The Exclusive PA Road to Home Ownership Program

The PA Road to Home Ownership Program is one of the many benefits you will receive when you find your next home with PA Rent to Own. This program was designed by lease option experts to give you the road map to own your next home via rent to own.

Home Ownership in Pennsylvania is possible through Rent to Own.

When you ask someone what their top ten greatest achievements are, many people will likely say owning their own home is one of them. For many people home ownership represents the “American dream”. It signifies independence, success and a level of financial security.

The Rent to Own process doesn’t need to be scary or intimidating. Our simple 6 step program will walk you through the Rent to Own process and answer questions that you may have on what to expect from MN Rent to Own as we help you become a home owner. If you’re not sure how Rent to Own in PA works, click here for a brief explanation on how to Rent to Own your next home.

The Six Steps of the PA Road to Home Ownership program through Rent to Own

• Step 1 : Enter the Road - Evaluate Your Current Situation
• Step 2 : The road straightens slightly - Contact PA Rent to Own and Choose a Property
• Step 3 : Anticipate the curves in the road - Contact a Lender/Mortgage Broker
• Step 4 : Accelerate to the speed limit - Set Up Home Ownership Plan
• Step 5 : Set the cruise control - Implement your Home Ownership Plan
• Step 6 : Destination Reached, exit the road - Success! Apply and Complete Financing

Step 1: Enter the Road - Evaluate Your Current Situation

We want you to know that home ownership is possible through Rent to Own in Pennsylvania. Before you begin your search for the perfect home you’ll want to take a close look at your finances. This will help you determine what you can afford. By examining your income and monthly expenses you will get a better idea of what is realistic for you and your household.

When you qualify for a Rent to Own you are not qualifying with a bank, though eventually you will have to get approved for financing. This is why step 1 is important for you to understand and complete.

There are three primary things that are important on the Road to Home Ownership program. First is the amount of down payment you have to work with. This should typically be 2-3% of the purchase price of the property. Second, as a general rule of thumb, your household’s monthly income should be 2.5 – 3 times the monthly rent. Third is your current credit situation, do you have to establish credit, maintain credit or vastly improve your credit? These are three things you should have in mind before you move onto step 2.

Step 2: The Road Straightens Slightly - Choose a Home

Now with your financial information and an understanding of what you can afford for housing expense it is time for you to find that perfect home. You can do this through our online property search and schedule a time to view one of our properties with one of MN Rent to Own’s leasing agents.

• Search Properties - The best method to find a property is to search our current available properties located on our website located at Property Search

• Future Home Owner Profile - If you can’t find a perfect home for you needs enter a Future Home Owner Profile that will go over the areas and type of home so we can contact you and either find that perfect home or get you on a plan to find you that perfect home

So, you have found your perfect home. At this point you will work with one of our leasing agents to make a rent to own offer and once you are approved you will schedule your move in date.

 Step 3: Anticipate the Curves in the Road - Contact a Lender/Mortgage Broker

Once you have moved in and everything has settled down a little bit, it is time to sit down with a Lender or Mortgage Broker. This person will be your financing expert. A Lender or Mortgage Broker will be able to sit down with you and your household to help you figure out a plan and process for you to finance your home. Lenders and Mortgage Brokers are experts in the financial aspects of home ownership and will be able to help you design a plan that is right for you. At this point your mortgage professional will likely ask you to fill out an application.

The application will ask for information about your job tenure, employment stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, installment loans, mortgages, credit-card debt, household expenses and others).

The lender will run a credit check on you to take a look at your credit status.

*You will have to supply additional documentation including paycheck stubs, bank account statements, tax returns, investment earnings reports, rental agreements, divorce decrees, proof of insurance, and other documentation.

  Step 4: Accelerate to the Speed Limit of the Road - Setup Your Home Ownership Plan

Your home ownership plan might involve items such as credit repair or credit maintenance. Based on the recommendations of your mortgage professional you may have to establish credit lines or payoff revolving debt. This will be all part of your personal home ownership plan.

Your mortgage professional will have contacts available for you to handle credit maintenance and credit repair, all mortgage professional referrals that we work with have a few choices of credit maintenance companies they work with.

In this step you really are defining where you are right now and outlining the plan on where you need to be. This timeframe is different for everybody.

  Step 5: Set the Cruise Control - Implement Your Home Ownership Plan

This is often the hardest part of the plan. So far you have evaluated your situation, found the perfect home, moved in, met your mortgage professional and designed a custom plan for financing your new home, and now comes the tough part. You will want to discipline yourself and your household to live by the plan you have designed. At this point you’ll want to make sure your plan is realistic and is something you will be able to see through to the end. It might seem difficult at first but with a little work and following the advice of your mortgage professional, success is just around the corner!

  Step 6: Destination Reached, Exit the Road - Success! Apply and Complete Financing

Congratulations you have found your perfect home and now you are going through all the steps of truly owning that home with the help of PA Rent to Own and your mortgage professional. At this point you are submitting any paperwork required for transfer of title and applying for financing.