Do I need to qualify to buy a home?
Yes, but the decision factors are not the same as the banks. We are not extremely interested in your past credit status. Your ability to make reasonable monthly payments and your desire to be a homeowner now is what is really important to us.

How can I buy a home when I have bad credit or NO credit?
Don't worry, rent to own programs were uniquely designed with your situation in mind. Sellers of rent to own homes will expect you to have bumpy credit and will know how to help. Qualification for a rent to own ownership program is based more on your ability to make the monthly payments and to put down a reasonable down payment than it is on your credit. The reason for the lease term before the final purchase is to allow you time to repair your credit, yet stay in the home you want while your score is improving.  With help and discipline bad credit can be overcome and good credit can be established.

How does your "American Dream Home Ownership" Program work?
We can rent you the home with the exclusive right to purchase it at a later date.  Our buyers love it because it gives them the time they need to save up for a larger down payment, time to clean up past credit problems, time to sell another home, and also time to try out the neighborhood before buying.  100% of your option fee is credited toward the purchase price of the home, plus you may be eligible to receive a monthly bonus towards the purchase price every time you pay your rent on time.

How can I be sure that my credit will be good enough to buy before my term expires?
Good question. It depends on you, and your specific circumstance. If you only need to pay off a few items and you know you can get it done, then you're fine. If however you have open collections, judgements, and maybe bankruptcy on your report, then you need help.

Do three things after you have located the home of your dreams: a) Get in touch with a loan officer and have them pre-qualify you. Let them tell you exactly what you need to work on to qualify for a loan.  We can help direct you a qualified lender.  b) Join a reputable credit repair program or consult with an attorney (do your homework on the credit repair company-not all do what they say!). These programs can work wonders, we have seen folks qualify for a loan within 6 months of joining such a program, some even when they had really poor credit to begin with. We can also give you some pointers.  c) Be very responsible with your credit during your rent to own term. Do not open any new accounts, don't make any additional debts.

If you have to open accounts, consult with your loan officer before you do so that you can understand the impact on your credit. Sometimes it can be a good thing as it shows your willingness to make on time payments. But it can also seriously affect your debt to income ratios and cause you not to qualify for the loan even if your scores are good.

How much "down payment option fee" do I need?
We are flexible with your down payment option fee.  It also depends on the price range of the house.  Though it is unusual we have accepted $1,500 in certain circumstances. We can offer you payments plans and we always do our best to work with whatever funds you have available.  Even if you don't think you have enough money saved yet please call anyway.  We can come up with solutions together.

What other methods of down payment option fees are accepted?
Unlike most lending institutions, we accept borrowed funds---if you have a close friend or relative willing to lend you money for your down payment option fee, you can use that with our programs.  You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties.

Do you offer down payment assistance programs?
At the time of purchase we do try to direct you to Lenders who have down payment programs. 

I love the home, what is the next step?
All we need is your application.  You can even fax it to us for fast processing (330-468-2346)!  We will then contact you within a few days, once we are able to verify your income and employment.  Please keep in mind that our homes go quickly, so time is of the essence.

What if I want to do the cosmetic repairs to the house (such as drywall repair, flooring, bathrooms, kitchens, painting the outside, etc.)-will you give me a discount on the purchase price of the home or lower the down payment option fee?
Yes. Yes. Yes. Yes.  If you can do the work in a professional and timely manner the price will be discounted and/or the down payment option fee reduced.  For your safety, we only allow a registered contractor to perform furnace, electric, and plumbing repairs.

What kind of decorating and small changes can I make?
We want you to feel that the home is yours. You can make any improvements, however we require that you notify us first.  (i.e. want to paint kitchen a special color or put up a border.)

The home I wanted has been sold..can you find me another one?
Yes we can.  Our homes go fast, so the best thing you can do is join our VIP Buyers List.  Tell us what you are looking for, how soon you are looking to move and we will do our best to find you your next home.  As soon as a home becomes available, we will call or email you about the home.


Can I buy the home before the end of the lease?
Yes, you can exercise your option to buy at anytime during the lease period.  

Will the price of the home go up?
NO! We freeze the price of the home for the duration of our agreement. At any time during that period, you can purchase the home for the option price. By freezing the price of the home, you won't be "shooting at a moving target" when you talk with the lenders.

How soon can I move into one of your homes?
We only show homes that are currently available. So if you see one of our homes you can move in immediately. Keys will be given once the down payment option fee and 1st month rent is received.

Your program is unique, should I tell others?
We provide a finder's fee to you if you refer someone to us that contracts for one of our homes. When they sign the lease, we'll send you the fee.  People are surprised by how much we pay! Try it! 

Info@clevelandhousingopportunities.com or call at 216-323-6500