Rent to Own Homes in Cedar Rapids | Faq's on Rental Houses and Apartments

Frequently Asked Questions

How much is the application fee?

Once you have found your home, a $20.00 non-refundable fee is required for each adult resident. If an applicant's legal status allows Mission Builder to retrieve one combined credit report on two applicants, then one application fee is permitted.

This fee is for the administrative costs of processing your application and retrieving credit bureau information.

If no homes are available for you now, you may get pre-approved by submitting a completed application and fee along with details of the home you seek.

Once approved, you will be next in line on the next available home that fits your guidelines. (Many homes never make the available list due to this procedure)

If you are pre-approved and you find another home BEFORE a Mission Builder home becomes available, your application fee will be refunded. We want you to come back to Mission Builder and we are not in the business for application fees.

There are several ways to get an application -- Call and have one faxed to you or download an application

Applications must be turned in with a readable copy of a valid photo id.

How much is the Security Deposit?

Single family homes security deposits are determined by the following formula –
Security deposit is equivalent to one month's rent PLUS $50.00.
For example, a home with $799 rent will have deposit of $849.
Apartments have varying security deposit requirements, generally equivalent to one month's rent.
Refer to the information on the apartment listing for specific dollar amount.

Can I put a "DEPOSIT to HOLD" with my Application?
DEPOSIT TO HOLD WITH YOUR APPLICATION

Providing there is no approved application pending, you may put a deposit to hold on a home when you submit your application.

An amount equivalent to the security deposit is needed for a DEPOSIT TO HOLD. Once approved, your Deposit to Hold money will be used for funds needed to complete the rental agreement process.

If you are approved and decide against renting the home, you will forfeit the DEPOSIT TO HOLD money.

If you are not approved, your deposit to hold money will be returned to you within 30 days.

How do I qualify?

We are happy and pleased that you are considering a home with Mission Builder. We are very proud of our homes and believe you will be too. Our requirement standards for qualifying to rent a home are simple and fair.
They are:

Your net monthly income must equal approximately three times the monthly rent of your home.
You must be employed or furnish acceptable proof of required income.
You must have good references from previous Landlords.
Occupant limits of two persons per bedroom, as stated in the city housing code.

No Credit or Bad Credit will NOT prevent you from renting a Mission Builder Home.
Compensating factors to qualify can be:

additional deposit
pre-paid rent
co-signers

We look forward to working with you. Mission Builder is committed to providing professional service without regard to your age, color, creed, familial status, gender identity, marital status, mental disability, national origin, physical disability, race, lawful source of income, religion, sex, sexual orientation or association.
If you have questions, please call.

How long does it take?

HOMES READY NOW

Take priority over "expected available" soon.
Applications for "homes ready now"
We try to complete your application within 24 hours on business days.
Sometimes processing takes longer due to items beyond our control.
Such things as verifying your rental history sometimes requires written or faxed requests and former Landlords do not always make You their top priority; however, we are successful at processing your application within 24hrs in most cases.

IMPORTANT: Once approved, you have 24hrs to properly complete your rental agreement or Mission Builder may move on to the next application for this property. We apologize for this 24 hour rule; but, this prevents more problems than it causes.

For example, imagine you want the home on 123 Main Street and you learn that an approved applicant is in front of you. You know that they have 24 hours from the time they are approved before they disqualify their own application for not showing up, and now you can rent the home you wanted. How long would you want to wait? Each day delayed is also another day of lost rent. Although this policy seems strict, it really does prevent problems instead of causing problems.

HOMES "EXPECTED AVAILABLE SOON"

These applications are processed in a timely manner, usually within 3 days.
Sometimes processing takes longer due to items beyond our control.
Such things as verifying your rental history sometimes requires written or faxed requests and former Landlords do not always make you their top priority; however, we are successful at processing your application within 3 business days in most cases.

What is an Option to Buy?

An "Option to Buy" or "Rent to Own" 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 $1500 depending on the purchase price of 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.

With Mission Builder’s Rent with Option to Buy Program, you can shop for a home just like a regular home buyer. 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.

Some financial institutions may actually allow you to refinance your home. Call today for more information on this program to homeownership.

Can Mission Builder finance my home purchase?

Mission Builder is not in the business of making loans for home purchases.
Mission Builder is in the business of keeping good customers for a long time.
        On occasion, we have assisted established Mission Builder 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 types of cases, Mission Builder has financed part of the down payment money.
       In a few situations where an established customer has trouble getting a decent interest rate on a home loan due to some glitches on their credit report but they have maintained an excellent payment history over 24 months or more with Mission Builder, we have financed the purchase of their home using "Contract for Deed" and Owner Financing purchase plans.
      If you feel like you can not buy a home right now, Mission Builder might be your answer. Call today.

What should I consider before looking for a Mission Builder Home?

Even before starting to look at homes, find out what price home you can afford. In general, you can afford a house payment that is one third of your net monthly income

More precisely, the price you can afford to pay for a home will depend on five factors:

income
cash available
outstanding debts
credit history
current interest rates

The 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 30% of your net monthly income.