Just want to give y’all an insight into Mortgage Financing as far as this subject is concerned. I am a loan officer. Most people get into these “Rent to Own” contracts forgetting they have to secure financing to buy the property at the end of the term. In mortgage financing your credit/liabilities, income and assets play a key role in the approval of the loan application. You may be ok to enter into the contract now but there’re questions to be asked; what happens if my credit doesn’t meet the minimum requirement to secure mortgage financing at the end of the contract? What if my assets not enough to finance the transaction? What if my income/hours also drop at work? What if I lose my job at the end? What if I change jobs? ALL these can affect the loan application. If you can’t answer any of these questions please be careful and don’t sign any contract.
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You’ll pay rent throughout the lease term. The question is whether a portion of each payment is applied to the eventual purchase price. As an example, if you pay $1,200 in rent each month for three years, and 25% of that is credited toward the purchase, you’ll earn a $10,800 rent credit ($1,200 x 0.25 = $300; $300 x 36 months = $10,800). Typically, the rent is slightly higher than the going rate for the area to make up for the rent credit you receive. But be sure you know what you're getting for paying that premium.
“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.
Here's a typical example: The house is worth $200,000, and typical rent would be $1,000 a month. Someone who's renting to own might pay $1,200 a month in rent and then receive a $200 rent credit each month. Add the option fee, in this case $5,000. On a three-year lease, the renter would earn $7,200 in rent credits. Adding the earned rental credits to the option fee, the renter has accumulated $12,200 for a down payment.

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Example: Jane falls in love with a lovely cottage in her desired neighborhood and is eager to buy it. However, she hasn’t saved any money for a down payment and is worried that her bad credit won’t allow her to get a home loan. The owner of the cottage offers to let Jane rent to own the property. Jane agrees to pay a monthly base rental of $1,500 plus an added $500 to go towards a down payment. The rent to own contract specifies that Jane can purchase the cottage in 36 months for $90,000.  
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At homestarsearch.com, you start by typing in the zip code of the area you want to search RTO listings in. It'll pull up any RTO homes within a certain mile radius of your desired zip code, and you can click on each one to get more details. Once you've registered for the site, you'll get in-depth information about each property including pricing, the number of bedrooms or bathrooms, and how big the property is. There is also seller contact details so you can talk to them directly.
Home Partners of America is committed to making homeownership a reality for more people. The program provides a clear path to homeownership. Our process is easy, transparent, and built on a foundation of choice and flexibility. Home Partners is helping more people get into great homes, in neighborhoods they love, with the opportunity to build a more secure financial future.
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Sometimes, there are issues with the home that you might not be aware of until you go to buy the home. The seller may have issues with the title or may not own the title, or there may be major issues that a home appraiser will not approve in order for you to buy the home. The best advice for this is to treat your rent-to-own agreement like an actual home purchase, so get an inspection and do a title search before signing anything.
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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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