How Does A Lease With Purchase Home Agreement Work?
The rent to own process is actually pretty simple.
- Join our property list and tell us what type of home you’re looking for, your budget, etc (START with the form to the right)
- We’ll send you local rent to own / lease option homes that fit your criteria.
- If you like a home and 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 own it.
- 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 or not.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long Are Rent To Own / Lease Option Terms?
When you engage in a lease/option agreement, also known as a rent-to-own contract, the contract will outline the duration within which you must finalize the property purchase – typically set at 3 years. However, under specific circumstances, we are open to extending your option period should you require additional time to enhance your credit score or accumulate the necessary down payment to meet the bank’s loan qualification criteria.
The acquisition of your dream home commonly transpires through a conventional mortgage loan. Nonetheless, alternative purchase methods may be considered based on your financial situation.
That’s the rent to own process!
Once you’ve completed your mortgage, you’re done – now you own your home!