Frequently Asked Questions

Buying a house is one of the most impactful decisions you’ll ever make- we’re here to give you confidence for the road ahead.

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Q:
How do I trigger the purchase process for the home?
A:

Let us know when you are ready, and we will walk with you through each step! It is as easy as that!

Q:
Can I paint walls?
A:

Yes. Because we hope you become the owner of the home, we encourage you to make it your own. However, if you decide not to buy the house, the home must be returned to the original condition.

Q:
Can I have a pet?
A:

Yes. Learn more about our pet policy.

Q:
Am I required to have renter's Insurance?
A:

Yes. You are required to demonstrate proof of personal liability insurance and renter's insurance. Additionally, if you have a dog, your liability insurance will need to cover dog bites. We can help you get the insurance you need if you'd like.

Q:
Am I required to stay for five years? Can I buy the home from Pathway sooner?
A:

No. We lock in the rent and your purchase price for 5 years, so you can have the security of knowing, but there is no requirement to rent the property for three to five years. Your lease will be for one year at a time, with the option to purchase the property any time after the second year.

Q:
Do I need to take care of the yard?
A:

Yes. Normal yard and lawn maintenance is a part of your responsibility unless your home is within an HOA that does this for you.

Q:
How is this different from renting a home?
A:

We want to help you save money, eliminate competition and live in the home you want to buy until you become the owner. When you rent with us, you won't have the immediate costs associated with buying a home (down payment, closing costs, etc.). This allows you to live in the home, while you save money to purchase it. As a renter with Pathway you will also have the flexibility to move into another Pathway home (or even move out entirely) if life takes you in a different direction.

Q:
How often can I re-apply?
A:

If you are not initially approved, you can re-apply in six months.

Q:
How many people can live in the home?
A:

The maximum number of occupants will be dictated by local codes and ordinances in the area in which your home is located.

Q:
Is there a security deposit?
A:

Yes. We require a security deposit equal to one month's rent, due before move in.

Q:
Is Pathway available in my Area?
A:

We currently serve select metro areas with plans to expand to many more soon. You can find the areas we purchase in here. Be the first the know when Pathway launches in your market: Sign up for updates.

Q:
Is there an application fee?
A:

Yes. During your application, a $75 application fee will be charged. This fee is non-refundable.

Q:
What does it take to be approved for the program?
A:

We require a minimum household income of $75,000 or monthly income in the amount 3 times rent. Pathway Homes will use TransUnion’s ResidentScore to determine satisfactory credit history to approve your application.  Some outcomes may result in the requirement of an additional deposit, guarantor or denial. We will also do a background check.

Q:
What if I want to move?
A:

We understand that life happens, situations change, and people sometimes need to move. We have designed our product to take this into account. You are always free to move out of the home after giving Pathway proper notice based on the terms of your lease. We will not charge you any penalties or fees if you decide not to purchase the home.

Q:
What happens when I want to buy the home from you? Are there more expenses?
A:

The cost of purchasing the home from Pathway is outlined in your Option Agreement. However, if you need to get a mortgage to finance the purchase, you can expect to pay typical mortgage and buyer's closing costs. If you need assistance identifying a mortgage provider, we can help.

Q:
What if I am not a US citizen?
A:

Our program is designed to help anyone become an owner of a home, even non-US citizens. Permanent residents with a green card and non-permanent residents with a valid work visa are allowed to participate in the program. Additionally, participants in the Deferred Action for Childhood Arrivals (DACA) program‚ also known as Dreamers ‚ are eligible for participation. Any other types of unlawful presence in the United States are not permitted under the program.

Q:
What if something happens to the house?
A:

Please let us know right away if something occurs to cause damage to the home. Pathway will work with you to determine the steps needed in order to fix any damage to the home.

Q:
What if my significant other, family member, or friend wants to move in?
A:

They will need to be added to the lease and go through a background screening if they want to reside in the home full time.

Q:
What kinds of income do you look at and what documentation will I need?
A:

Our minimum household income for pre-approval is $75,000 or monthly income 3 times the rent. If you fall slightly below that, we would love to talk with you about your options. We will verify deposits that have historically come into your accounts on a monthly basis. This is an automated, online process. In most cases, this requires little to no documentation from you.

Q:
What should I expect throughout the process?
A:

First, you select a move-in ready home, and apply. On approval, we will connect with you to reserve the home, set a move-in date, let you sign a lease and then, you'll move in and enjoy the home and benefits until you are ready to buy. We will be with you every step of the way, from home selection to buyback. Our goal is to create the best experience for you as you begin and finish your journey to homeownership!

Q:
What price do you pay for the home?
A:

Pathway Homes has access to real-time market data that helps us determine the price. Our goal is to offer enough to get an accepted contract on the home, while not overpaying. We want your future purchase price to be reasonable and a good value for you, and to make sure we have a safe investment, should you decide not to buy.

Q:
How long is my approved application valid?
A:

Approved applications are valid for 90 days after initial approval. If you have not selected a move-in ready home within 90 days of your approval we will need to validate your income, credit, and background checks again to "refresh" the application.

Q:
What do I need to pay upfront?
A:

Our application only takes a few minutes and has a small application fee. Once you are approved for your selected home, we will collect a fee to reserve the home and get you set up for move-in. Then we collect your first month's rent and a security deposit.

Q:
What is in the Lease and Option Contract?
A:

Pathway's product requires you to sign two agreements: a lease and an option agreement. The lease covers things that you'd see in a traditional rental agreement. The Option Contract is what locks in the purchase price for you. It has all the details that give you the right to purchase the home at the agreed upon price. Your purchase price and rent are spelled out for each year you are in the program, so there are no surprises. Even if property values increase, you won't pay more than the pre-agreed price.

Q:
When can I purchase the home?
A:

After your first year in the home. After that, your lease will renew for an additional year. You can choose to purchase the home at the price specified in your option agreement at any time after that first year, or you can move into another Pathway home or simply move out.

Q:
When can I move in?
A:

In as little as 10 days! As soon as you are approved for your chosen property, and your payments have been made, you can move in with a signed lease agreement.

Q:
When is my first payment and security deposit due?
A:

Before you move-in. You will pay your security deposit and first month's rent payment when you sign your lease agreement.

Q:
Who pays for the utilities?
A:

Residents are responsible for all utility costs. Traditionally, these utilities may include: Electricity, Gas, Internet / Cable, Water, Sewage, Trash. These may vary if your home is within an HOA that covers some of these costs.

Q:
Why should I work with Pathway to buy my home? Shouldn't I just try to buy the home myself?
A:

There is flexibility to move if you decide the home or area isn‚t for you. Easier to qualify - whether you are still working on improving your credit score, putting together savings for a down payment, or both, Pathway's product can get you into a home today while you get mortgage-ready.

Q:
Will my rent change in the future?
A:

The annual rent for each year will be detailed in your lease. You will know exactly what your rent is for each year so there are no surprises!

Q:
Why was I declined?
A:

If we are unable to make a favorable decision we will email you a notice of Adverse Action which explains the reason for our decision. If your circumstances have changed since our last decision, you are encouraged to reapply 6 months after that decsion.

Q:
Will you fix things before I move in?
A:

The homes we purchase will be move-in ready prior to you moving in. All work will be completed by our experienced make-ready team.

Q:
Who is responsible for home maintenance?
A:

We both are. Regular maintenance is your responsibility and while you are renting the home, Pathway is responsible for major maintenance of the home. Once you purchase the home, you are responsible for all maintenance as the homeowner.

A simple, no-committment process that gets you in a home, faster