Rent to Own

  • August 04 2014 - Newton
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Profile picture for wetdawgs
Rent to own tends to be tougher and riskier than "late night TV" and friends think.

Plan on a large ( 5 to 30% of market value) non-refundable down payment.
Plan on monthly rent being more that fair market rent.
Plan on being qualified for a mortgage for the agreed price on the agreed date, or losing the property and your payments.
Your choices will be very few.

  • August 04 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Its a good option if you can find a homeowner willing to cooperate in a owner financing sale. Normally you would need a form of down payment plus additional money on top of the agreed upon rent. It may be easier to Rent UNTIl you can OWN. Just take that down payment money and stick it away as well as any extra money you can save in order to prepare yourself for closing costs and home improvement. The common misconception when dealing with rent to own is that your rent payments go towards a mortgage or down payment. That is IN Correct. The rent god toward your current living arrangement then additional money would go towards a down payment. Good luck in your search! 
  • August 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.