• Rent To Own strategies offered by a professional, licensed, bonded and insured REALTOR ®.
  • Full MLS exposure included for all Rent To Own property sellers.
  • My brokerage is Sage Executive Group Real Estate the Okanagan's BIGGEST independent brokerage.

Rent to Own Process and Minimum Criteria

The Rent-to-own process begins with our free application, then we will meet with all people involved in the purchase to ensure ALL questions are answered and that everyone understand how our program works. If you decide to proceed a credit application is then completed and sent to a mortgage broker and REALTOR® paperwork is also filled out to hire me and begin the search for your home. This meeting and paperwork typically takes an hour to an hour and a half. Once we have your approval from the mortgage broker we then meet again to review financial plans so you can choose what monthly amount makes sense for you and so you see all the figures with respect to total option payments that you have accumulated. Once we have the financial plan agreed upon we can begin viewing properties that match your criteria. When we find the home you want the REALTOR® will fill out the necessary agreements. The agreements are composed of a standard property rental agreement, a rent to own agreement and an offer to purchase. These agreements state clearly what you agree to pay for rent, how much of your rent is, the initial and monthly option payments which are applied towards your purchase, the time frame for you to purchase the property, the price for the property and what is included in the price. Once all parties are in agreement with the terms and all conditions are met you can then move into the home on the possession date.

Minimum Criteria

The minimum criteria to qualify for our Rent-to-Own Kelowna Program are as follows:

Minimum Income Needed

  • Family income must be able to support the rent, the option payment and the eventual purchase of the property. A guideline to determine your total mortgage amount is 4.5 times your income. IE. if your income was $100,000 you would likely be able to qualify for a mortgage in the $450,000 range. This is a guideline only.

Your Credit Score Requirements

  • For example if you have a lower credit score you would likely require a 3 year rent to own program versus if you have a higher credit score you may only require a 1 or 2 year rent to own program. The mortgage broker will provide a plan to help you determine how many years you need to qualify for the mortgage and any additional things you will need to do.

*credit scores can be obtained with www.Equifax.ca with no hits on your record or the mortgage broker can obtain your credit score with one hit on your record. It is important to note that your credit score is only one component of determining how long you need and how much of a mortgage you can qualify for. Your household income and option payments will also play a part in determining your maximum mortgage amount.

* We require that you work with the mortgage broker to ensure you have a plan in place to qualify for a mortgage, to determine your maximum mortgage amount and the number of years you will need to qualify

Here's How It Works.

  • Read through our website and ensure you understand the benefits, process and minimum criteria for our rent to own program
  • Fill out our initial Free Application to begin the pre-approval process (this step is free and will not affect your credit rating)
  • We have a face-to-face appointment* to go over your information and ensure you understand our program and have everything completed to be pre-approved with a mortgage broker. *sometimes we will do a web conference for clients out of province
  • Upon approval of the maximum mortgage amount you can qualify for you will then work with the REALTOR® to determine the financial plan you are comfortable with. We will choose the homes you like the best and book appointments to view them. Once you have found a home the REALTOR® will assist in the preperation and execution of all the necessary paperwork.
  • Additional costs that will be conditional to your satisfaction on the purchase contract:
    • A Home Inspection (aproximately $500)
    • The Home Appraisal (aproximately$250)
    • Completion of, and final negotiation on, the offer to purchase of the home based on the appraisal and inspection fee $1000
  • You rent-to-own the home for 1-3 years while the mortgage broker helps you to improve your credit assisting in your qualification of a mortgage.