Rent To Own Programs What you Need to Know
What you need to know about Rent to Own Programs:
1. They do run credit and they have a minimum credit score requirement typically no lower than 550
2. You cannot have any recent collections or evictions.
3. They do request income documentation and bank statements to determine your monthly payment and home affordability.
4. Most of the programs require that you have a certain amount of money saved. Depending on how much you qualify for a home you got to save between $8k or more.
5. They will charge you Market or above Market rent meaning that your rental rate will be just as high as what's currently on the market or right at what's currently on the market.
6. Most programs do allow you up to 5 years to purchase for home back from them you are able to renew your lease on the yearly daily basis.
7. Some of these programs do put a percentage towards your down payment to assist you in saving for your down payment when you ready to purchase the home back from them.
8. When you are ready to purchase a home back from them they do tag on equity or their fee typically 5-6% more than when you bought.
9. They are a list of property requirements that they go by when you're searching for a home. Number one thing is for home cannot be in a HOA that restricts rentals.
10. It's very important to know how much you qualify for if you plan on using the current income you have. The point of the program is for you to rent the home until you're able to buy it back from them but if you can't then you've basically wasted all that money and time renting a home that you essentially could not buy so it's very important to be prepared and to know what your mortgage qualifications are.
My name is Jerry I am a Georgia realtor if you all would like a list of rental own programs please reach out to me through Messenger or Text me 678 532 8183 and I'll send you a list 😊 💛 #buyahouse #homebuyers #downpayment #purchase #renttoown