How Does A Rent To Own Process Work?
The rent to own process is actually pretty simple.
- Join our preferred Buyer list and share with us what type of home you’re looking for, your rental budget, etc …
- If your household fits our financial requirements and you want to apply, we’ll give you an application to fill out. Don’t worry – we help people with all kinds of credit and
financial situations, and if you can afford the property, we can probably help you to own it.
- After you’re approved for the program, we’ll have a chance to search for a property with our realtor. Once you have found a property we’ll agree on a monthly rent amount
and the future purchase terms.
- After you’re approved to rent the property, we’ll agree on a monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time… then at the end of the rental agreement, you can decide if you want to purchase the home at the predetermined price or not.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
However, if you do we’ll credit you a portion of your rent paid to help reduce your purchase price.
How Long Are Rent To Own / Lease Option Terms?
Your lease/option agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property – typically 3 years, but in certain circumstances we may extend your option if you need more time to get your credit or down payment up to the point where you can qualify for a mortgage.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!