Application Minimum Qualifications
Whew! You sure have learned a lot about our Sarasota rent to own program. By now you are probably wondering if this program is right for you. While the qualification requirements for the program are significantly lower than those for obtaining a mortgage, there are some minimum requirements that all applicants must meet in order to be eligible for the program:
- Minimum 6-months of stable employment
- Minimum household income of $50,000 per year (before taxes)
- Credit score of at least 575*
- Chapter 7 bankruptcies are DISCHARGED.
- Chapter 13 bankruptcies are in the payment plan stage and ALL payments are made on time.
- No felony convictions.
- No prior evictions or outstanding apartment collections
- You can not be currently in default under a lease agreement.
- Debt to income ratio (including requested rent) below 45%
*Qualifications Updated on 2/17/2017.
Minimum Requirements for the Home
Now that we have those qualifications out of the way, let’s talk about the types of homes that qualify for the program. First, we start our search looking at ALL homes for sale in the Sarasota/Manatee area. From there, we filter for the following criteria:
- 3-bedrooms or more
- 2-bathrooms or more
- Home value from $150,000 to $450,000
- Approved high school district
- Can not be located along a major highway, under airport flight paths, under high tension power lines.
- Single family home or townhouse (fee-simple, no condos)
- Traditional Purchases ONLY that are move in ready – Bank Owned, Short Sales, or Auctions are not considered.
- Minimum monthly rent is ~$1750/month and up.