What is a Lease-Option with a Right to Purchase Program?

Our Lease with a Right to Purchase Program (the “RTP Program”) allows you to find a home that you want to rent from us initially, but who may also like to buy at any time within the next three to five years. We believe that there are many households who may be thinking about buying a home but for whatever reason would like to rent at the current time. You can lease the home for up to three to five years, depending on the state, and you may purchase the home from us at any time at a predetermined price in accordance with the Right to Purchase agreement.

Who is eligible for this Program?

We have certain minimum criteria for our program. Your household must have an annual income of $50,000. You must have stable employment. We cannot accept you into our program if you or anyone in your household has a history of eviction or a pending bankruptcy. Everyone in your household will be subject to a credit check.

How to apply for the this Program?

Every member of your household who is 18 years of age or older must complete the Pre-Qualification Application and the Full Application. The Full Application requires certain information, including residence and employment history, for each member of the household. You also must provide income verification for each member of the household whose income is to be considered in determining the rent approval amount in order for your application to be considered complete.If you are moving from a different state or starting a new job, we will need confirmation of your new job and income. We take several factors into consideration when reviewing an application, which include household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, and credit scores. We will usually make a decision on your application within 3 to 5 business days of receiving all required information.

How much does it cost to participate in this Program?

We have a one-time Application Fee of $50 per household that must be paid online as part of the application process. This Application Fee covers all applicants in the household and is nonrefundable.

Why might my application be denied?

We take several factors into consideration when reviewing an application, which include household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and credit score. We consider the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.

Is there a required initial deposit upon contract signing?

Yes. Generally, we require a deposit equal to one months’ rent. This deposit is not applied towards your rent. If you decide to leave the home at the end of any one-year lease term and you have been in compliance with the terms of the lease and return the home in the same condition it was in when you moved in (normal wear and tear excepted), the full deposit will be returned to you or credited to the purchase price if you buy the home. The full deposit (less any outstanding charges owed to LTH Rentals) is also returned to you if you exercise your Right to Purchase the home.

What happens after I move in?

You are our tenant, and we are your landlord. You have entered into a lease with us and are bound to the terms of that agreement. We will collect your monthly rent and perform any necessary repairs that are our responsibility after you move in.

Are the monthly rent payments that I make applied to the purchase price of the home?

Yes! Monthly rent payments are applied to the purchase price of the home as well.

How do I exercise my Right to Purchase?

You may notify us at any time that the Lease is in effect that you would like to exercise your Right to Purchase. However, you must provide us with that notice in writing at least 60 days before you want to complete the purchase. Once you notify us that you want to exercise your Right to Purchase, we will contact you to get the process started.

Do you provide me with a mortgage or other financing?

We are not a mortgage company and we will not provide or arrange a mortgage loan for you. We cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Right to Purchase.