Rent To Own
Can’t Qualify for a Bank Mortgage?
Previous Bankruptcy or Foreclosure?
Lack of a 10-20% Down Payment?
Can’t Afford Closing Costs?
No Credit History?
Paperwork is too complex?
Don’t Know Where to Start?
Not Handy? Too Much Work?
Just Never Thought it Possible?
yourself have always dreamed of owning their own home. If you think that any of
the reasons listed above are keeping you from that path to ownership – think
again. Don’t let these past challenges hold you back any longer. Zitro
Property Management is a group of real estate investors that are dedicated to
helping individuals like yourself overcome past challenges and begin their path
towards home ownership - TODAY.
How we can help …
We realize there are many people like yourself who long for the pride of ownership, have steady sources of income, and for whatever reason can’t qualify for a conventional bank mortgage today or simply just don’t know where to begin, or what options are available to them. Our Rent to Own Programs just may be the solution for you.
Rent to Own FAQs
Rent To Own is
also known as a Lease Option or Lease with Option to Purchase. The latter terms
are probably more descriptive of what an actual Rent To Own home is. A home
that is available for purchase on a Rent to Own generally refers to a situation
in which you as the tenant\buyer lease the home for a specified period ("option
period”) and have the exclusive option to purchase the home anytime during that
option period, which is typically 12 to 24 months.
The way the Lease Options are typically setup is through 2 separate legal agreements. A Lease Agreement and an Option to Purchase Real Estate Agreement. The Lease Agreement sets the terms of the lease and is fairly standard. The Option to Purchase Real Estate Agreement sets the price and terms of the purchase during the option period. By virtue of an upfront option fee, you as the tenant\buyer and future home owner are granted the exclusive right to purchase the home for the terms agreed upon by both parties (buyer and seller). This means that the home can not be sold to anyone else during your option period. In fact, at the end of your option period you may even choose not to purchase the home – that is why it is called an option. If choose not to purchase, or default on the terms of your lease, your option fee will be forfeited.
OK – so what can our Rent To Own offer you?
It offers you a way to get into a home TODAY, not a year or two from now, but TODAY.
It offers you certainty – you will know exactly what your monthly payments and purchase price are at all times, no surprises.
It offers you time – time to evaluate the home, time to improve your credit profile, and time to improve your financial profile all while living in the house NOW – no waiting.
It offers you a path towards home ownership with very little upfront costs or risk (you are not locked into buying).
Ultimately, it offers you options. [ Go Back ]
Typically 12 to 24 months but can vary by home. The home can always be purchased sooner. [ Go Back ]
- You could be in your new home in 7 days or less.
Easy Qualifying – No banks are needed to qualify for our programs. We do require a small upfront payment and the ability to make monthly payments on time. See below for a description on what we use to qualify individuals.
Down Payment Assistance - Typically offered in the way of monthly rent credits. In most cases a portion of your monthly payment will be credited towards the purchase of the home.
No Surprises – Know exactly how much your monthly payment and purchase price will be today or in 12-24 months from now. Everything from your monthly payment to your final purchase price is completely spelled out in plain language and will not go up even when property values do.
Improve Your Credit – Rent To Owns are a great way to improve your credit rating and financial profile. If you are looking to repair your current credit profile we offer assistance to help you get started. Since our goal is to make you a home owner within 12 to 24 months, having the best financial and credit profile you can will only help you enjoy better mortgage terms when you are ready to purchase the home you are already living in.
Plus, some lenders will consider the execution of a lease option (Rent To Own) as a refinance if you have been making on-time payments for a period of at least 12 months. Refinance loans can have less strict criteria than convention purchase loans and may also be easier to qualify for when you are ready to make your home purchase. [ Go Back ]
many of our homes is quick and simple. Past or
current credit issues, including bankruptcy or foreclosure, do not automatically
disqualify you. Our most basic requirements are that you have the ability to
make your monthly payments on time and that you have funds available (maybe
borrowed) for an upfront option fee. As a general rule of thumb we are looking
for a minimum gross monthly household income of $4500. Meet these basic
requirements and you are one step closer towards ownership.
Other factors that we take into consideration are your rental history, and ability to pass a standard background check. [ Go Back ]
Unlike a bank mortgage, you DO NOT need 10 to 20% down to participate in our Rent To Own program. You will need to provide a small upfront payment (“option fee”) at the time the agreements are signed in addition to your first month's rent payment. The option fee is the valuable consideration needed in order to grant you with the exclusive option to purchase the home. The exact amount will vary with each home, but on average you can expect the amount to be roughly 3-5% of the purchase price, or possibly lower. In terms of dollar amounts, the minimum option fee needed for a townhome or condo is $3500 upfront, and $5000 for a single family home.
Unlike what is needed for a bank down payment, the source of your option fee does not need to be "seasoned". Your option fee can come from any number of sources. It can come from your checking account, savings, 401(k), IRA, a credit card, a friend, family member, etc.. Remember, we don't limit you like a traditional bank qualifying process would.
Note: 100% of of your option fee goes towards your down payment at the time of purchase - Please be aware that is not a security deposit and is non-refundable. [ Go Back ]
All of our homes are nice homes and are in nice areas.
We invest in rent to own homes through out the greater Twin Cities and surrounding suburbs. To view a list of the general areas we serve click here. For a list of our current offerings check our properties page. [ Go Back ]
Yes, call us or submit your Preferred Buyer Profile online to pre-qualify for this option.
scenario you would select from several homes not already in our current
inventory for us to potentially purchase and for you to rent to own. This
is certainly an option, but you will first have to meet a few minimum
requirements and be realistic in what you will be able to comfortably afford.
The minimum option fee for these types of homes is 10% of the purchase price with
the monthly payments starting at $1595. Contact us today for more details. [
Start by telling us a little bit about yourself and your current budget situation. Submit your profile and tell us what type of home you are looking for and how much you can afford. Tell us exactly what you are looking for – Please be as specific as possible. Our homes don’t last long so act Today!
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For currently available rental properties, browse our list of available homes. If none of our current inventory meets your needs fill out a Preferred Renter Profile and tell us what you are looking for. We will contact you when a property becomes available that matches your requirements.
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* Zitro Property Management Company operates under MN Real Estate License No. 40036219
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