right now, and you can OWN the home within 6 months or so. Of course you would simply make a monthly rent payment until then.

These are NOT junker properties. You will have access to gorgeous homes in great condition with everything from a small house, to huge 5 bedrooms and 3.5 baths, fenced yards and finished basements.

They are in “move in condition” and are in great neighborhoods as well as desirable school districts. Most of the properties are located in Boise, Meridian, Eagle, Garden City and Nampa. If you’d like to receive access to a complete list of available properties as often as they come available, as well as more information on how you can Rent-To-Own your first home, simply fill in your information above.

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