How to Exit a Rent-to-Own Program Successfully (And What Happens If You Can’t Get a Mortgage)

If you’re currently in a Rent-to-Own program—or considering one—this question may be keeping you up at night:

“What happens if I can’t qualify for a mortgage when it’s time to buy the home?”

It’s a valid concern. But the good news is, there’s a clear path to success—and if you follow it, the odds of completing your Rent-to-Own program are very high. In fact, at Clover Properties, over 90% of families successfully exit the program and buy their home.

Let’s walk through exactly how to exit successfully—and what to expect if things don’t go as planned.

What Does “Exiting” a Rent-to-Own Mean?

Exiting simply means you’ve reached the end of your rent-to-own term (usually 2–4 years), and you’re now ready to exercise your Option to Purchase and buy the home from your investor.

This is when you apply for your mortgage and use your accumulated down payment credits to complete the purchase.

How to Exit Successfully: Step-by-Step

Here’s what you need to do to ensure you qualify for your mortgage and secure your home:

1. Stick to the Plan

Rent-to-Own is not passive. You need to:

  • Pay your rent on time

  • Work on improving your credit

  • Stay in touch with your support team and follow the budget guidleines laid out by the Budget Specialist

  • Keep your income stable

Programs like ours provide support anytime you need it – all you have to do is reach out.

2. Work with the Right Mortgage Professional

Don’t wait until the last minute. We connect you with mortgage experts who:

  • Understand Rent-to-Own files

  • Know how to present your credits and income

  • Strategize to minimize surprises
    We recommend checking in 6 months before your purchase date to assess your mortgage-readiness.

3. Understand Your Down Payment Credits

Throughout the program, your initial deposit and a portion of your monthly payment are credited toward your future down payment when you pay on-time.

 You don’t lose this money unless you walk away or default on the agreement.

4. Plan Ahead for Closing

Although you don’t pay closing costs upfront in a Rent-to-Own, you will need funds to cover them at the end. Planning for this ensures a smooth closing.

What If You Can’t Qualify for a Mortgage?

Let’s be honest. Sometimes life happens—job loss, illness, unexpected debt, down market. Here’s what you need to know:

You won’t automatically lose your entire deposit.

Most Rent-to-Own agreements state that you forfeit your credits only if you choose not to buy the home or if you break the agreement.

✅ You have options:

  • Extension: In some cases, your investor may agree to extend the term by a few months so you can get mortgage-ready.

  • Co-signer: A family member may be able to support your mortgage application.

  • Alternate financing: Some buyers use private or B-lenders to bridge the gap.

3 Reasons People Don’t Exit Successfully (And How to Avoid Them)

  1. They stop communicating
    → Solution: Stay in regular contact with your support team.

  2. They assume things will work out on their own
    → Solution: Check your mortgage-readiness 6–12 months before your term ends.

  3. They don’t follow the credit or debt-repayment plan
    → Solution: Stick to the plan—your future depends on it.

The Truth: Rent-to-Own Isn’t Risk-Free, But It’s Structured for Success

When done right—with a reputable company and clear communication—Rent-to-Own can be one of the safest ways to get into a home if you can’t qualify for a mortgage today.  Want to know the pros and cons?

You lock in your future home, build your down payment while living in it, and work toward mortgage approval with a team behind you.

And if bumps happen? You’re not alone. The right program supports you every step of the way.

Pre-Qualify Today!

Want a Custom Exit Plan?

If you’re in a Rent-to-Own program now—or exploring one—and want to ensure you don’t lose your hard-earned savings, we can help.

✅ Schedule a quick [Check-In Call]
✅ Get connected with a mortgage expert
✅ See where you stand and what your options are

Remember:
You’re not just renting. You’re on the path to owning. Stay the course, use the support available to you, and exit with success.