Frequently Asked Questions
about our company, service, and properties we offer on this website:
- What does Rent to Own actually mean?
- What is the Rent to Own process?
- Do appliances or furniture come with a rent-to-own home?
- What if I have bad credit? Can I still get a rent-to-own home?
- Is there a down payment on a rent-to-own home?
- What are the benefits of renting a home to own?
- What are the requirements for a rent-to-own arrangement?
What does Rent-to-Own mean?
In most cases, a rent-to-own agreement is a contract on a property that works like a lease and leads to a purchase. It’s often called a lease with an option – or a lease/option agreement for short.
The lease portion is a standard rental agreement that includes monthly rent, security deposit, and other typical terms.
The option in the contract gives you the right to purchase the property after a set period – usually around 3 years. This allows you to save money towards a down payment, repair credit, increase your income, or improve your ability to qualify for a mortgage.
People usually use a traditional mortgage loan to purchase the property before the option period expires. Still, there are other options if your financial situation has unique needs.
We help many folks like you purchase the home of their dreams.
Fill out the form below to get started on your way to homeownership!
What is the Rent to Own process?
The rent-to-own process is pretty simple.
Once you’ve seen one of our fantastic properties, 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 to rent the property, sign the lease, pay your security deposit, and rent, move on!
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.
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!
First, sign up to find great properties by filling out the form.
You’ll get immediate access to great rent-to-own homes and a lot more.
Sign up and get started now!
Do appliances or furniture come with a rent-to-own home?
Most of the time, furniture isn’t included with a lease/option purchase.
Generally, the essential appliances are there – like a refrigerator, stove, oven, and sometimes extras, like a dishwasher, a washer, and a dryer. Parts of a property that are installed or attached – like the heating system and air conditioning – are included.
Sometimes, we’ll offer a property that includes some furnishings. Most buyers want to bring stuff from their previous home, so furniture is sold separately.
Many companies out there provide a rent-to-own service for furniture or extra appliances, and you’ll get many choices on styles and types.
But be careful!
Even though rent-to-own real estate can be a great deal, some (not-so-honest) furniture companies will charge you huge amounts for a rent-to-own agreement. You might end up paying 2-3x more for these products than if you bought them outright.
Plus, those appliances will probably decrease in value – unlike real estate, which usually goes up.
Of course, you want your money to go to an asset (like your home) that will rise in value, not expensive interest payments on new furniture.
So don’t wait! Fill out the form at the bottom of this page to get started.
What if I have bad credit? Can I still get a rent-to-own home?
Yes, you can! Many people with bad credit can still get a rent-to-own home.
Every situation is different, but we specialize in helping people who have been through tough circumstances (or just made mistakes in the past) to repair their credit and get started on the path to a great financial future.
Even if your credit is bad, you can still own a property!
One of the significant benefits of a rent-to-own scenario is that it gives you time to repair your credit before you purchase your home. You’ll enjoy many benefits of homeownership while rebuilding your credit and saving money towards a down payment.
So fill out the form at the bottom of this page now and get your piece of the American dream!
What are the benefits of a rent-to-own home?
There are a lot of benefits to a rent-to-own agreement!
Many smart people are using rent-to-own agreements to get the home of their dreams without having to qualify for a bank loan right away.
Banks have tightened their lending criteria in the past few years. Most people who use a rent-to-own agreement want a few years to get ready to qualify.
Here are a few more reasons to use a rent-to-own agreement:
- Try before you buy! You get to live in your rented home before you purchase it, allowing you to make sure it’s your dream home. If you don’t like the house, you don’t have to complete the purchase.
- Own without great credit or a big down payment. You can immediately start feeling like a homeowner while saving and improving your credit.
- Privacy. You’re not listed as the purchaser on public records until closing, giving you years of privacy.
- Move in fast. Since you don’t have to wait for a mortgage, you can often move in right away and start living a new life in the home of your dreams!
So don’t wait! Get started by filling out the form at the bottom of this page.
Is there a down payment on a rent-to-own home?
Not right away!
You don’t have to have a down payment until your purchase is complete (typically 3 years). However, there is usually an amount due upon move-in and execution of the option to purchase agreement.
Just like any other lease agreement, there may be a security deposit and a small application fee in addition to the fee upon move-in. Of course, you’ll have to pay rent each month.
We can help you to structure the perfect scenario to meet your needs. We’ll show you the rent-to-own calculators and formulas we use to prepare your agreement and help you determine what’s best for you.
So don’t wait! Get started by filling out the form at the bottom of this page.
What are the requirements of a Rent-to-Own arrangement?
We know that every person, family, and situation is different.
We do our best to help you uncover creative solutions to help you own the home of your dreams.
Once you’ve had a chance to check out the house, you’ll fill out a rental application that will include detailed information on everyone living in the home.
We’ll conduct a credit check and verify the income(s) for everyone over 18 living in your household to confirm that you can make your monthly payment.
People with bad credit, no credit, limited cash available, and other financial situations have all been able to lease and then purchase their perfect piece of real estate.
We’ll speak with your references and previous landlords because relationships matter to us more than just scores assigned by a computer.
We love helping great folks reach their dreams, so don’t be afraid – fill out the form below to get started!