From Hopeful Homebuyer to Happy Homeowner
Between our cash offers and proprietary financial technology we work to put you in the best position we can to help you achieve your home buying goal.
A New Path to Homeownership
Cherry saves a portion of your rent each month to use towards your home purchase.
What are the benefits of rent to own?
Stack Your Coin
Our goal is to help you be a homeowner. We will set aside a portion of your rent each month for you to use towards your home purchase.
New Plan? We’re Flexible
You do not have an obligation to buy the home at the end of your term.
All the Pros, None of the Cons
From maintenance to customer support to your repurchase, we have you covered. Our goal is be the best partner we can be during your home journey.
How Rent to Own Works
Step 1: Apply for Our Rent to Own Program
Fill out our free online application. It doesn’t impact your credit score and you do not have to commit to using Cherry.
Step 2: Get Your Home Budget
Once approved, we will send you and your agent your Cherry Buying Budget. You can shop for homes up to that limit.
Step 3: Find Your Home
Your agent will submit your Cherry Offer on the home. We can close in as little as 21 days since we are buying the home cash.
Step 4: Move In and Start Saving
After the Cherry Offer is accepted and we close on the home, you’ll get the keys. A portion of your rent will be saved for you to use for your down payment.
Step 5: You Can Buy or Say Bye Bye
Buy back at any point in your 3 year lease. If your plans change, you are not required to buy the home back. We ask for a 45 day notice for any move outs prior to the end of your term.
How much does it cost to use Cherry’s Rent to Own Program?
Our pricing is simple, transparent and easy. For our Rent to Own Program, our cost is 1% Purchase Price + Monthly Rent.
How is rent determined?
Rent is based off of several factors such as home’s location, size, condition and amenities. We save about 12-20% of your monthly rent each month and track your total savings on your portal.
When do I pay the 1% to Cherry?
As part of our process we require the 1% to be put into escrow as an earnest money deposit, once the contract is accepted.
When do I pay rent?
Rent is due the 1st of each month. You’ll pay rent online through your Cherry Portal. Your rent has built in savings (shown on your Cherry Dashboard).