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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 clause in the rental agreement which either gives you the option to buy or an obligation to buy after a certain time period. You make rent payments each month and a portion of those payments can count toward you down payment. Should you decide to buy, the excess money can be applied to the home purchase.
What are the steps to buy a rent-to-own home?
Entering into a rent-to-own agreement typically means signing a formal legal contract. The contract should specify the terms of the agreement and whether you're obligated to buy the home or simply have the option to do so.
Who are rent-to-own homes right for?
A rent-to-own agreement can be an excellent option if you're an aspiring homeowner but aren't quite ready, financially speaking. These agreements give you the chance to get your finances in order, improve your credit score, and save money for a down payment while "locking in" the house you'd like to own.
