Apply for Free in less than 3 mins to find your Home buying budget. No impact on your credit score and non-binding to you.
Pick your dream home and let us know. We will do a “rent to own” agreement between the landlord and you.
Rent your home while we work with you to make you a Homeowner. Our program turbo-charges your monthly savings for Down Payment by sharing the gains from Home Price Appreciation with you.
Homeownership is one of the best ways to build wealth and secure one’s future. Utopia reduces any and all factors that could prevent you from owning a home by fast tracking your homeownership journey. Here is how:
Find out moreWe want to try out the neighborhood by living in it before buying the home. So, Utopia gives you the opportunity to live in the neighborhood and see if it is the right one for you before you buy a home.
Maybe, We don’t have the perfect credit score to be eligible for Mortgage. So, Utopia’s credit experts work with you to help you improve your credit score.
Sometimes, we don’t have the boatloads of cash to make the downpayment for our dream home. So, Utopia helps you in saving and earning enough money over 2-3 years to be mortgage ready.
You can buy your home as and when you are ready. And, if life happens and plans change then you can walk away and get your savings back.
Utopia Homes is continuously expanding across the Country. Our Homeownership program is currently available across major cities in the highlighted States on the Map.
These states are as follows: Alabama, Arkansas, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Carolina, Nebraska, New Mexico, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, West Virginia, and Wisconsin.
We strongly believe that everybody should own their dream home and our Innovative program is designed for those who are not yet ready for a mortgage and already know that “renting to own” is a far better way to generate wealth than “just renting”. Our program gives you the option and NOT the obligation to buy your dream home.
Utopia is the world's 1st rent to own marketplace that matches approved customers and Landlords. So, on one side, we help our customers achieve their homeownership goals faster and on the other side, we help our landlords generate far higher (up to 2X) returns from their rental properties. Once our customer selects their dream home, we do a 3 year “rent to own” agreement between the customer and the landlord. During this time, we help the customer become mortgage ready by helping them improve their credit & save enough for a mortgage. Similarly, we help our landlords achieve higher yield, lower repair and maintenance expenses, timely rent payments, reduced vacancy rates, and minimal closing costs.
When you rent through Utopia, you have the option but not the obligation to buy your rental home by signing a purchase option agreement with the landlord. You get a Wallet where your savings and earnings sit and grow every month. Your Utopia Wallet can grow in 3 ways:
1) Your contributions: When you sign the lease, you do not make any security deposit but you make an initial contribution of 1 to 3 percent of Price of Property (also called purchasing option premium). During the lease, you can make additional monthly or one off contributions so as to save for your down payment to buy the home.
2) Profit Sharing in Rent: Every month you earn a share of the rental profits. These rental profits are added to your wallet on a monthly basis and further grow your wallet.
3) Home Price Appreciation: With our innovative program, you also earn a portion of the increase in home value during the term of the lease. So, As the value of your rental home increases, the value of your wallet also increases to make you downpayment ready sooner.
For Customers: If you have a credit score of at least 550 and earn $3,500 per month or more then we encourage you to apply (It’s free) and get pre-qualified. We also take into account DTI Ratio and timely payment history to ensure that you would get a mortgage in the next 2-3 years. You can find your dream home from our listings. Once you select a home, we do the due diligence on the selected home and if everything checks out then we do a “rent to own” agreement between the landlord and you. At this stage, You will be asked to contribute up to 3% of the Home price into your Utopia Wallet. This money gets credited toward your down payment when you are mortgage ready to buy the property back from the Landlord.
For Landlords: if you have a single family home or Townhome in ready to move in condition then you can list your rental property on our platform for free. We match you with a Utopia approved “rent to own” customer who is capable of paying the monthly rent and interested in buying back your property in 3 years or less. The rent, current market price and future buyback price are all determined beforehand based on Utopia’s market research and after our in-depth conversations with you. Our landlords generally achieve higher returns (Up to twice as much), lower repair and maintenance expenses, timely rent payments, reduced vacancy rates, and minimal closing costs
We do understand that sometimes life happens. So, if our customer chooses not to buy the home at the end of the lease agreement then the customer gets back all the monthly savings contributions in the wallet. The customer will only lose the 3% that he/she had put down to partially cover the landlord's re-selling cost of the home.
Reach out to our team to learn more about our program. We will be delighted to hear from you.
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