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Copyright 2005 - Hitchcock Homes, Inc. - All Rights Reserved
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Buyer - FAQ
Do I need good credit to participate in the Rent-To-Own program?
Will my credit ranking/score affect the amount of my monthly payments?
How does the rent credit work to help me build equity fast?
How can renting-to-own be better than conventional loans and financing?
Don't people who rent-to-own usually pay more for their house than those
who go through a bank?
Do I need a down payment? If so, how much will I need?
What if I (or my spouse) is transferred and we have to move; are we obligated
to purchase the property?
Where can I find more information about the communities before
signing a contract?
How does the Down Payment Assistance Program work?
What is the average timeline? How soon can I move in to my new home?
We have provided a wealth of resources and links on our Neighborhoods page. There you will
find links to school districts, city websites, demographics and crime statistics, and much more!
This program provides assistance to customers interested in building equity fast and paying less
for their home. Currently, Hitchcock Homes will match a percentage of your down payment. The
more you have for a down payment, the higher percentage Hitchcock Homes will match! For
example: You find your dream home at only $300,000. You have enough to put 5% down to
secure the agreement (that's $15,000). Hitchcock Homes will match 25% of your down payment ($
3750) providing you with an instant $18,750 in equity should you exercise your option to purchase
your home. This is just one fantastic way to build equity fast and pay less for your home! You put
5% down, yet obtain 6.25% equity! Instantly!
No. We specialize in helping people with less-than-perfect credit! If you are unable to obtain
traditional financing, or simply want to take your home for a test drive, we have a solution for you!
Hitchcock Homes can help restore your credit and save you money!
Unlike conventional financing, Hitchcock Homes does not discriminate based on your credit. We
are in the business of helping home-renters become home-owners! You can be sure that you
won't lose your shirt just because you don't have good credit!
If your rent is paid on time each month, Hitchcock Homes will apply a small "rent credit" to your
account, which is subtracted from the total balance due if you purchase the house. This means
you are building equity and lowering your principle balance. For those interested in building equity
faster and paying less for their home, we will match 50% of any amount paid above your monthly
rent (up to $500). For example: Your monthly rent for your Hitchcock Home is $1000. If you pay
only $1000 each month (on time), you will receive a $25 rent credit. If you pay $1200 ($1000 rent +
$200 credit), we will apply a $300 credit (your $200 + our $100 contribution) to your account. If you
pay the maximum $1500 ($1000 rent + $500 credit), we will apply a $750 credit (your $500 + our
$250 contribution) to your account. Utilizing this program to the maximum, over a typical 24 month
lease, would allow you to build an additional $12000 of your own equity and $6000 in equity
provided by Hitchcock Homes; essentially lowering your principle balance by $18000 in just 2
years. You'll never find this phenomenal opportunity through any bank or traditional lender!
Yes, an option payment (down payment) is required to secure your option to purchase the property
at any time during the life of the agreement. However, our Rent-To-Own program offers
tremendous flexibility because we will customize an agreement that is right for you, your
circumstances, income, and home ownership goals. While most banks and financial institutions
require 10-20%, Hitchcock Homes customers usually secure their option with only 3-5% of the
purchase price.
In addition to the HUGE benefits listed above, here are some other great benefits you'll only find at
Hitchcock Homes, the industry leader in Rent-To-Own homes:
 | | No intense or lengthy application/approval processes
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| | A quality home, in a nice and safe area, for an affordable price
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| | Save $1000s since there is no interest, closing costs, commissions, or fees
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| | Equity Builder Program
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| | Down Payment Assistance
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| | Incentives like a Free Washer & Dryer
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| | $500 referral bonus when you refer new customers to Hitchcock Homes
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| | 24/7 emergency maintenance line for your peace of mind |
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Perhaps with other companies, your credit or individual circumstances might provide a means for
financially preying on you. At Hitchcock Homes, we are less concerned about the dollars and
cents, and more committed to your success as much as our own. We are dedicated to building
communities of warm-hearted and honest people. One of the ways we do this is by allowing you
to build equity while you lease, contribute equity of our own, and set the sale price of the home
below the value projected for the end of the lease. Additionally, you won't have closing costs,
commissions, fees, etc.
No. Since you are leasing, and have only entered into a Option-to-Purchase agreement, you are
not obligated to buy. Additionally, Hitchcock Homes offers maximum flexibility by allowing you to
break your lease and vacate the property at any time as long as you provide us with written notice
60 days in advance. No other company in Chicagoland will offer you such tremendous flexibility!
In most cases, you can move into your Hitchcock Home within 7-10 days! Generally, once you've
found a Hitchcock Home that interests you, we'll arrange a personal showing of the home based
on your schedule. If you decide you want the home, you will submit a lease application and $25
fee. Once approved (3-5 days), we will sit down with you to review and sign the necessary
paperwork and collect your first month's rent, option payment, etc. In most cases, we will hand
you the keys, along with a welcome packet, at the signing. We will then greet you on moving day
and follow-up with you shortly after moving to ensure a smooth transition into your new home.
If you have additional questions not answered above, don't hesitate to call
or send us an email. If you email, we will respond within 24 hours or less!
That is the high standard of service you can expect from Hitchcock Homes!
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