Landis helps renters transition to homeownership. We allow our customers to select their dream home and rent it for up to 2 years while they get ready for a mortgage. We also offer tools and incentives to our customers to improve their credit score and build up their downpayment.
It’s free to apply to Landis. Once you’re approved and have selected your home, you’ll contribute a minimum of 2% of its price as an initial down payment. This money is used to kickstart your down payment savings, which you’ll use to buy the home when you’re ready for a mortgage.
While you’re renting, your monthly payment is based on fair market value for rent in your city, plus your monthly contribution to your down payment savings fund.
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.
There are no fees or hidden costs when you work with Landis. To get a sense of what you could pay each month, try our home calculator.
Landis works with you to help you become a homeowner as soon as possible. You’ll pick your dream home and rent it from us until you’re ready to buy it with a mortgage. We provide a dedicated coach who helps you make your profile better for a mortgage, and set aside a portion of your down payment each month. By owning your home you’ll pay less than you did as a renter, and you’ll have a stronger financial future.
Rent is based on the market value in each city. To see what you could expect to pay with Landis, try our calculator.
Your home’s buyback price is based on two things: the appraised value when Landis buys it and the amount of time you’ve lived in the home.
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.
Landis offers a 1-year and 2-year program. If you reach mortgage eligibility sooner, you can purchase the home at any time. On the flipside, if a client needs more time, we are happy to work with them to make sure their homeownership goal can be achieved.
It generally takes a minimum of 6 weeks between hitting the “Apply” button and moving into your new home. It can take some clients a bit longer to find the home they want, so we recommend starting the process at least 2 months before you’re ready to move. Once Landis’ offer is accepted, we will close on the home of your choice in approximately 21 days.
We currently operate in Alabama, Florida, Georgia, Indiana, Kentucky, North Carolina, Maryland, Ohio, South Carolina, Pennsylvania, Tennessee and West Virginia. Click on your state for an interactive map showing zip codes where we operate extensively (blue areas) and on a case-by-case basis (orange areas).
Landis makes money in 2 different ways:
• The rent our clients pay us, which covers our cost of owning the home.
• The buyback price, which is higher than the home’s original appraised value. That means we make money when we sell the house to you, so your success is ours too.
We don’t take any commissions or fees from our agents. We also never sell your data to third parties.
We always hope you’ll complete the Landis homeownership program, but you’re free to exit at any time for any reason.
Because we bought a house expecting to sell it to you, we need to sell it to someone else using a real estate agent, which costs 6%. We split that cost with you, which means you pay a relisting fee of 3% of the appraised value when we bought the home. We pay the rest of the real estate commission to the real estate agent.
If it comes time to buy your home and the property doesn’t appraise at the same value, you still have a few options.
• You can submit the appraisal report to Landis and allow us to contest the results.
• You can seek a second appraisal opinion or a different lender for your mortgage.
• You can postpone the buyback process and allow the home to continue appreciating in value, or cover the difference in cost yourself.
• You can also simply walk away from the home and pay the 3% relisting fee.
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