LEASE WITH THE RIGHT TO PURCHASE
HOME BUYER PROGRAM

Home - Homeowners - House - Move - New 06.JPG
Are You:

 

  • First-time home buyer cautious about buying now, but want to in the future

  • Unable to qualify for a mortgage at the moment

  • Relocating and unsure of which neighborhood to live in

  • Renters looking for a quality single-family home

  • Discouraged buyers who are challenged with getting offers accepted​

Benefits to Residence:

 

  • Y0u choose from qualifying homes listed for sale in eligible communities

  • 1-year lease with the opportunity to renew each year, up to 5 years

  • Transparent monthly rent and purchase prices for each year that helps you plan and budget for the future

  • If the home value appreciates above the pre-agreed purchase price, you begin homeownership with built-in equity

  • If the home value does not appreciate, there is no obligation to purchase, and you can walk away without penalty

  • Access to third-party financial resources that provide you with guidance through debt and credit issues

Home
Checklist
Resident Qualification:

​Evaluation of rent-to-income and debt-to-income ratios, FICO scores, housing, employment, and criminal history, and other considerations.

  • Annual household income of $40,000+

  • Proof of income

  • No open Chapter 7 bankruptcy

  • No disqualifying criminal history

  • A minimum of 45 days from date of application to move-in

RICHMOND, VA APPROVED CITIES/COMMUNITIES

Bellwood, Bensley, Bon Air, Brandermill, Chamberlayne, Chester, East Highland Park, Enon, Ettrick, Glen Allen, Highland Springs, Innsbrook, Lakeside, Laurel, Manchester, Matoaca, Meadowbrook, Mechanicsville, Montrose, Richmond, Rockwood, Sandston, Woodlake