Frequently Asked Questions
Prequalification
Temple works with tenants who can put down an initial payment equal to 2.5% of the market value purchase price–a substantially lower amount than a traditional mortgage lender requires.
You will need a government issued identification card like a national ID or passport as well as proof of legal residence or citizenship in Ireland. You also need to provide documentation of creditworthiness, possibly including credit histories, bank statements, and proof of income
No. Temple offers a free, convenient prequalification process that comes with no commitment. We make it easy to see if you qualify for our Future Owners program.
No. There is no impact to your credit score to see if you qualify.
Rent
Temple, through its network of partner investors, owns the tenant property through the duration of the rent-to-own lease agreement. Once the tenant has contributed the necessary funds, the financing changes to a traditional mortgage naming the tenant as the property owner.
Tenants are required to pay market rent for the home during every month until the home is purchased through a traditional mortgage. Any additional payments made towards the purchase of the home are voluntary.
When the tenant has invested 15% or more towards the market value purchase price of the home, he or she may request a transfer of ownership through a traditional mortgage.
We’re growing quickly, adding an average of 150+ properties per year to our portfolio through active partnerships that help source and secure high-quality residential opportunities that fit our client’s needs.
Temple offers an alternative to traditional mortgage lending using a network of investors who can qualify for the loans and put up the significant down payments required, easing the burden on the tenant while still providing access to the property through a rental lease.
From the time that the tenant makes their initial 2.5% down payment until he or she qualifies for a traditional mortgage (usually 15% or more), the property is leased to the tenant. Once the tenant has put 15% or more down towards the purchase through rent installments and additional investments, the property is refinanced using a traditional mortgage in the tenant’s name–transferring ownership.
Other
Tenants who wish to vacate the property will receive a return on their investment resulting from appreciation.
Our initial target market is in Dublin, Ireland. However, we have ambitious plans to expand through the UK, US, and Canada.
We find that many of our tenants take pride in caring for the homes they will one-day own. However, when maintenance needs arise, Temple will facilitate necessary repairs at the expense of the property owners for any leased property. Once a tenant becomes the legal property owner, he or she becomes responsible for all maintenance needs.
The tenant purchases the home based on market value at the time that the mortgage is initiated. If property values have changed significantly during the lease portion, this may impact the final purchase price of the property.
Get prequalified
Getting prequalified for Temple’s Future Ownership is a crucial step in your journey towards homeownership.
We make renting work for you, putting your savings towards your dream of owning your home.
How we help you
We’re solving the home ownership problem, bridging the gap between committed tenants who are ready for homeownership and the large down payments and tight restrictions that mortgage companies require.
