What are the eligibility criteria for clients participating in Requity Homes' program?

Requity Homes uses a cash-flow-based underwriting to assess clients’ eligibility and max home purchase budget. 

Here is the list of minimum criteria:

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• Household income of $70,000 or more: Clients can add a co-applicant who will be living in the home to their application. The exact minimum income required may vary depending on clients’ debt situation and the starter home prices in their desired city 
• Credit score of 500 or higher with no unpaid collections or debt in default: All applicants need to provide their credit consent for a soft credit check which won’t affect their credit score. Requity Homes will review your credit score, total debt, and recent debt delinquencies. We require clients to pay off their collections or debt in default before starting the rent-to-own application.
• Not in an active consumer proposal/bankruptcy or credit counseling/debt consolidation: We require our clients to be fully discharged from consumer proposal/bankruptcy or pay off their credit counseling or debt consolidation before starting rent-to-own application. The reason is that our standard rent-to-own term is three years and it usually takes 2+ years to rebuild the credit to get ready for a traditional mortgage. 
• Minimum 2% down: We require a down payment that ranges from 2% to 10% of the home price to start the rent-to-own program. Exactly the down payment required will be determined during the full approval process depending on the client’s risk profile. 

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These criteria ensure that our clients are financially capable of affording a home and have a high success rate in transitioning into a mortgage in less than three years.

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