Prequalifying

Rent to Own Program

Can’t qualify for a mortgage? Good credit, bad credit, ugly credit or no credit? Are you self-employed? Filed for bankruptcy, gone through a divorce, No Problem!

How do you qualify?

  • Submit the prequalification documents (below) for review with the start-up fee
  • Have your minimum Initial Option Sum ready ($5,000 – $10,000)
  • Remember, bad credit does not disqualify you – it gets repaired as you go through the program!

How the Rent to Own Process Works

  1. Provide the documents to Front Porch (listed below) with a non-refundable $250 start up fee
  2. Meet with a Front Porch representative to review your application.
  3. Sign the Lease on an agreed home, pay your Initial Option sum and first month’s rent
  4. Meet with Front Porch before you move in to go over your Home Owners Manual
  5. Get the keys, move in and pay rent every month on time
  6. At the end of the lease, you will have the option and the saved money to purchase your home

 

Prequalification Document Checklist

The following is a list of all material that will be required in order to qualify a suitable tenant buyer for the Front Porch Rent 2 Own Program.

  • Employment Verification

    • Letter from Employer showing permanent full time employment. A paystub may also be requested.

  • Credit Check

    • A credit report from either Equifax or Transunion will be accepted as long as it is no more than 1 month old.  Choose the report that comes with the beacon score ($50 report).*

  • Tax Notice of Assessment

    • If last Notice of Assessment is unavailable then it can be requested from the CRA.

  • Identification Verification

    • Two pieces of government issued photo ID are required for all tenants listed on the lease with at least one showing a photo. Originals must be presented in person and copies will be taken and retained on file.  Also, SIN and an Autopac Registration.

  • Landlord Reference Check

    • Positive references should be received from your current landlord as well as your previous. If there are any issues raised during back checks further references maybe required.

  • Character Reference Check

    • Two references will be needed.

 

* https://www.transunion.ca/product/consumer-disclosure  for free mail-in request

Download Document Checklist Now