Not all Assisted Home Purchase programs are created equally. We believe that we have created a program that meets people\'s needs with its affordability and flexibility.
Let\'s use an example to illustrate how easily this program can help put you into your own home. For ease of calculations, let\'s say that we have a house that is available for Assisted Home Purchase, and the average rent for this house is $1,000 per month. That means that an average tenant who is just renting and not Renting-to-Own would pay $1,000 per month to live in that property.
If you wanted to Assisted Home Purchase that particular property, the monthly payments would be $1,000. The monthly Assisted Home Purchase cost is exactly the fair market rental value for that particular property. But contrary to simply renting, you are actually saving up money! Each month that you make your payment on time we credit you 15% of the monthly rent. In this particular example, you would be saving $150 per month towards your down payment on the property. By the end of the term, this has accrued to become a substantial amount, usually in the 5-figure range. For most people having that much money saved up goes a long way to helping them attain their goal of home ownership.
As you might have expected, a deposit is required to start a Assisted Home Purchase program with us. We require a non-refundable deposit of $4,500 (minimum) for an 84 month Assisted Home Purchase term. This deposit gets credited back to you when you purchase the property at the end of the agreement.
Calculating how much money you would save up towards your down payment on the property is very easy. For ease of calculations, we will use the same example as above with the cost of $1,000 per month and a $4,500 minimum deposit.
You might think of it as a forced savings account, without actually having to deposit that 15% per month into a savings account. You\'d be paying it if you were simply renting, but now you get the benefit of having that money work for you instead of it going to your landlord.
