How It Works
Here’s an overview of how the America 2nd Chance’ Lease with a Right to Purchase Program process works, from prequalification to application to approval to home close:
Apply for approval
Prospective residents start the process by filling out a Pre-Qualification Application that checks key issues.* This is an easy application process. It includes an affordability analysis (With no hard credit pull or inquiry) and helps you move into a home even with damaged credit!
Next, we’ll need your credit report (in order to weigh your reported debts against your income). This will answer two important questions: Can you afford the home and will your application qualify based on accepted industry guidelines.
*The best and least expensive method is to provide access to your credit report is from an on-line web site like Credit Karma. If you do not have a membership already setting up it is advisable to set it up once you complete this application. This way you will not have an inquiry against your credit. Please be prepared to share your access information when our credit enhancement company call you. They will be calling from a number from either 724 or 412 area code and will already have all the information you have provided to them on the application. Feel free to ask them to confirm your information before providing your logon credentials.
*Anyone who is 18 years or older and will reside in the home must complete both the Pre-Qualification and the Full Application.
If the Pre-Qualification Application is approved, the applicant will be required to submit a Full Application for a full credit and background check.
If a Full Application is approved, America 2nd Chance will outline the maximum Monthly Rent of the home for which the prospective resident qualifies. (“The Math”)
Find a qualified home
Prospective residents will work with a REALTOR®(listing agent of that property) or find a For Sale by Owner home in an approved community. We highly recommended that you do the lease with the right to purchase program through us versus on your own for better protection, fair price, and liabilities.
Once a home is identified and approved by America 2nd Chance, America 2nd Chance will attempt to purchase the home — the outcome of which will depend on certain conditions being met such as agreeing on a purchase price with the seller, a satisfactory inspection, attorney review of the purchase contract, and other closing conditions being satisfied.
To see if a list of reasons that homes may be disqualified from our program, please visit our List of Automatic Property Disqualifiers (Click “Property Qualifications Criteria”)
America 2nd Chance buys the qualified home, household leases the home
Prospective residents will be required to sign a one year lease for the home as well as the Right to Purchase Agreement(Click “Agreement”)
Household has right to purchase the home
We buy the home. You lease it and have the right to buy it later, should you wish. (Click “Agreement”)