Your Path to Home Ownership has Arrived!
Cavalry Homes is committed to providing the bridge to homeownership. Our program is simple, transparent, and affords potential homeowners an opportunity to select the home of their dreams. From first meeting to close, Cavalry Homes helps Clients take the necessary steps toward a traditional home mortgage.
How it Works
To initiate the lease, the Client will provide 5% of the total purchase price of the home to be held in escrow as the Client’s Right to Purchase Option.
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During the course of the Lease the Client makes regular, on-time monthly payments via direct deposits.
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On the yearly anniversary of the Lease, both the Right to Purchase Price and lease rate increase.
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Once the Client is ready, they execute their Right to Purchase Option, move to close on the home and the 5% Purchase Option Consideration and Security Deposit are returned to the Client.
Key Considerations
The Right to Purchase Price may be higher or lower than the value of the home
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Cavalry Homes is not a mortgage company, does not have any obligation to provide or arrange a mortgage loan and cannot guarantee that a resident will be able to obtain a mortgage loan
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The Client may not be able to exercise their Right to Purchase Option because he or she may not qualify for a mortgage loan from a third party lender
Frequently Asked Questions
What Is the Term of The Lease?
Each Lease is a 12 month lease with four additional 12 month options to renew.
What Is The Right to Purchase Option?
The Right to Purchase Option allows the client to purchase the home at a predetermined price when they choose to exercise their option.
How Much Is The Purchase Option Consideration?
5% of the total purchased value of the home.
What Happens When My Lease Is Set to Expire?
Vacate or Renew: Tenant provides 60 days written notice prior to the leases expiration date with their intentions.
Exercise Right to Purchase Option: Tenant/Buyer provides 30 days written notice any time after the first 12 month lease period of their intention to exercise the Purchase Option.
What Happens To My Security Deposit When...
Vacate: Security Deposit is utilized by Landlord to fix issues or damages caused by tenant while occupying the home. Any excess Security Deposit will be returned to Tenant.
Break the Lease Term: Landlord retains the entire Security Deposit.
Exercise Right to Purchase Option: Landlord returns entire Security Deposit back to Tenant/Buyer.