Lease to Purchase Benefits
At PRA & Company Realtors we specialize in the Lease to Purchase/Lease With the Right to Purchase programs. Our teams are highly dedicated and trained professionals that are here to guide you through the process of securing your new home for you and your family. Believe it or not the process is quite simple and fast!
Simple Application Process in 4 Easy Steps!
Every member of your household who is 18 years of age or older must complete the Pre-Qualification Application and the Full Application. The Full Application requires certain information, including residence and employment history, for each member of the household. You also must provide income and asset verification for each member of the household whose income is to be considered in determining the rent approval amount in order for your application to be considered complete.If you are moving from a different state or starting a new job, we will need confirmation of your new job and income.
We take several factors into consideration when reviewing an application, which include household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, and FICO® scores.
We will usually make a decision on your application within 1 to 3 business days of receiving all required information.
Begin the Home Search!
Select a home that you truly desire for you and your family!
Qualifications are pretty simple…
You should work with PRA and Company Realtors to search for homes that meet our purchasing criteria. Generally, this means that the home should be:
1. Located in an approved community (based on high schools and not adjacent to features that may negatively impair value);
2. Listed for between $100,000 and $550,000 in most states, though exceptions apply in California, Oregon, Virginia and Washington;
3. Located on a lot no more than three acres with a minimum of two bedrooms;
4. A single family home or fee-simple townhome; condo associations, condo interests, commercial and multi-family properties are not eligible for the RTP Program;
5. A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program; and;
6. Free from material deficiencies;
7. No guest houses/ in-law suits with separate entrances;
Please note we only purchase homes with swimming pools or other water features in certain states. At the current time, we purchase homes with pools only in the following states: California, Florida, Georgia, Oklahoma and Texas.
Once you have selected a home, we are ready for step three!
Home Is Purchased for You!
On average, it takes approximately five to six weeks from the time we enter into a purchase agreement for a home until the day you are able to move in. There are a number of variables that may affect the move-in timeframe, including the length of negotiation with the seller leading up to when we enter into a purchase agreement, what the home inspection reveals with respect to required repairs, and the renovations you request. We will keep you informed throughout the entire purchase and renovation process so that you are aware of this timing.
You can exercise your Right to Purchase at any time during your Lease.