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Frequently Asked Questions
Q. What are the application fees, and how much are they?
A. There are none! Your application is free.
Q. Do I need to have perfect credit to enter the program?
A. No - the program is intended to help people with understandable or repairable credit problems. Many people are surprised to hear than they do qualify for this program.
Q. How much money will I need to qualify for the lease purchase program?
A. The lease purchase program is really both a lease and an agreement to purchase a property. While you are leasing, you will need to be working towards purchasing the property. In order to best position yourself to obtain a mortgage within two years, Carova usually requires at least $2,500 down plus the first lease payment before you can more in. Then you can build up additional down monies while leasing the property.
Q. Who is the ideal lease purchase candidate?
A. Carova's lease purchase program is intended to "bridge the gap" between a tenant and becoming a homeowner. The program serves those who would not qualify to obtain a mortgage today, but will likely qualify for obtaining a mortgage within two years. Not everyone is in a position to become a homeowner, and not everyone does qualify for our program. The ideal candidate is someone with at least $2500 in cash and some understandable credit problems.
Q. Am I guaranteed to own the home within two years if I enter the Carova lease purchase program?
A. Put simply, no. However, if you pay your rent on time, resolve the credit issues outlined to you, and work with Carova as a team, it is almost certain that you will own your home within two years.
Q. Can I purchase the home sooner if I can get a mortgage sooner?
A. Absolutely! As soon as you are able to obtain your financing, we encourage you to complete the purchase of your home.
Q. Where do I go to obtain my mortgage?
A. Carova is not a mortgage company. We encourage you to shop around for the best possible loan you can obtain. You have two years to shop! If you request our help, we will gladly refer you to lenders with whom our former clients have been pleased, but we still encourage you to shop around. |
