Yes! You can purchase the house anytime throughout the lease period. We never want our clients to rent longer than they need.
If you buy your home within the first 12 months of the program, you’ll pay a buyback price that’s 4% higher than the home’s original appraised value. After 12 months, the price climbs by 1% every 3 months, reaching 8% in 24 months.
In the state of Maryland specifically, the buyback price will be 5% higher than the home’s original appraised value, and will climb at a rate of 1.25% every 3 months, reaching 10% in 24 months.
When we set your budget, we are doing our best to ensure that you will be able to get a mortgage at the end of the program. Our calculation takes into consideration your debt-to-income (DTI) ratio, savings balance, preferred rent amount, and desired home price.
No, Landis is not a lender. We are happy to connect you with mortgage lenders if you’d like.
Yes. You are able to work with these and many other lending programs. If you’d like, Landis can facilitate introductions to lenders to get the process started for you.
Your down payment fund will cover all fees and closing costs.
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