Below we have outlined the basic advantages for you and your family.
There are two main parts to this. First you have a two year lease and then an option to buy contract for your home. The option to buy contract is a contract in your favor, you get to decide whether or not to buy the home during the option period.
When you sign a lease with an option to buy contract, you must pay the landlord/seller an option payment. This money is your vested interest in your home and will be fully credited (100%) to your down payment of the home when you exercise your option (buy the home).
There is a minimum of cash out of pocket. With a lease and purchase option you pay only first month's rent and the option payment. The option payment amount is negotiable based on the price of the home and is usually between $3,000 and $5,000. However, please be aware that this money can only be used towards your purchase of your home and is not refundable.
Your credit problems are okay as qualification restrictions are not as strict as conventional financing. You will be approved at the discretion of the landlord/seller. Time is now on your side. Before you actually buy the home, you will have time to repair your credit and find the very best financing available.
You get peace of mind. You will have full control of the home and can maintain it or improve because it will be yours when you exercise your option to buy.
When it is time to buy your home you just finance it for the price as determined by the purchase option agreement signed originally.
Typically Rent To Own homes are a recently constructed four-bedroom, two-bathroom home with a two or three car garage. Please check in the button on the left side and click on Rental Home Search to see which homes are available for the Rent To Own program.
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