How Does Rent to Buy Work?
The rent to buy 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 on the right)
- We’ll send you local rent to own homes that fit your criteria when we get a suitable property.
- 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 situations, and if you can afford the property, we can help you along the way to buying 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 Buy Agreements?
Your rent to buy agreement 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 to get your credit or savings up to the point where you can qualify for a mortgage.
The purchase of your home usually takes place through a traditional mortgage, but there are other ways to complete the purchase, depending on the specific property.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!