What is Rent to Own?

Rent to Own (also known as a lease-option) is a program where you lease a home for a set period (usually 1–3 years) with the exclusive option to purchase it at a pre-determined price at the end of the term. A portion of your monthly payment goes toward your future down payment.

Who is this program for?

This program is ideal for people who have the income to support a mortgage but are currently held back by:

• Bruised or low credit scores
• Being self-employed or having non-traditional income
• Being new to Canada without a credit history
• Needing more time to save for a full down payment

Can I choose any home?

Yes! Unlike some programs that limit you to their inventory, Eric Beaverford helps you find any home currently for sale on the market in Edmonton, Sherwood Park, St. Albert, Leduc, or Spruce Grove that fits the program criteria.

How much of a down payment do I need to start?

Typically, an initial “Option Deposit” is required, which is much lower than a traditional 5-20% bank down payment. This deposit is credited 100% toward your purchase price when you buy the home.

What happens if my credit isn’t fixed by the end of the term?

We work with credit specialists from day one to ensure you are on a clear path to mortgage readiness. The goal is to make sure you are successful in qualifying for a traditional mortgage by the time your term ends.