Profile picture for user900652

Best rent to own places without a down payment?

Me and my husband are looking for a rent to own house. We have no money to put down and are looking for affordable place to make payments! We are sick of renting!!!
  • September 28 2012 - Lakewood
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Answers (1)

Profile picture for wetdawgs
I've never encountered a "rent to own" without a down payment.  Usually the down payment is substantial  (say 10% or more) and non-refundable.   The reason the owner wants a down payment is as assurance that the deal will go through without them losing money.

In addition, monthly payments are higher than fair market rent, and the only amount going to the purchase is the amount above fair market rent.  So, if fair market rent is $1000 and you pay $1200, the $200 will go towards the purchase.

A better strategy?  You've identified your goal - home ownership.  That's great.    Now, how to get there?  What is standing in your way?   Credit scores?  Lack of down payment?   Both of those are things that take time to fix but are very possible.   Identify the steps and take the right actions. 
  • September 28 2012
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