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Rent to own in Ontario after bankruptcy or a consumer proposal

A bankruptcy or consumer proposal on your credit file does not always rule out owning a home, but it changes how a rent-to-own deal is set up. Providers that work with this situation usually care about three things: whether you have been discharged or are making proposal payments on time, how stable your income is now, and how much you can put toward the option fee.

Expect the provider to ask for your discharge or proposal paperwork, recent credit report, proof of income and bank statements. Many pair the rental period with a credit rebuilding plan so you are ready to qualify for a mortgage when the term ends.

  • Discharge date: lenders often want a set period of clean payment history after discharge before approving a mortgage.
  • Option fee and rent credit: ask exactly how much is credited toward purchase and what happens if you do not buy.
  • Exit lender: ask which lenders past clients have used to close.

What it costs

Costs depend on the option fee, the monthly rent premium that builds your credit toward the purchase, and any fees for credit coaching. Home price and the length of the term also move the numbers. Get every figure in writing before signing.

Top 3 by our score

Ranked from our published scoring of public Google reviews for mortgage & credit rebuilding support.

  1. 94
  2. 91
  3. 90

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FAQ

Can I rent to own with an active consumer proposal?
Some providers will work with you if payments are current and you have steady income. Others want the proposal completed first. Ask each provider directly.
What documents should I bring?
Bring your discharge certificate or proposal paperwork, a recent credit report, proof of income and recent bank statements.
Will rent to own fix my credit?
Not by itself. On-time rent and a credit rebuilding plan help, but you still must qualify for a mortgage at the end of the term.