Rent-to-Own?  How Does That Work?

Rent-to-Own is the same as a Lease Option.  You have a lease (also called a rental agreement) and you have an option to buy.  Both happen at the same time while you’re living in the property.  During your stay, you are renting the property, just as you would rent any other house or apartment.  Meanwhile, you have the exclusive “option” or right to buy the property at an already agreed upon purchase price.  100% of your initial deposit goes toward your down payment and/or purchase price as well as 10% of your monthly rent.  So, in effect, you’re building potential equity each month as if you owned the home so you’re not just throwing your money away in rent.  If you decide to buy, and can show a history of on-time payments, then you will be looked upon much more favorably by a lender, should you choose to buy using bank financing.  Our goal during your option period, is to get your credit cleaned up (if necessary) plus get you 100% financing when you do buy so you don’t have to come out of pocket at closing.

Also, should you decide to buy, you will have already eliminated many of the unknowns that may have kept you from buying in the past – you will already be familiar with the house, neighborhood, and community.  If any of these turn out to be unsatisfactory to you, you are free to move on without any obligation to buy.  With our Rent-to-Own program, you really are getting the best of both worlds – equity build-up plus the freedom to move on without obligation!

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