To qualify for a Rent to Own you will typically need a down payment and 1st months rent. Typically a credit score of 575+ is needed.
The object of a Rent to Own is just that, renting your way towards home ownership. Each time you pay your rent, a portion is being saved for you as a down payment or reducing the purchase price. Over time you will accrue some valuable equity. Most Rent to Own agreements have a timeline in which you must purchase the property through traditional means of obtaining a mortgage. This timeline is typically 1-4 years. At which point your down payment and rent credit will be applied to the purchase price and in some instances used as down payment assistance.
It’s common that many of our properties for lease can be substituted as a Rent to Own. To find out more, please give us a call.
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