The Bridge to Own™ program is a unique home purchasing program offered by EP Homes. This program is designed to rethink homeownership.
The Bridge to Own™ Program is an alternative path to home ownership for those who do not have enough money saved for a down payment or are new to Canada or are self-employed and/or are unable to secure a traditional mortgage to buy a house. This program allows you to choose your new home, lease and live in your brand-new home, save money for the down payment, get mortgage ready and sets you on the right path to homeownership.
The majority of our clients simply lack all or some of the 5% down payment required to buy a home.
Some of our clients use the Bridge to Own™ Program to establish the kind of financial profile that would later help them qualify for a mortgage; such as new Canadians or anyone who has not yet established a Canadian credit bureau profile.
It is your roadmap to becoming mortgageable at the end of the lease term.
The EP Homes Team will help you build a plan to keep your credit score and debt ratios at a mortgageable level. You will also gain access to useful homeownership tips and advice.
No. For a 3-year lease term, no initial down payment is needed.
For a 2-year lease term, a 2% initial down payment is needed.
Yes, you can put down additional savings at the beginning of the lease term or at any time during the term.
At EP Homes, we recognize that everyone has unique financial circumstances.
To qualify for the Bridge to Own™ Program, you must confirm your ability to afford owning a home and have at minimum, an average credit score.
If you have not yet established any Canadian credit bureau history or are towards the end of a credit repair journey, we are happy to review your financial profile to see if a Bridge to Own™ Plan is right for you.
EP Homes offers newly built homes through our certified partner builders of the Bridge to Own™ Program. Depending on the builder and location, home types vary between townhomes, duplexes, and single family.
Our current homes are located in Edmonton, St. Albert, Fort Saskatchewan, Leduc, Spruce Grove and Sherwood Park.
We are growing and expanding our operations across Canada. If you are looking for a home in a particular area, please reach out to us to get more up-to-date information on available homes.
Our homes are newly built detached houses and townhouses in turnkey condition – depending on the builder and style of the home. This often includes landscaping, fence, deck, window coverings and major appliances.
The program is only available for new homes built by a certified partner builder of EP Homes who offers turnkey, builder warrantied homes.
During the lease term, there are limitations on renovations. You may not renovate the home without first contacting the EP Homes Team at 1-888-825-9808 to discuss your options.
Yes, all our Alberta homes come with a standard builder and new home warranty plan. During your lease term, EP Homes will manage the warranty.
Payments are based on the value of the home and the lease term.
For the home you choose, EP Homes obtains an independent fair market lease appraisal. Your monthly payment would include the fair market lease amount, plus a portion of the 5% down payment savings that you need to buy the home at the end of your term.
Payments can be monthly, semi-monthly or bi-weekly. We encourage our clients to align their payments with the days they receive income.
Our lease terms are either
I A 3-year term with a 0% down payment
I Or, a 2-year term with a 2% down payment
Yes, we require a security deposit* and a pet deposit (if applicable) prior to you moving in.
EP Homes will pay for the property taxes until the end of your lease term.
You will be responsible to pay any applicable condo fees or homeowner association (HOA) fees.
You will be responsible for setting up and paying all utilities on time. Please note that utility companies can report negatively to your credit bureau.
You will be required to attain and regularly pay for tenant’s insurance. EP Homes will maintain landlord’s insurance.
EP Homes does not offer rentals. Our program is similar to rent-to-own home model but different. It is more a lease-to-own home model.
The Bridge to Own™ Program is designed to rethink homeownership for those who are ready to be a homeowner, but lack the required down payment or credit history. We therefore view every application with one goal in mind: homeownership at the end of the lease term.
At the end of the lease term, you will be required to obtain a mortgage. The EP Homes Team will help you through the entire process to prepare you for the transition. We will not only provide you with financial coaching and guidance, but also connect you directly with a few mortgage specialists for you to choose from if you do not already have one.
If you do not qualify for a traditional mortgage at the end of the lease term, the EP Homes Team will review your progress under the Bridge to Own™ Plan, discuss possible solutions with you, and determine the best course of action.
Yes, you can purchase your home on any anniversary date during the lease term.
We strongly recommend that you prioritize your home payments to avoid missing payments. Your payment history will be reported to the lender you choose to obtain a mortgage with. Please call us at 1-888-825-9808 at least 3 business days before the scheduled payment date to review your options to stay on track.