Frequently asked questions

October 6, 2008 by
Filed under FAQ's, Tenant resources

I am renting now, how is this different?
This is a way to help you get started toward BUYING your own home. Part of your rent payment goes towards the purchase. Instead of throwing your money away each month on rent and having nothing to show for it at the end of the year, with Great City Homes, each month 10% of your on time monthly payment is credited toward the purchase of the home. Also, when buying through us - you act as the owner. Don’t like the paint on the bedroom walls? Paint it pink if you want - it’s your house. Want to put up a privacy fence? Go ahead it’s your house.
Do I have to ‘qualify’ for this program?
Not in the usual sense of having to meet certain income and debt ratios, or achieving certain credit scores as would be necessary for most mortgage companies. We are not very interested in your past credit status. Your ability to make reasonable monthly payments and your desire to become a homeowner now is what’s really important to us.
How long is the Rent To Own period for?
Typically we can give you twelve months and quite often up to twenty-four months before you would need to complete the purchase. Each property is treated individually and we try to accommodate your own situation. HOWEVER, you may buy at any time within the length of the agreement. You do not have to wait till the end of the agreement.
What do I need to get into my own Rent To Own home?
Only a small down payment, and the first month’s rent.
How much of a down payment will I need?
Typically we need 2-3% of the homes sale price. We are very flexible when it comes to your down payment. We can offer you many options and we will always do our best to work with whatever funds you have available.
What other methods of down payment are accepted?
Unlike most lending institutions we will accept borrowed funds. If you have a close friend or a relative who is willing to lend you money, you can use that with our rent to own program. We may also entertain trades or collateral such as a car, boat, jewelry or anything of significant value. You may also be able to withdraw funds from your 401k without penalty to buy one of our homes.
Do you offer down payment assistance programs?
Yes we do. If you are short on your down payment funds we may be able to spread out a portion of your down payment over a 6-12 month period.
Who pays the property taxes and insurance during the Rent To Own?
We do. You pay the monthly ‘rent’ and utilities etc. until you actually complete the purchase.
How do I actually find a Rent To Own home?
Click the “listings” button to go to the list of properties we currently have available. Homes on this program sell very fast, often in hours rather than weeks and months. For this reason you need to be ready to make a decision when you start looking for a home. We try to accommodate your moving dates and if, for example, you need to give 30 days notice to your Landlord you can probably secure your rent2own home and move in 30 days or so. We maintain a short list of buyers ready and able to move when a home they like becomes available. Some homes therefore are never even advertised. If you are serious about getting into your own home please sign up for our “VIP mailing list”
Can you offer me any financing and when do I have to have my financing ready?
Our company can help with some financing, seller carry backs, and so on. Although, the more money that you can come up with, the easier it is going to be and the lower your monthly payments are going to be. Next, within 30 to 60 days of your option date, you will then want to get your financing process started. You can go to any lender (we can refer you to some if needed) to get a pre-approval letter, stating the amount that you will qualify for.
I love the home, what is the next step?
All we need is your application. You can fill one out by clicking here or simply call us at 614 985-1888. WE will contact you within 24 hrs of receiving you application. Please keep in mind - our homes go extremely fast. Many of our homes don’t ever appear on our website because they are sold before they are completed. So if you see a home you like - time is of the essence.
I did not see a home I like, do you have others?
We always have new homes we are working on. You can join our “VIP Mailing List” to become one of the first people notified of a new property.