Pratt Homes Rent to Own program

No matter how healthy your financial outlook, saving a five-figure sum for a down payment on a new home can be a huge challenge. That?s why Pratt Homes created its Rent to Own program, to help would-be home owners get into the house of their dreams that much sooner.

?There are a lot of people out there that don?t have the ability to go live in with mom and dad and accumulate the $1000 a month that they need to save for a down payment,? says John Burch, Mobile Mortgage Specialist with TD Canada Trust. ?This way they get to move into their own home, we stretch it out over about six months or so and away we go.?

The concept is simple: Qualified buyers rent their homes from Pratt while accumulating a down payment over the first six months, then proceed with their mortgage as usual. The Rent to Own program is available for any Pratt home whose purchase price does not exceed $250,000.

?Pratt is one of the only builders I know that has a program that?s set up properly, that?s approved by Canada Mortgage and Housing Corporation,? says Burch. ?It?s really helping people get into homes.?

To help buyers accumulate funds as quickly as possible, Pratt Homes includes a ?Sweat Equity? component to their program. In exchange for painting the interior walls of your new home yourself and doing some light cleanup, you will be credited $2500 toward your down payment. Pratt Homes completes a full paint of the interior trim and doors as well as the front door and the garage doors, and even paints a primer coat on the main interior walls. A paint kit and some supplies are also provided. This is a great way to reduce expenses while putting your personal mark on your new home.

A very reasonable payment schedule makes Rent to Own an attractive option for people who don?t want to drain their savings or RSPs in order to buy a home. $500 is due when the paperwork is complete, and then you pay $1200 on move-in day. For the next five months you pay rent on the home as well as contributing to your down payment. For a home with a purchase price of $200,000 the breakdown would be as follows:

• Move-in day: $1200 toward down payment
• Month 2: $1860 ($700 rent + $1160 down payment)
• Month 3: $1860 ($700 rent + $1160 down payment)
• Month 4: $1860 ($700 rent + $1160 down payment)
• Month 5: $1860 ($700 rent + $1160 down payment)
• Month 6: $1860 ($700 rent + $1160 down payment)

After month six you will have accumulated $10,000 through that first $500, the $2500 Sweat Equity credit, the $1200 on move-in day and then $5800 over the next five months ($1160 x 5 = $5800). When you imagine how long it could take to save that much money while paying rent somewhere else, it is clear that this is a great opportunity to own a home of your own.

Call John Burch today at 1.866.767.5446 or 705.728.1593 to find out if you qualify for this exciting program.