Move in date
$2200.00
1st month
$1660.00 ($700 rent + $960 deposit)
2nd month
$1660.00 ($700 rent + $960 deposit)
3rd month
$1660.00 ($700 rent + $960 deposit)
4th month
$1660.00 ($700 rent + $960 deposit)
5th month Closing date
$1660.00 ($700 rent + $960 deposit) |
The last payment is dated on your closing date (when you take ownership) and you can see that if you take the $5200 + ($960 x 5) you’ve arrived at the 5% of the $200,000 purchase price.
When your mortgage starts your payment will drop to about $898 mortgage payment + $210 property taxes month - total $1108.
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This CMHC RECOGNIZED PROGRAM allow you to move into your new home while accumulating 5% downpayment. This program is called RENT-TO-OWN and is open to all purchasers, not just first time buyers!
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You give a $500 depsit with the offer to purchase. The Rent To Own Program applies to any of our sites and any model as long as the purchase price does not exceed $280,000.
With the Rent To Own Program, we give purchasers a work credit “Sweat Equity”. This work credit includes painting the interior walls of the home and doing a very light cleanup. Please note that Pratt Homes completes a full paint of the trim and doors, a full exterior paint of front door and garage doors and a primer coat on the main walls! Pratt Homes even supplies a paint kit and some supplies for this work. For this "Sweat Equity", you will be credited $2500 towards your downpayment.
When you move into your home, a $2200 deposit is given as your first month's rent. (At this point you have already accumulated $5200. towards your downpayment) While you are living in your home for the next 5 months, you will pay a combination of downpayment and rent in order to accumulate the balance of your 5% down payment. The amount is based on the purchase price of the home, to the left is an example based on a purchase price of $200,000.
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