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Table of Contents
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What is the RENT2HOME.NET program?RENT2HOME.NET is a program designed to help renters become homeowners. As rental rates have increased over the years and mortgage rates have decreased, the opportunity for renters to purchase a home has been made more available. Considering that most rental rates are comparable to a mortgage payment for a house of the same size or larger, the options have grown and renters are seizing the opportunity. Unfortunately, some renters have trouble coming up with all of the fees, in addition to the down payment, related to purchasing a home. RENT2HOME.NET offers renters the opportunity to earn credits that they can use to help them purchase a home.
Where do the credits come from?Although your apartment owner may support the RENT2HOME.NET program, your credits do NOT come from your rent payment. Your rent is NOT increased in order to be a member and your credits are in NO WAY deducted from your rental payment. Your credits work somewhat like a coupon from the grocery store does. If you possess the coupon and USE it towards your purchase, then you are able to realize the value of the coupon. If you don’t use the coupon for the item that it is intended for, then it is forfeited. Your credits work the same way. You earn credits to use towards your purchase. The credits can ONLY be used when following the proper procedure for your real estate purchase. If you do not use the credits or do not follow the proper procedure for your purchase, then your credits are forfeited. Just as you would not go to the grocery store and ask to be reimbursed for the coupon that you did not use, your credits are ONLY accessible to you through your real estate purchase.
How do I earn credits?RENT2HOME.NET allows you to build credits from several different sources. The first and most obvious source is from your rent. You earn credits each month simply because you pay your rent. The second way that you can earn credits is through RENT2HOME.NET affiliate services. By using any or all of the RENT2HOME.NET affiliates for your real estate purchase, you can earn more credits. At this time, there are affiliates for Lending and Home Warranty. Take advantage of our affiliates and not only will you be able to earn more credits, but you may also receive special incentives and/or services from our affiliates.
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How can my credits be used?RENT2HOME.NET does not dictate how your credits are used. How your credits are used is determined between you and your Lender. The only stipulations regarding the use of your credits imposed by RENT2HOME.NET are that the credits MUST be: q Credited through the Escrow or closing (no ‘side’ or ‘out of escrow’ agreements for the credits will be allowed) q Used in a manner that is lawful in the state that the real estate transaction occurs and q Abides by the rules imposed by the Department of Real Estate in that state
Are there any restrictions?Because RENT2HOME.NET is a Real Estate referral service, there are restrictions on the Realtor that you are able to use to represent you in your purchase. In order to use the credits earned through the RENT2HOME.NET program, you must use a Realtor from the RENT2HOME.NET Agent Network. When you are ready to start your search for a home, you must submit a Request For Network Agent in order to be assigned an agent. There are also restrictions on the amount of credits that you can use towards your purchase. The amount of your credits that you can use toward your purchase are determined by the lesser of either: 1) the amount of credits earned to date or 2) the maximum allowable credits defined by the membership you possess The level of credits that you are able to use is figured on the base purchase price of the home. The base purchase price of the home is the price BEFORE any upgrade fees, lot premiums, design center add-ons or options selected with a builder. For resale homes, it is the amount of the final purchase price. There are also restrictions on the property that you can purchase. In order for a property to qualify for the RENT2HOME.NET program, it must: 1) Have a minimum base purchase price of $150,000. 2) Have a seller/builder that cooperates with other brokers 3) Offers the standard 3% co-Broke amount offered to cooperating brokers 4) Be considered Real Property (Real Estate) No RVs, mobile homes or timeshares will be considered Please refer to the registration form for any other restrictions or contact us with questions about specific restrictions.
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Who is eligible to join?Residents who are living in an apartment community, home, condo or townhome that are paying rent. Roommates are eligible as individual members earning credits based on the entire rental amount, not the divided portion. Please keep in mind that eligibility for the RENT2HOME.NET program DOES NOT mean that you qualify for a loan. Please visit your local Lender or the RENT2HOME.NET affiliate lender to get pre-qualified for you loan or to ask loan related questions.
What kind of home can I buy with my credits?The RENT2HOME.NET program allows you to use your credits on any qualifying new or resale home purchase. The criteria for a QUALIFYING home is listed in the Are There Any Restrictions section of this page.
Can I use any Realtor?NO. As stated above, you MUST use an agent from the RENT2HOME.NET Agent Network. If you chose to use an agent outside of the RENT2HOME.NET Network for your real estate purchase, you will FORFEIT your credits.
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What happens to my membership once I use it to buy a home?We want you to think of RENT2HOME.NET when it comes time to conduct any type of real estate transaction. So, we have made it possible for you to continue your membership even after your initial purchase. Once you buy a home using your credits, you have the opportunity to upgrade to our Owner Rewards Program. Having this upgrade allows you to establish a new set of credits to be used when you go to sell your home AND for your next purchase. In addition, you will receive quarterly updates and additional affiliate discounts to use for your home. The fee to upgrade your membership to the Owner Rewards Program is $150.00. This fee can be paid as part of your closing costs on your initial real estate purchase, or paid for separately afterwards. You have 90 days from the date that you close on your initial purchase to upgrade to the Owner Rewards Program. Once a member of the Owner Rewards Program, any remaining credits that you had as a Renter Rewards member will be transferred to your new membership for future use.
Are my savings in a savings account somewhere?No. Please refer to Where Do Credits Come From section located above on this page. Your credits are not in the form of cash. The credits are in the form of concessions on your real estate purchase.
Do I end up paying MORE for my home by using my credits?Absolutely not! The RENT2HOME.NET program does not contract with builders or agents to ‘jack up prices to then offer a discount’. As a member, you will receive the SAME negotiating power that you would as a non-member. The only difference is that, as a member, YOU will receive ADDITIONAL discounts by using your earned credits.
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How do I get in touch with the Network Agent in my area?You must submit a Request For Agent in order to be assigned a real estate agent in your area. Once RENT2HOME.NET receives your request, a Network Agent is assigned to you and will make contact with you to discuss your real estate purchase. It is a good idea to be pre-qualified through a Lender prior to starting your search for a home. You can do so by contacting the RENT2HOME.NET Lender Affiliate.
What if I am a licensed Realtor or have a family member who is a Realtor?If you hold an active Real Estate license or want to use a licensed family member or friend in the business, then the RENT2HOME.NET program is probably not for you. This program IS a Real Estate Referral service. If you are determined to use a specific person to assist you in your purchase, then you would not benefit from the RENT2HOME.NET program.
Can I combine my membership with first time homebuyer, bond or grant loan programs?RENT2HOME.NET does not dictate how you use your credits. It will be between you and your Lender to determine how your credits can be used whether alone, or in combination with other loan programs. Certain Lenders have specific guidelines on how the credits can be used. There may be some programs that restrict the use of your credits. It will be your responsibility to check with your Lender about the use of your credits.
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