After you find the home that you want, First Door buys the home for you, and you sign a rental agreement and an option agreement to purchase the home.
First Door owns the home while you lease. When you qualify for a traditional mortgage, exercise the option and purchase the home, you become the owner.
As part of our process, you sign a simple lease agreement and an option agreement. The lease agreement is similar to any lease you've signed in the past. The option agreement specifies the price and terms for you to have the option to buy the home when you're ready.
You have the ability to purchase your home at any time, which would generally happen once a bank approves you for traditional mortgage financing. Typical First Door clients purchase their home after 12 to 36 months of renting.
We think you'd be a great fit for First Door if you recently started a new job, are self-employed, have commission style income where the bank says you need to wait 2 years to qualify, are working on improving your credit score, or have had trouble saving for a down payment.
There are many benefits to working with First Door.
1) You get to move into your dream home and work on qualifying for a traditional mortgage at the same time.
2) When you purchase the home, we'll credit you with 3% of the purchase price. In most cases, the credit can serve as your down payment.
The credit is our way of rewarding clients who complete the entire process and purchase the home. If you don't exercise the option and buy the house, you don't get the credit.
First, you should apply online. Once you are pre-qualified, we will request to run a background check, get a copy of your valid photo ID, proof of income documentation, proof of funds for down payment. We will review everything together, and within 48 hours of receiving all documents, we will let you know if you are approved to start looking for a home.
Once you apply with First Door, we will send you approval and a budget to work with. From there, you can work with a buyer's agent to find a home. Once you find a home, you will have your agent make a request with First Door to purchase, and we will make an offer on the home. We work with your agent to come up with a competitive offer. Before we submit the offer, we will present the information to you with all the numbers and will move forward if you agree.
If you work with First Door, you will not only be renting your home but also working towards home ownership. The purpose of First Door is to help you get closer to home ownership and put a portion of your rent to work for you in home equity. You rent the home you want from day one rather than waiting and save up in order to eventually make it 100% yours.
You can buy the home from First Door at any time during the lease term, which traditionally happens once you are considered qualified for traditional mortgage financing.
That just means more equity for you! We set the buyback price at the time of the agreement.
Fill out this form to download our free Lease Option Guide and learn more about what First Door offers!
