Down Payment Savings Plan
Example: $300,000 Purchase Price
$1970 Monthly Rent– $340 Monthly Credit towards Down Payment
Our Down Payment Savings Program helps set you up for success for the eventual purchase of your home. The minimal down payment normally required to buy a home is 5%.
Typically your initial deposit is $5000. Then, each month your down payment grows without you even knowing it. These amounts are part of your monthly lease payment so you don’t even have to worry about when it comes time to buy. We credit all your payments towards your down payment.
Above is an example of a rent to own situation where the determined purchase price of the home is $300,000, and $5000 was given up front. With monthly rent of $1970, $340 of that goes as a credit towards the purchase price. In the example you can see, by the end of 3 years there is now a down payment saved of $17,240!!