While a lease option gives you first dibs to purchase the home you’re renting, it doesn’t guarantee that you’ll be approved for a mortgage at that time. If you are unable to boost your credit or save enough for a down payment during your lease, you could still be shut out — and you’ll lose all the money you paid toward the purchase, too. To help protect against this scenario, experts recommend meeting with a mortgage lender before signing the deal to know exactly what you’ll need to qualify at the end of the lease.

At the end of your two-year lease term, assuming you exercise your option to purchase, the fixed $200,000 purchase price will be discounted by a) the amount of the option fee and b) the total rent credits. So subtracting the $6,000 option fee brings the price down to $194,000. Then, subtracting $7,680 in rent credits ($320 x 24 months) further reduces it to $186,320.

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Units are typically leased out at market rates with an additional rent-to-own fee tacked on each month. That fee varies, but it’s usually anywhere from 10 to 15% of the monthly rent. For instance, a unit that would rent for $1200 on the open market may cost a rent-to-own lessee $1350 per month, with the $150 difference put aside in an escrow account. Any funds collected in the escrow account can usually then be used toward the purchase of the home if the tenant decides to exercise their option to buy. Otherwise, the funds are forfeited to the owner at the end of the lease term. Using the same example as above, this would result in $5400 collected over a 3-year lease period, which the tenant could put toward closing costs or a down payment on the home.


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Personally, I feel that they are an exceptionally bad deal for the "buyer", and should be avoided at all cost. Unfortunately, they target people who have bad credit and no options to purchase a home through conventional means. People in this situation are often in love with the idea of owning their own home, and out of desperation get involved in these "deals"
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“As home prices rise and more and more cities are priced out of conforming loan limits and pushed into jumbo loans, the problem shifts from consumers to the home finance industry,” says Scholtz. With strict automatic underwriting guidelines and 20% to 40% down-payment requirements, even financially capable people can have trouble obtaining financing in these markets.
If you think this is just like renting, you are wrong. The problem with renting is you are paying a monthly fee without having anything to show for it after the fact. Imagine living in that place for years and years! You are potentially paying thousands of dollars for the years to come. With rent to own homes, your money goes towards ownership. Meaning, it is just like renting but working towards actually owning the property yourself instead of throwing your hard earned money down the drain.
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Buying a home is relatively straightforward. You find a home, you make an offer to the seller, the seller accepts your offer, and the agreement is signed at closing. In this process, typically before you make an offer, you’ll get a preapproval letter from a mortgage lender approving you for a mortgage loan in order to buy the home. After closing, you agree to pay the lender monthly payments until your mortgage loan is paid off.
The lease option gives you dibs to purchase the home you’re renting, typically valid for a term equal to the lease term set forth in your rental agreement. So if the rental agreement specified a three-year lease term, the lease option will usually give you three years to buy the house without worrying about anyone else swooping in and snatching it out from under you.
I’ve acquired many properties using rent to own and there are two reasons why anyone would do rent to own. One is you cannot get a traditional mortgage because of poor credit or lack of money for the down payment or Two because you want to control real estate with very little money down. It’s my experience that most fall in the no money or poor credit so if that is the case then I suggest just renting for just a bit longer. While you’re renting you should consider fixing your credit and setting aside a few hundred dollars every month before even thinking about owning a house.
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Rent-to-own agreements should specify when and how the home’s purchase price is determined. In some cases, you and the seller will agree on a purchase price when the contract is signed – often at a higher price than the current market value. In other situations, the price is determined when the lease expires, based on the property's then-current market value. Many buyers prefer to “lock in” the purchase price, especially in markets where home prices are trending up.
A rent-to-own agreement allows would-be home buyers to move into a house right away, with several years to work on improving their credit scores and/or saving for a down payment before trying to get a mortgage. Of course, certain terms and conditions must be met, in accordance with the rent-to-own agreement. Even if a real estate agent assists with the process, it’s essential to consult a qualified real estate attorney who can clarify the contract and your rights before you sign anything.

Events out of your control could cause you to lose your equity. If the landlord’s financial situation changes and the house goes into foreclosure, that house goes to the bank—not to you. Or, if the seller just up and changes their mind after they’ve signed a rent-to-own contract, it would take expensive legal action to enforce the contract in that scenario. That’s a cost you may not be able (or willing) to pay.
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The rent-to-own purchase model can be a good option for sellers whose houses have been on the market for some time and they can’t find a buyer for a variety of reasons: Perhaps it’s more advantageous to rent in your area. Or maybe interested buyers don’t have high enough credit or enough of a down payment to qualify for a mortgage. The rent-to-own option can attract potential buyers by giving them a chance to slowly build credit and pay their down payments over time. Just make sure your potential buyers can have high enough credit to qualify for a loan when it’s time to buy.

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Traditionally, the lower your credit score is, the more likely you are to either get denied for a mortgage or get charged higher interest rates. You want to get the best rates possible because this will reduce the amount you pay back in interest over the life of your mortgage. An RTO contract can help you strengthen your credit by giving you a history of on-time payments. It can also add diversity to your credit history, which can improve your score over time.
When you rent to own, you, as the buyer, enter into an agreement with the owner of a home to pay a monthly rent for a predetermined amount of time, much like any other rental agreement. However, in this case, a portion of your monthly payments will go toward reducing the sales price of the house. After that time is up – usually from one to five years – you’ll have an option to purchase the home.
I’m a single mom of two. We own our coop apartment but it’s a one bedroom. Rentals in my NY require an income of $100,000 or more for a 3 bedroom rental. My income is to low for us to rent. It seems that ownership is my only option. Is it a bad idea to consider rent to own in my situation? We need more space and need time to sell or sublet our coop. Is there a better option?
Rent-to-own housing can be tricky because the landlord might decide the potential homeowner is responsible for repairs and property taxes during the lease period, said Rich Verrillo, a senior housing partnerships manager for Navicore Solutions, a Manalapan, N.J.-based member agency of the National Foundation for Credit Counseling. Working out all the details before the contract is signed is vital.
Rent to own is different than a lease option, which gives you the option to buy a place you were renting before it goes on the market, but there’s no obligation to do so. When you rent to own you usually make a deposit, which can also be called “option money,” and the contract stipulates your obligation to buy. The deposit goes to the seller and is a non-refundable fee.

Closing process. You’ll need to secure financing at the end of the lease term if you plan to purchase the house. At that point, the lender will set a closing date where you’ll be given ownership of the property as the buyer. Depending on the terms of the agreement, the percentage of rent money set aside for your purchase and/or option money will be credited to you.
Q: It has been almost a year since the short sale of our previous home. We don't believe we will be able to qualify for a mortgage for a while yet. Do Realtors assist buyers in finding a situation where we could rent a home for a period of time (say, a year), with the intention of purchasing it at the end of that time period? Or is that not really something Realtors do?
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One of the challenges of rent-to-own contracts is that there is no uniform agreement for parties to use—unlike what you’d expect with traditional, state-sanctioned lease or purchase and sale agreements. In fact, rent-to-own agreements are rarely regulated by the government. As a result, rent-to-own agreements can look markedly different from transaction to transaction, with the property owner nearly always retaining the upper hand.
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As the end of the rent-to-own contract nears, it’s a smart idea to address any minor problems that the home inspection turned up. It’s also a good idea to make small cosmetic improvements and upgrades as needed, if possible, to help increase the value of the home prior to applying for a mortgage loan. It’s called sweat equity … and it can make a big difference when it’s time to negotiate favorable mortgage loan terms.
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