1) What is the Lease with an Option to Purchase Program?
Our Lease with an Option to Purchase Program (the “LO Program”) allows you to find a home that you want to rent from us initially, but who may also like to buy at any time within the next six years.We believe that there are many households who may be thinking about buying a home but for whatever reason would like to rent at the current time.You can lease the home for up to six years, depending on the state, and you may purchase the home from us at any time at a predetermined price in accordance with the Option to Purchase agreement.

2) Who is eligible for the LO Program?
We have certain minimum criteria for our program. Your household must have a monthly income that is at least two times the monthly rent of the home being leased. You must have stable employment. We cannot accept you into our program if you have just been evicted or have a pending bankruptcy. Everyone in your household will be subject to a criminal background check.

3) How do I apply to the LO Program?
Every member of your household who is 18 years of age or older must complete the Application for Residency. The Application for Residency requires certain information, including residence and employment history, for each member of the household. Prior to moving in, you also must provide income verification for each member of the household whose income is to be considered in determining the rent approval amount in order for your application to be considered complete. If you are moving from a different state or starting a new job, we will need confirmation of your new job and income.We take several factors into consideration when reviewing an application, which include household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, and FICO® scores.We will usually make a decision on your application within 1 to 3 business days of receiving all required information.

4) How much does it cost to participate in the LO Program?
We have a one-time Application Fee of $35 which must be paid online as part of the application process. This $35 Application Fee will need to be submitted for each adult applicant and is nonrefundable.

5) Why might my application be denied?
We take several factors into consideration when reviewing an application, which include household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and FICO® score. We consider the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.

6) Do you own the homes shown on your website?
In the vast majority of cases - yes. The homes shown on our website are listed for sale in the markets in which we operate. This list of homes automatically feeds into our website from a listing service and is updated on a regular basis. Homes are available on a first-come, first-serve basis, and the information on available homes shown on our website is for informational purposes only and cannot be guaranteed by Sunrise Communities.

7) How much does it cost to move in?
The total cost to move-in is the sum of two amounts: 1) First Month's Rent, and 2) Option Payment. Generally, we require an option payment equal to 10% of the home's current value. For example, let's say you are renting a home for $750/month, and the home is currently valued at $15,000. Then your total cost to move-in would be $2,250 ($750 + $1,500). Please note that the full Option Payment is returned to you when you exercise your Option to Purchase the home.

8) How long does it take from when I select a home to when I move in?
Once you are approved, you will need to supply your proof of income and cover the total cost to move in. At that point, you will receive the keys to your new home and you can move in that same day.

9) What happens after I move in?
You are our tenant, and we are your landlord. You have entered into a lease with us, and we are both bound to the terms of that agreement. We will collect your monthly rent and perform any necessary repairs that are our responsibility after you move in.

10) Are the monthly rent payments that I make applied to the purchase price of the home?
No. Monthly rent payments are not applied to the purchase price of the home. If you decide to exercise your Option to Purchase on a given Exercise Date, you must pay the full predetermined price as set forth in the Option to Purchase Agreement. That said, you can always make a fair offer to purchase the home at any time throughout the duration of your lease.

11) How do I exercise my Option to Purchase?
You may notify us at any time that the Lease is in effect that you would like to exercise your Option to Purchase. However, you must provide us with that notice in writing at least 60 days before you want to complete the purchase. This allows us time to get the home's title prepared for you. Once you notify us that you want to exercise your Option to Purchase, we will contact you to get the process started.

12) Can I buy a home in the middle of a lease term or do I have to wait until the end of the year?
You can exercise your Option to Purchase at any time during your Lease. However, you must provide us with written notice of your intent to exercise at least 60 days before you want the sale to close.

13) Do you provide me with a mortgage when I decide to purchase the home?
We are not a mortgage company and we will not provide or arrange a mortgage loan for you. We cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Option to Purchase. On some occasions, we may (but are not required to) finance a portion of the purchase price in excess of the Option Payment. Such financing will be evidenced by an unsecured promissory note.

14) Can I have pets in my home?
We know that pets can add to that special mix of family and our communities support your love for pets. With a few rules, your community welcomes pet ownership and keeping them in the family fold. Residents are allowed a maximum number of two (2) pets (cats or dogs) in the home. Pets must be community registered. All weights and sizes are accepted. One pet is $30/month. Two pets are $50/month. No pet deposit is required. For the safety of our residents, Sunrise Communities recognizes all city and county legislation which may restrict or prohibit animals that are known to be a breed demonstrating vicious or aggressive behavior. We expressly prohibit the following dog breeds (including partial mixes of same): Doberman, Pitbull, Rottweiler, Wolf Dog, or Mastiff. Further, livestock/farm animal pets such as pigs, horses, chickens and goats, aquariums over 20 gallons, and exotic, and verminous pets, are not allowed. Please note that although assistance animals are excluded from our pet policy requirements, supporting documentation is required to qualify as such. We expect all residents to abide by city and state laws.

15) Do you have any home incentives or promotions?
Yes! Please ask about our Tax Max Program, which allows you to get a cash advance on your Tax Return. You can use this cash however you like. It could help you cover the total cost to move in, or you could apply it to the purchase price of your home. If you decide to use our Tax Max Program when you exercise your Option to Purchase the home, we will help you Double Down. Let us file your taxes, and we'll double your tax refund - up to $3000!