Frequently Asked Questions

ORCCA Properties Rent-to-Own program is the best option for individuals/families who are not able to secure financing with the bank. We highly recommend visiting the financial institution first to make sure you are unable to get a mortgage today.

We mostly work with individuals facing these situations: bad credit/no credit history, self-Employee/Irregular Income, low down payment, bankruptcy/debt consolidation or/and new to Canada.

People interested in the program must be committed to save for a future down payment monthly and must have between 3% to 5% of the future down payment already saved.

ORCCA Properties Rent-to-Own program requires a small down payment, commonly known as Initial Option Consideration from 3.5% to 5% of the final purchase price of the house. You might choose to make a larger deposit to lower your monthly payments and increase your ability to secure financing once we execute the Option to Purchase at the end of the Program.

Monthly payments towards a down payment are required. We aim for 10% to 20% of down payment at the end of the Program. Normally, your down payment for the Rent-to-Own program will not be enough for you to be able to get a mortgage with the financial institution. ORCCA Properties helps to ensure you are successful in saving up a sizable down payment. This monthly payment which is know as the Monthly Option Consideration is credited towards the agreed purchase price at the end of the terms and once you execute your Option to Purchase.  

Our mortgage specialist will determine, base on each personal situation, the ability to get financing in one to three years.  ORCCA Properties’ professional team will provide an Action Plan that will help you to repair your credit during the duration of the program. We will hold your hands to make sure the plan is in action and you can become homeowner.

ORCCA Properties wants to work with Self-employed individuals that may not have a steady income to achieved home ownership. As long as you can demonstrate you are capable to make payments, we should be able to help you. However, the reported income must be adjusted over the duration of the program, so when you submit your mortgage application to a financial institution to buy the house, you are approved.

 Our Rent-to-Own program terms range from 2-4 four years, based on each personal situation. ORCCA Properties will structure a program that will suit your financial situation in order to help you achieve homeownership.    

Rent is based on rent market value; this means your rent will be similar to others in the area where the house will be purchased. It is important to know that your rent must cover basic expenses (mortgage, home insurance, and property taxes). Although property taxes and insurance are included on your rent, ORCCA Properties will pay for these expenses until the end of the Rent-to-Own term when title transfers to your name. Keep in mind, we are training you to become a homeowner!

As the intended owner of the property at the end of the lease term, you will be responsible for any maintenance or repairs to the property just as you would with your own home. However, in the event of a large repair, ORCCA Properties will cover some costs, as we understand you are a tenant-buyer in training and we want to protect your financial situation.

Based on the Financial Assessment from our Mortgage Broker Specialist, you will be given a house purchase price limit that fits your budget. We will determine the final purchase price of the house before signing an Agreement, allowing you to budget with no surprises because your this price will not change.

This is the best part of our Rent-to-Own program. You are encouraged to choose the home that you want.  ORCCA Properties will work with you to select your desired home and stay on budget.

The Rent-to-Own program is also call Lease Option, which means you have the option to purchase or walk away. We understand life events happen and you may require additional time to complete the program for which we are open to revisit and extent the terms. If you still choose to exit the program, the Initial Option Consideration and accumulated credits will not be returned in full.  This is like breaking a mortgage with a bank.

Please Contact Us and fill in the questionnaire. We will contact you to get started on the process of home ownership!

Get Started

Phone: +1 403 708 9177