Profile picture for user88071511

rent to own?

Do you have houses that are rent to own? I just got married. My husband and I are expecting our first child. We are looking for a place to live but we don't have enough to buy a house. I was just wondering if we could make payments.
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March 03 - Red Bluff
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Answers (2)

Profile picture for wetdawgs
"Rent to own" is a very rare option, and tends to be best for someone who had a temporary glitch in their credit scores but have plenty of money.

Plan on:
Substantial down payment (5 to 30%) - not refundable
Monthly payments more than fair market rent - the different goes to purchase and if you don't get a mortgage at the agreed price and date you lose this also.
Choice of houses - slim to none
If you don't get a mortgage at the agree price and date, you lose all your  money and have to move.

Risky?  Yes!   

Why not rent while you get ready to buy.    Here's a link to the buyer's roadmap  Bookmark it, there are many useful articles.

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March 03
Profile picture for user6064703
Rent-to-own is normally a terrible idea.  If you just want to "make payments," that's what mortgages are for.  In a rent-to-own scenario, you are paying a full rent amount, just like any other rent property, and then you are paying an extra premium on top of that, which will count toward the purchase price of the house.  It is combined with an option to purchase at a given price in a certain time frame.

It brings a lot of risk to you as a buyer, and honestly, there's not much benefit.  You're better off saving up for a down payment and then just buying a house with a mortgage lender.  For an FHA loan, you only have to put down 3.5%.
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March 03
 
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rent to own?
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Latest answer by wetdawgs
March 03 | 2 answers
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