People who can not immediately qualify for a mortgage often think, or are told, that they may have another option to acquire a property called rent-to-own or lease-purchase. BUT be cautious and do your research as rent-to-own isnot a replacement for a mortgageand often complicates things for both buyers and sellers.
Please note: we do NOT recommend nor arrange rent-to-own transactions as there is a high failure rate. It is much better that buyerslearn and take the necessary steps to mortgage qualifyand simply continue to rent until then.
If you are already in a Rent-to-Own and are trying to exercise your option to purchase, you may be able to use your value appreciation as down payment (read more)
BUYERS
Learn the risks if you're thinking about renting with the intent to own.
SELLERS
Rent-to-Own can help Sellers entice a Buyer to rent their property until they can buy it.
REALTORS
Realtors can market rent-to-own properties as a potential solution, but know the risks.