- Tenant Most Frequently Asked Questions
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Listed below are some of our most frequently asked questions
Also, please e-mail any question anytime.
 Application Fee How much is the Application Fee? A $15.00 non-refundable fee is required to process your application and is required on each applicant. If an Applicants' legal status allows Elite Properties to retrieve one combined credit report on 2 applicants, then 1 application fee is permitted. |
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Application Process How long does it take? Elite Properties tries to complete your rental application within 24 hours on business days. Sometimes processing takes longer due to items beyond our control. Such things as verifying your rental history requires written requests and some former Landlords do not always make You their top priority. However, usually we are successful at processing your application within 24hrs. Once approved, You have 24hrs to properly complete your rental agreement or Elite Properties may move on to process the next application for this property. We apologize for this 24 hour rule; but, this prevents more problems than it causes. |
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Security Deposits How much is Security Deposit? Security Deposit on Single Family Homes are determined by the following formula --- --Security Deposit is $400. |
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Lease Term How Long Is The Lease Term? Lease terms vary on each property. Most units have yearly & month to month. However if you elect to do a month to month instead of a yearly lease, you will ave to pay a increased rent amount. |
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Rent with Option to Buy What is Option to Buy? An "Option to Buy" is like putting "dibbs" on a home. --You can purchase an Option to Buy at the time you complete your rental agreement. --Option to Buy fees start at $500 depending on the home. A higher priced home has a larger Option Fee. --Once you purchase the Option to Buy, your purchase price is locked in for one year and your option also prevents the sale of your home to anyone else. You can shop for a home just like a regular home buyer, if you intend to use this program and would like to rent your home with an Option to Buy . While you are living in your home and making your payments on time each month, you are adding good scores to your credit report and rating. Many financial institutions who finance the purchase of your home actually allow you to qualify for a refinance of your home. This means less cash needed to purchase your home. In fact, some folks who have exercised their Option to Buy, have actually received money at the closing when they purchased their home due to the increase in value. Call today for more information on this great program to homeownership. |
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Owner Financing Can Elite Properties finance my home purchase? Elite Properties is not in the business of making loans for home purchases. Elite Properties is in the business of keeping good customers for a long time. On occassion, we have assisted many established Elite customers with the purchase of their home, especially those customers with Option to Buy. Sometimes the Buyer may be short on some down payment cash needed to secure a better interest rate on a home loan, and in these type cases, Elite has financed part of their down payment money. If you feel like you can not buy a home right now, Elite Properties might be your answer. Call today. |
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Finding the Right Home What should I consider before looking for a Elite Properties Home? Even before starting to look at homes, find out what price home you can afford. In general, you can afford to rent or buy a home equal in price to three times your gross annual income. More precisely, the price you can afford to pay for a home will depend on five factors: 1.your income; 2.the amount of cash you have available; 3.your outstanding debts; 4.your credit history; and 5.current interest rates. These items listed here are geared specifically for the purchase and are consideration factors with renting a home. The qualifying standards to rent are much easier than trying to qualify for a home loan to purchase. The rule
of thumb in renting a home is that the monthly rent
should not be more than 33% of your gross monthly income. |
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Financing Are there first time buyer discounts? Numerous programs exist to help first time buyers purchase a home. A host of private lenders offer low-down payment loans. The U.S.Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 4 to 5 percent cash down. Loan limits vary depending on the county where the property is located. Fannie Mae has a program allowing people to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans. |
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