The Welcome Home Rent-to-Own Program
Life is About Options.
Our clients are our number one priority, and we’ll go the extra mile to make sure they get the best from their investment. If you qualify for our RTO program and we don't currently have property in an area you are interested in, we can work with you to explore options that may better meet your needs.
One of the services that comes standard with all of our Rent-to-Own Programs is management of the construction of the new property that will ultimately be part of your RTO agreement. We have a mutual, vested interest with our clients to ensure every one of our properties is built to exacting standards and delivered on time and on budget.
Your success is our success. Our business is built around helping you successfully transition from tenant to homeowner. To prepare you for successfullly migrating to conventional bank financing, our programs aim to parallel the processes and responsibilities you will have as a homeowner, while our partner brokers work with you so you know what you need to succeed before you begin.
What is the Welcome Home Rent-to-Own Program?
The Welcome Home Rent-to-Own Program is the flagship program offered by RTO Capital Inc. that is aimed at helping make the dream of home ownership a reality sooner than may be possible using conventional bank financing. We understand that the combination of tightening mortgage rules and individual circumstances (e.g. self-employed, new to Canada, divorce, bruised credit score, past bankruptcy) create barriers to home ownership for many people. Our flexible program aims to provide a bridge that allows you to live in your own new home now, while you are getting your credit repaired, boosting your savings and getting your finances back-on-track. Our goal is to help ensure you can transition to full home ownership with conventional bank financing in a reasonable timeframe (typically 12-24 months). To do this we work with certified mortgage brokers, to help determine if this program is a good match for you and who can provide you with advice to help you get back-on-track for bank financing.
Who can Qualify?
In order to qualify, a prospective client needs to:
Provide a cash down payment (usually 5% minimum, but ask about flexible downpayment plans we have for select cases)
Demonstrate the ability to make payments*
Pass normal tenant screening (landlord references, etc.)
*The banks assess ability to pay based largely on current credit rating and job income reflected on T4s, but if clients have bruised credit and other income that is not reflected in a T4 we can also consider this, for example family or friend assistance.
How does the RTO process work?
The RTO process consists of the following main steps:
Get in touch with us to discuss options and view properties. If we don't currently have what you are looking for, Contact Us to be added to our e-mail list to be notified of future RTO opportunities.
To pre-qualify for RTO financing on one of our homes, complete our online Application Form.
If client, property and program are a good match and client meets qualification requirements, a RTO proposal is prepared.
If parties agree to a suitable arrangement, a legally-binding RTO contract is put into place, the down payment is made and the acquisition process for your Rent-to-Own home has started.
Clients are engaged with our team throughout the acquisition and upon completion, clients move into their own RTO home (renting while building equity).
At or before the end of the RTO term, once clients secure bank financing, they execute their purchase option, using savings and accumulated equity towards their down payment and take ownership of their home!
How long does the RTO process take?
The amount of time required for this process will vary on a case-by-case basis, depending on a number of factors (e.g. location, complexity of property acquisition process, time needed to repair credit, etc.). The acquisition process (Steps 2-6) may take anywhere from several weeks for existing homes to several months or more for new homes, and typically another 18-24 months for Step 7.
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