What is Rent to Own?

Most Rent to Own programs requires a small down payment and to put a portion of monthly rent to accumulate for the eventual purchase of a home, usually for about three years, at which point the renters would have accumulated the minimum down payment required to qualify for a mortgage.

Homeowners should keep in mind that they may lose all the money they put toward the house if they decide not to purchase it.

Rent to Own is not for everyone, they are for people who have a slight problem that keeps them from qualifying for a mortgage today and need some time to either fix their credit or save for a down payment.

, , , , , , , ,