DEON Home Solutions

You will typically need around 5% of the purchase price of the house for a down-payment.  This is much less than what the banks usually require.  The down-payment is used towards the final purchase of the house and is therefore already building equity in your house.  Obviously, the more down-payment you can put towards the house, the better is will be for you, as it will reduce the monthly payments and the amount of the mortgage you will need at the end of the lease term.

If you do not have sufficient down-payment, there are other options available, such as our down-payment instalment plan and a down-payment loan (OAC).

A $500 deposit is required only if you are accepted in the lease to own program.  This is the first instalment towards your down-payment but there are a few other reasons why this is necessary.  It indicates that you are serious about the lease to own program and home ownership (as opposed to "inquiring") and allows us to move forward with the Intent to Lease application as well as assign a Realtor to start searching for you.

Should you decide to change your mind for any reason, we will offer you a full refund within 48 hours (2 business days) with no questions asked.  After 48 hours, the deposit will be non-refundable.

Ultimately it's you who decides what house you want.  In fact we even let you choose the area and price that suits you.  That said, we try to focus on desirable areas where properties are increasing in value for the benefit of both parties (us and you).  Of course you should want this for yourself as this is your investment, but fear not--our experts will help steer you in the right direction.

During the lease period, the house will be owned by us.  Your down payment and lease options will be held in a lawyer's trust account with instructions to release the funds only if you exercise your option to purchase at the end of the lease term.  At that time, the title/deed of the house will be transferred to you (or whomever you may choose).

These are the most common reasons why people are declined from the lease to own program:

• Insufficient down-payment - We want to ensure that our program will be successful for you.  Making a larger down-payment has many benefits for you, such as reducing the monthly lease, reducing the mortgage required for the final purchase of the house, and reducing the lease period.  We strive to ensure that the monthly payments are comfortable for you, that the purchase price is affordable, and lease term is reasonable--typically 1-2 years, and not more than 5 years.
• You've chosen a house that doesn't meet our investing criteria, such as too rural or specialized.
• Your job or work is too unstable, or there is insufficient history on which to base your stability.  Typically we are looking for you to be at the same job for at least one year with consistent monthly income.
• Your monthly income won't comfortably afford the house you've chosen.  You shouldn't be spending more than 30% of your monthly income towards your lease.  An easy calculation is to take your household income and multiply it by 3.  That will give you a estimate on what you can afford for a house.  For example $100,000 household income X 3 = $300,000 (maximum you can afford for a house).
• You have qualified for the program but haven't submitted necessary documentation or funds.  We want to work only with those who are serious about the program, and would therefore encourage you to reapply at a time that is better for you.

We want to ensure that you are ultimately able to purchase your home at the end of the lease term.  We are not like the banks that approve or decline based on your credit score.  We also recognize that credit scores can sometime be wrong or don't tell the whole story.  We only ask that you are honest with us about your financial situation so we can confidently calculate what will be affordable for you, and how long the lease term should be (how long it will take for your credit to be sufficiently repaired).

We will calculate what we believe you can afford for monthly payments based on the financial information you have provided us.  If we (or you) come to the conclusion that the monthly payments are not affordable, there are still a few options left for you:

• You an choose a property that includes a rental unit and use the rental income to offset the least payments.  For example, if the lease payment is $1,500 and rental unit generates $500/month, then you would only be responsible for $1,000/month.
• Work with one of our consultants to assist you with a financial plan to help you afford lease-to-own at a later date.  Please contact us if you wish to explore this option further.

Since it will ultimately be your house, you are free to make any improvements would help increase the value of the house.  Since ongoing maintenance is normal for any house, it's expected that you will be responsible for the upkeep and should therefore be prepared by budgeting accordingly.

The house and property will be professionally inspected before closing (as part of the conditions in the purchase and sale agreement).  Our aim is to ensure that major components of the house are free of any problems, such as roof, foundation, electrical, heating and cooling.  It will be your responsibility to cover the cost of the inspection; therefore you can arrange your own AAIC certified inspector you use one of our recommended experts.

At the end of the lease term you have the option to purchase the home at a price determined before you move in.  That price will not change during the lease term regardless of how much the property increases in value during that period.

Of course it's expected that you will make all monthly payments and obligations according to the terms and conditions in the lease to own contract.  If miss a payment will you be in default of the contract, in which case we reserve the right begin legal proceedings to secure our interest in the property.  If this happens you may lose any equity in the property including any down-payment, deposit, and lease option credits.  We would also be entitled to recover any incurred legal expenses.  This may sound very serious, but that's because it is--there's much at stake for both parties (us and you) and want to ensure that you are fully aware of the rights and obligations in the terms and conditions in the lease to own contract.  Although we are happy to explain all of the details of the contract with you, we would also highly suggest that you review it personally with your lawyer.

If you decide you don't want to buy the home at the end of the lease term you that right.  It would be rather unfortunate for both parties (us and you), but there are still some options.  If you need more time to decide, we may be able to extend the lease period.  If you need help securing financing, we work with many lenders that may be able to help.  In the most drastic scenario you can walk away from the property, losing your down-payment and option credits--which would be a significant loss--and putting you right back where you started.  If you are committed, we will work just as hard to help you buy the house.

If you wish to apply with a live person over the phone, please contact us and let us know a good time to call you back and we will do our best to contact you then.

Otherwise you can apply online now!