It’s a home purchasing program offered by EP Homes. With good credit and no down payment, the program is an alternative path to homeownership. The program allows you to lease and live in a brand new, turnkey home while saving for a down payment. EP Homes will help get you mortgage ready and set onto the path to homeownership.
Many home buyers may not have the 5% down payment required to buy a home. Some of our clients use the Bridge to Homeownership™ Program to establish a financial profile that would later help them qualify for a traditional mortgage. The is beneficial to new Canadians or anyone who has not yet established a Canadian credit report profile.
Most rent to own programs require a 3-5% down payment, our Bridge to Homeownership™ program really is 0% down! Upon approval, you choose your new home from our partner home builder, then lease and live in your new home. Your payments consist of monthly rent + a savings component. At the end of your term, you’ll have your down payment from the savings you’ve accumulated. Bridge to Homeownership™ is like a mortgage preparation program, but better! We offer complimentary financial coaching to all clients. Don’t forget we also have a referral program.
No down payment is needed for the 3-year lease term. If you select the 2-year lease term, a 2% down payment is required.
Yes, you can put down additional savings at the beginning of the lease term or at any time during the term.
Yes, we require confirmation that you receive ongoing, reliable income from either a job or self-employment. Acceptable verification includes pay stubs from the last 3 months or an employment verification letter.
At EP Homes, we recognize that everyone has unique financial circumstances.
To qualify for the Bridge to Homeownership™ 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 report history or are towards the end of a credit repair journey, we are happy to review your financial profile to see if the Bridge to Homeownership™ Program is right for you.
You can choose a home from any of our partner builder inventory. Our preferred builders offer quick possession and new builds in a range of home types – townhomes, duplexes, single-family. See our Certified Partners here
Currently, homes are available in Edmonton and area – St. Albert, Fort Saskatchewan, Leduc, Spruce Grove, Stony Plain and Sherwood Park. We continually 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.
The program is only available for new homes built by an EP Homes certified partner builder.
During the lease term, there are limitations on renovations. Contact the EP Homes Team at 1 888 825 9808 for fetails on renovations.
Yes, all homes from our certified builder partners come with a standard builder and new home warranty guarantee. During your lease term, EP Homes will manage the warranty.
Payments are based on the value of the home and the lease term.
EP Homes will obtain an independent fair market lease appraisal on the house. Your monthly payment will include the fair market lease amount, plus a savings component. The savings component will accumulate to form the down payment 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.
Yes, we require a one-month rent + a pet deposit (if applicable) prior to you moving in.
The non-refundable pet deposit starts at $250 per pet and is subject to change without notice.
EP Homes will pay for the property taxes until the end of your lease term.
Any applicable condo fees or homeowner association (HOA) fees will be included in your monthly payment.
You are responsible for setting up and paying for utilities. Any repairs and maintenance will be the homeowner’s responsibility.
You are required to attain and pay for tenant’s home insurance. EP Homes will maintain property home insurance.
The Bridge to Homeownership™ program is offered in the following:
Throughout the lease term, we will provide you with financial and homeownership coaching. At the end of the lease term, the EP Homes Team will help prepare you for the transition to a traditional mortgage.. We will connect you to a few mortgage specialists.
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 Homeownership™ Program. We will discuss possible options with you.
Yes, you can purchase your home on any lease anniversary date during the term.
We strongly encourage you make your home payments on time, every time. Your payment history will be taken into consideration when obtaining a mortgage at the end of the lease.
EP Homes does not offer rentals.
Simply tell a friend, family or neighbour about the EP Homes Bridge to Homeownership™ program and ask them to complete an application. Once your referral is approved* and begins the program by leasing their home, you will qualify for $1,000.