This is not a rental so you don't pay rent. You pay a monthly payment that covers the expenses of the mortgage that has to be taken out to purchase the home. The monthly payment includes property tax and house insurances as well as the mortgage expenses. The big different is that a portion of [...]
Yes! You shop for a home within your approved budget—just like any other buyer. The goal is to find a home you love and can afford to own at the end of the program.
Most Rent-to-Own programs require a minimum 5% initial down payment, based on the home price you’re approved for. There are no closing costs upfront or fees in a program like ours.
No. Many Rent-to-Own homebuyers are rebuilding credit which is what the program is all about. You get time to repay debt, repair, build or establish your credit. What’s more important is that you have a stable income, some savings, and a willingness to follow the plan to become mortgage-ready.
It’s ideal for people who: Have good income but don’t qualify for a mortgage yet Have a small down payment (usually 5%) Need time to improve credit or pay down debt Want to stop wasting money on rent Don't have the necessary closing costs to complete a purchase