aka Rent to Buy (RTB), Lease Option (LO), Lease Purchase (LP).
Rent to Own is a scheme that allows people who wish to become home-owners the option to get onto the housing Ladder with 100% Home Ownership. People have struggled to become homeowners for many reasons such as being declined a mortgage, having a poor or non-existent credit history, a lack of deposit or even being a new employee, a Rent to Own property removes these barriers and makes Home Ownership accessible to more people than ever before. The DCANS Rent-to-Own (RTO) Programme makes homeownership more affordable for families and individuals, who do not qualify for a traditional home mortgage either with our in-house lender or approved lenders.
Who this is for:
If you are struggling to raise a hefty deposit now required by lenders or maybe you are a first time buyer or self-employed individual who needs to build up a credit history or whatever reason, don’t let difficulties obtaining a mortgage stop you, we can offer you a solution.
You can move in now, without a mortgage, without a hefty deposit and without a credit check.
How it works
• Every month you pay the agreed rental price – which is fixed for 5 years.
• Pay an agreed rental sum (just as if you were renting) along side an affordable monthly amount towards your deposit fund
• Every month you also make an additional payment into your personal deposit fund – this is fixed for 5 years too.
• At any time within 10 years, you can use your deposit fund to secure a mortgage – most people achieve this after the first 5 years
• You don’t have to buy! If you change your mind, you can sell the property and benefit from any profits – so with rent to buy, you can make money from your home even if you DON’T have a mortgage on it!
To qualify for a Rent-to-Own, four criteria must be met:
• Borrower(s) gross income must not our traditional home mortgage loan
• The house to be purchased must not exceed a house price limit of $300,000
• The borrower cannot have owned a home within the prior three years in Ghana or elsewhere
• Only homes built and/or owned by DCANS Developments or DCANS Properties qualify (more below)
The RTO programme is a 10-year, 5-yearly renewable. Up to 100% of the purchase price of the home can be financed.
• Eligible properties must be located in one of the developments sites of DCANS Developments LLC in Ghana, to be used as the primary residence of the applicant(s).
• Eligible properties include single, detached, existing or modular homes; duplex, townhouse, or condominium units, and new double-wide manufactured homes. (Buy-to-Let homes are not eligible.)
• Property conveyed with the home transaction cannot exceed one acre.
Need to ask some questions? See our FAQs.