FAQs

  • A rent-to-own program costs more than just renting because you are also saving up for a down payment at the same time. With the StepHome program, your monthly payments are covering both the rent to live in your home currently plus the amount that is being set aside for the down payment to purchase the home at the end of the StepHome term.

  • When you rent the home you live in, your monthly payments go to your landlord who gets to build equity in the home that you are renting. With StepHome, you are building equity in your home from the day you move in.

  • To qualify for the StepHome program, you need to have a minimum down payment of 5% or $10,000, whichever is greater.  There is no specific minimum household income to qualify for the StepHome program - it will depend on the purchase price of the house you choose and the size of your down payment.

  • Yes, a credit check is required as part of the prequalification process. Some rent-to-own companies do not require a credit check, which means it is easier to get approved up front, but later on, you may be faced with a situation you can’t afford. At StepHome, we want to set our homebuyers up for success and part of being able to do this is to review your full financial picture so that we can make sure that you can afford your payments not just now in the short term, but also down the road when your monthly payments switch over to mortgage payments. 

  • The down payment indicates your commitment to the program and shows you are going to care for the property you are going to live in; this is similar to why a bank wants you to put down a down payment on a home you are purchasing.

  • Yes, depending on the situation, we can offer the StepHome program for foreclosure situations. Please contact us so that we can discuss your specific situation. There are many different reasons why a foreclosure can happen - it is best to review your unique situation to see how we can help.

  • You can do either - it’s your choice! We always recommend you work with someone you trust and feel comfortable with.

  • You choose the home you want within your budget, but it will need to fall within certain guidelines such as area population, property type, etc. At this time, we cannot accommodate condos and mobile homes in our program.

  • The amount of the monthly payments will depend on the size of your down payment and the purchase price of the home.

  • Rent is typically due the 1st of the month but this date can be flexible to work with your situation. Monthly payments can be made via etransfer, pre-authorized payment through your bank, or personal cheque.

  • No, the rent and home price are set for the term.

  • You are - this is your future home and what you invest in time and money into the property will maintain your home value and contribute to its growth in equity.

  • These costs are covered through the rent-to-own program. When you purchase the home at the end of the term, these costs will be transferred to you.

  • You can rent out the basement, a room or a section of the home, but you must be the primary resident. Prior written consent is required.

  • The Home Buying Partner owns your home during the rental term until your purchase of the home is completed at the end of the term (or sooner if you choose an early purchase option).

  • No, you cannot lose the home. You have first right of refusal on the home in all situations. Our Home Buying Partners are prequalified to ensure they can carry the home for the entire term.

  • This would be a highly unlikely scenario, but yes, the home can be sold while you are living in it before you have purchased it. A sale of the home would be a sale/transfer from one Home Buying Partner to another, but with the same terms as were set at the start of your rent-to-own term. A sale/transfer between Home Buying Partners would not impact you.

  • Yes, early purchase options are available on all of our StepHome programs.

  • You are not obligated to purchase the home at the end of your StepHome program. If you choose not to go ahead with the purchase, you still walk away with your down payment and savings, less any discharge fees.