Answers to Common Questions
How long does it take to get approved?
From start to finish, usually about 4-5 business days.
Can Cranberry be flexible on eligibility?
We're always happy to consider special circumstances. Tell us your story, and we'll go from there.
What documents do I need to submit?
Most recent pay stub or last tax return
Bank statements for the last two months
Copy of government issued ID
Will applying affect my credit score?
No, we use a "soft credit" inquiry so your score is not impacted.
Find a Home
What types of homes are eligible?
We only currently work with single family residences and some condos. We are not able to purchase the following: foreclosed or bank-owned properties, distressed or heavy repair properties, mobile or manufactured housing, properties with significant land components, or rural properties. Homes must be in the Greenville-Spartanburg, SC metro and surrounding area.
How do I find homes?
Once approved, you can work with one of our real estate agent partners on your search.
How does the initial purchase work?
Submit the home you'd like to purchase for approval.
Once approved, we'll have you sign a 3-year lease and place your upfront contribution directly with the licensed attorney handling the closing. If the home cannot be purchased, you'll be refunded the contribution, less any third-party costs paid by Cranberry (e.g. appraisal, inspection, lost earnest money deposit).
We'll negotiate the purchase with the seller and buy the home.
We'll work with you and the seller on the move in date.
Cranberry retains ownership of the home until you purchase it from us.
How does the lease work, and how do you determine the monthly payment?
The lease is for 3-years, with each yearly amount detailed upfront. The rent is determined by the following:
The purchase price of the home
Homeowner's insurance cost
Any homeowner's association due
Expected maintenance on the home
What costs are there for me?
We're upfront with all fees. You should expect to pay:
Upfront contribution: generally 2-3% of the home purchase price
Monthly lease payments
Late fee: if you don't pay rent by the 5th of the month
Damage: if you damage the property, repairs will be deducted from funds returned or billed directly
What's the upfront cash contribution?
Your upfront contribution is made up of two components: 1) a refundable security deposit and 2) a lease option fee. The lease option fee gives you the right to purchase the home at a set price and build up cash every month you make a payment.
If you buy the home from us, you'll receive back your upfront contribution plus any down payment you've built during your lease.
Can I end my lease?
Just like a normal apartment, you are responsible for the full lease. However, if you need to move due to a change in financial circumstances or job relocation, you can sublet the remainder of the lease to a subletter. The subletter must apply and pass our approval process and sign a separate lease agreement. The subletter may not take over your purchase option.
Can I have a roommate?
Yes, you can, but all roommates must apply for and pass our approval process. They must also sign a lease directly with us.
When can I buy the home from you?
You are eligible to exercise your right to buy any time between your scheduled 13th and 34th payment. At which point, you will have 3 months to secure financing and purchase.
How do I buy the home from you?
When you sign your lease, we'll set a final purchase price, generally 2.5% annual price growth per year.
You obtain a mortgage from a lender of your choice.
We'll work with you upfront on a plan for down payment and closing cost savings. You'll build part of your down payment each month with your rent. If your lender allows it, we'll also contribute money towards your closing costs if you buy from us.
What happens if I do not buy the home?
No problem. Cranberry will decide what happens to the property after your lease. We will either sell the home or rent it. If you are interested in renting, we may be able to work with you on a new lease.
You will receive back:
The security deposit, provided there is no damage to the property
A portion of your lease option fee if you help us sell or re-rent the home within 90 days of your move out
Tell me more about Cranberry.
We're on a mission to improve the homeownership experience. We believe financially responsible individuals deserve a path to financial opportunity. Read more about the team.
How does Cranberry make money?
Cranberry makes money in two ways:
Your monthly rent covers a management fee
We set a price upfront for you to purchase the home that is slightly higher than our acquisition cost.
Where are you based?
Our team is located in both Boston, MA and Greenville, SC. We'll plan to meet you in person as you work your way towards the purchase.