Our Homeownership Programs
The RealEstate Developers 1
Purchase Program
Real Estate Developers 1 prides ourselves in being able to work with almost any budget, and credit score to help young families, couples, working class individuals, seniors and veterans achieve their dream of affordable homeownership.
Our team of experts are able to work with you to establish your budget, the type of unit, and the desired size to best suit the needs of each client.
This flexibility gives each client the power to choose the neighborhood of their choice which is excellent for programs such as the Chicago Choose to Own Program, the Mobility Program, and the Missing Middle Program, and other programs offered locally and nation-wide that provide special incentive to the buyers with purchasing homes within specific neighborhoods.
The RealEstate Developers 1
Rent-to-Own Program
The steps for our Rent-to-Own Program for Affordable Real Estate Ownership:
1) The renter (client/buyer) must agree to a rent-to-own purchase agreement.
2) The Purchase price for the unit will be based on the market value at time of closing, 1 or 2 years from date of executing the rent-to-own purchase agreement.
3) The renter shall receive 30% down-payment credit from each rental monthly payment.
4) The renter shall receive credit repair to ensure that they will qualify based on FICO score.
5) No renter's application will be approved without a rent-to-own purchase agreement executed.
6) The rent-to-own purchase agreement will have many rules and policies.
7) If any one of the rules or policies are violated, the renter agrees that the rent-to-own agreement is automatically terminated, there will be no 5-day notice to vacate the property, there will be no court hearing before vacating the property, and the renter will surrender the property to the owner willfully with or without police escort.
8) The owner will re-take ownership of the property and all monies due the renter is forfeited.
9) The renter must execute this agreement to be approved for the rent-to-own purchase agreement.
10) RealEstate Developers 1 in conjunction with other funding sources will help the buyer to receive down payment assistance, and additional grants for closing cost, expenses and reserves.
