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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“Anything unusual – in income, for example – tosses good income earners into an ‘outlier’ status because underwriters can’t fit them neatly into a box,” says Scholtz. This includes people who have nontraditional incomes, are self-employed or contract workers, or have unestablished U.S. credit (e.g., foreign nationals) – and those who simply lack the huge 20% to 40% down payment banks require for nonconforming loans.
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However, for some owners, a rent-to-own contract can be a great option. This tends to be the case when an owner is relocating from a cool market and wants to buy in a new market, but they cannot afford to carry two mortgages at once. Renting the home they’re trying to sell will help to offset their debt-to-income ratio and make it more likely that the sellers will qualify for a mortgage on a new home once they relocate.
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Just remember, you will need to get the seller to agree on not only the rent to own agreement, but the terms of the agreement. i. e., length of the agreement, usually, one to two years; the percentage of the rent which gets applied to the sales price or closing costs, etc. If you get lucky, the seller may also be interested in doing Seller Financing with you. Just be sure to have a lawyer review any agreement before you sign it. A little legal cost upfront could save you thousands of dollars down the road.
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Affordability. Renting and RTO are typically cheaper than purchasing a property outright, at least initially. If you simply can't afford a down payment and all of the miscellaneous fees, renting or RTO may give you a chance to put money away for a down payment. Those two options usually have fewer upfront costs. However, if you choose to rent, you won't have much to show for it after years like you would with RTO or purchasing a property.
In a rent-to-own transaction, the tenant lives on the real property and pay towards purchasing the property at a fixed price within a specific period of time, usually one to three years.[3] As part of the contract, the renter may be required to make a nonrefundable deposit [3] often included as part of a down payment at the end of the lease term. In addition to monthly rent, often an additional amount called a rent credit is paid into an escrow account during the lease period. This amount is added to the deposit and used as part of the down payment at the end of the lease term. This pushes the rent above the market rate but helps build savings for purchase if the buy option is taken.[37] At the end of the lease term, the tenant is offered right of first refusal to purchase the property at the agreed upon sale price, or walk away and forfeit the deposit.[38] If the tenant is unable or unwilling to exercise the option to buy, the owner is then free to rent or sell the property to another buyer, or to restructure the contract.[3][37]
It’s normally not necessary to commission a home inspection on a traditional home rental, but remember that rent-to-own is not a traditional home rental. This is a short- and long-term investment that requires the utmost attention to detail. And the small upfront cost of a home inspection could save you literally thousands down the road. Therefore, hire an independent home inspection professional to uncover any problems the house may potentially have. It’s important to do this even if the current homeowner furnishes a disclosure statement that attests to the condition of the home. If the independent home inspector points out problems, it’s important to determine whether or not the issues will prevent you from getting a future home loan once the rent-to-own term ends. Therefore, make sure the contract specifies who is responsible for making the necessary repairs discovered during the inspection prior to finalizing the rent-to-own agreement. The homeowner might offer a credit off the final purchase price at the end of the rent-to-own in lieu of payment for damages. Either way, be sure to get everything in writing before finalizing a rent-to-own contract.
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