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You do not need a loan for rent to own homes. Think of rent to own homes as an opportunity to rent a home that you have the option to buy during the lease

Some rent to own homes allow you to have a pet some may include a pet fee some do not. If you want the option to have a pet make sure you agreement allows for the type of pet you want.

Can you rent to own a foreclosed home? No. Most banks do not rent to own homes. Also you should not rent to own a home from a seller who is going through a foreclosure prodedure.

In many rent to own programs, the company works with you to find a house you like, and then they buy it outright. The tenant-buyers sign a lease and pays the monthly rent. But unlike your typical lease, you opt to have the right but not the obligation to buy the home.

Tenants are responsible for all required repairs and maintenance. They might also have to pay for homeowner's association fees, property taxes, and insurance.

No, when you sign a lease-purchase agreement, you agree to buy that home. When you sign a lease option agreement, you have the option but not the obligation to purchase the house

In most cases the option fee is non refundable beause you are paying for the option to buy that house at a future date at a certain price.

Most rent to own agreements ask the tenant-buyer will pay for repairs up to a particular doallar amount. Review your agreement with a qualified professional

It can but it is not automatic make sure to read your agreement and always have a qualified professional review your agreement before signing or handing over any money.

You shouldn’t rent to own if you are not able to become mortgage eligible by the end of the lease.

Both the seller and buyer can benefit from rent to own homes. The buyer benefits from time to improve credit and save for the downpayment to buy the home. The seller benefits from a committed buyer, steady cash flow and a great selling price.

No, but some people will try to scam you. First, make sure the person you are dealing with owns the house, the house is not in foreclosure, be clear of all the fees, and all your responsibilities in the agreement. The best piece of advice is to have a qualified professional look over the contract before you sign anything or hand over any money.

Rent to own homes isn't to be feared as long as you know what is in the agreement. One of the main cons of rent to own is that if you don't purchase the home, you lose your option payment and any savings that was to go to your down payment.

The terms rent to own homes and lease to own homes are the same thing. The most important thing to a home buyer will be the terms laid out in the agreement.

A rent to own agreement includes the purchase price you will pay for the home, the standard rent you pay each month, how much of the rent if any goes toward the down payment, your option deposit and maintenance and other fees and obligations.

There are no standard qualifications because every agreement is different. However, you can expect to be asked for proof of income, a clean background check, a credit score that can be improved quickly enough to qualify for a mortgage within the lease time, to name a few things. This is not a complete list of requirments each seller can ask for different things

A lease option to purchase works when a tenant leases a home from a person looking to sell his or her home but is willing to wait for the full sale proceeds at a later date. The tenant leases the property and has the option to purchase it. You retain this option by paying an option payment at the beginning of the lease and paying premium rental payments each month. To initiate the lease option to purchase, you first sign an agreement with the seller. The option gives you the opportunity to purchase the home you are renting at any point throughout the lease but not the obligation

To lease to buy a house, first, you look for a willing seller who will be interested in renting to own his or her home. To get started, you pay an option fee for the right but not the obligation to purchase the home. You pay the monthly rent to the seller. If you buy the house, the option fee and a portion of the rental payments go toward your down payment to buy the home. If you choose not to buy the home, you can walk away.

There are a few Realtors who will help you find a rent to own home unfortunately not many so you will have to be prepared to search for them

No you do not need a Realtor to rent to own a home. However it is recommended that you get a qualified professional to look over your agreement before you hand over any money or sign any papers

Yes rent to own allows people time to improve their credit and save for the downpayment to own the home they are leasing to own.

Rent to own homes does not fix your credit. it allows you to live in the home you hope to buy while you improve your credit

You will have to pay off any outstanding rental payments from your previous rental, and it cannot be a recent eviction.

Most rent to own homes programs require you to have been discharged from your bankruptcy for at least 3 years. A couple may accept less than 3 years. These can change without notice

There are a few companies that will allow for rent to own homes during a chapter 13. You must be current on your payments and have a minimum credit score of at least 600+

A divorce can be devastating to your finances. Rent to own can be a great way to have things settle down in a home you may want to buy in the future

It depends on the availability of homes in you price range. We have completed transactions in as little as 15 days.

Yes rent to own works in all price ranges

It depends on the term a private owner will accept. Most programs will decided on a case by case basis.

Yes you can rent to own homes in all price ranges. The fact that you owned a home before is not a hinderance. Only your current credit, down payment, current working sistuation and a background check is what is reviewed.

Yes. You can rent to own a home and take the time during the lease to improve your credit and save for a substantial down payment, then buy the home you chose and are currently renting to own

Yes It is. If you are relocating to an unfamiliar area, rent to own homes allows you to try it before buying it. If you have slow credit or limited down payment, then rent to own homes can be a viable option

Yes. Some private owners will allow you to rent to own with no credit but they will ask you to put down a larger down payment

Rent to own is an agreement between an owner and a tenant-buyer. The tenant-buyer will rent the home with the exclusive right but not the obligation to buy the house during the time of the lease. The seller agrees to sell the home to the tenant-buyer on the terms of the agreement.

That varies. It depends on the program being offered. If it's with a private owner, then it depends on what you can negotiate. The lower the credit score generally, the higher the down payment.

Yes. You should always make sure you are dealing with a reputable company and engage a qualified professional to look over any documents before you sign or hand over any money. In all businesses, some unscrupulous people will try to take advantage of you.

When you rent to own, you have the flexibility to live in the house for the lease duration, and if you don't like the house, you can leave without any obligation to buy it. If you buy the house, you are stuck in that house until you sell it

They are similar but with owner financing the seller will be the banker for the term of the loan. In Rent to Own Homes at the end of the lease you are expected to get a loan from an outside lender.

That varies often you need from 3% - 10% down payment

Pros and Cons of Rent-to-Own Homes. 1)move into a home right away. 2)take the time during the lease to improve your credit to qualify for a home loan. 3) some agreements allow a portion of the rent to go towards the price of the home. 4) you don't need perfect credit. Get the home for the current market value. Cons you will pay premium rent. You will be responsible for maintenance up to a certain amount.

You should learn about the sale and rental price of similar homes in the area. If the seller gets the price of the house you get a better deal on the monthly rent including what precentage of the rent goes towards a downpayment if you buy the home

You will need some savings to get started with Rent To Own Homes. Some programs allow for you to use 401k funds or even a gift from a family friend or relative.

The short answer is Yes. Some Real Estate Agents don’t understand rent to own homes and such incorrectly discourage their clients from entering into that form of agreement. Find a qualifed expericed Real Estate Agent who understands Rent To Own Homes to educate you about the process and then make an informed decision if this is right for you.

Like all businesses there are some bad players in the rent to own market. When you are dealing with a reputable company rent to own is safe and a good way to get started on your dream of homeownership. As is all real estate transaction it is wise to seek qualifed professional help before you sign any documents

Yes - Rent To Own programs can be an attractive option for buyers, especially those who expect to be in a stronger financial position within a few years. Some of the benefits include: Buy with bad credit: Buyers who cannot qualify for a home loan can start buying a house with a rent-to-own agreement. If you are new to the area or relocating, Rent To Own homes offers you a chance to live in the home with the option to buy it. If you choose not to buy, then you can simply give the appropriate notice and leave without any further obligation to purchase that house