About the Program

The Rent to Own program also known as the Lease with the Option Purchase program allows you to live in a home of your choosing, while giving you the exclusive right to purchase it at a later date.  This gives you the opportunity to save up for a down payment and/or resolve any past credit problems.

Who Should Apply?

Anyone who…

• who is a current resident or newcomer to Canada;
•  has enough steady, verifiable income to support the purchase;
• has minor credit problems that can be rehabilitated within 12 - 36 months to qualify for a mortgage;
• has a down payment; and/or
• can pay an extra amount each month to build up a down payment.

How Does the Program Work?

The program provides you with the option of leasing a home of your choosing while giving you the exclusive right to purchase it at a later predetermined date. This allows you the time to save up for a down payment and/or resolve any past credit problems. You have the option of not purchasing the home however the seller is obligate to sell it. 

How does the Program Benefit You?

• You can become a home owner without a deposit.
• You will live in the home of your choosing while working on becoming eligible for financing.
• One hundred percent of the option deposit and monthly option credit is applied towards the down payment and closing cost of your home.
• You are given the opportunity to rehabilitate your credit within 12-36 months to qualify for a mortgage.
• Qualifying for the program is easy. All that is required to join the program is verifiable income to support the monthly lease payments and monthly option credit (if required).
  
• Nobody else can buy the property during the option period.

To find out more about the Rent to Own Program click here.