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Frequently Asked Questions
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What are rent to own homes?
Rent-to-own homes are homes that include a section in the rental agreement which either gives you the option to buy or a requirement to buy after a certain time period. You make rent payments each month and a part of those payments can count towards your down payment. Should you choose to buy, the leftover money can be utilized towards the home purchase.
What are the steps to buy a rent-to-own home?
Entering into a rent-to-own agreement commonly means signing a formal legal contract. The contract should specify the terms of the agreement and whether you're required to buy the home or simply have the choice to do so.
Who are rent-to-own homes right for?
A rent-to-own agreement can be an exceptional option if you're an aspiring homeowner but aren't quite ready. These agreements give you the chance to get your finances aligned, increase your credit score, and save money for a down payment while "securing" the home you'd like to own.
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