Rent to own FAQs received from our customers
This is where we answer the most common rent to own FAQs customers might have, such as your lease/option agreement, downpayment, poor credit, etc. Check out our rent to own FAQs below.
Rent to own FAQs: What do you mean by rent to own lease/option agreement?
A: Basically, We are the bank. If you have an acceptable down payment and can financially handle the monthly payment, you may purchase one of our homes and make payments until you can qualify for a bank loan .
Rent to own FAQs: What kind of credit score do I need to have ?
A: Poor credit doesn’t mean much to us. All credit can be fixed with time and we can get that done for you quickly. Many good people have bad credit. Basically, challenged credit won’t prevent you from buying from us.
Rent to own FAQs: How long do I have to get a loan?
A: That’s totally negotiable and case by case. Our buyers usually have much more time than needed and in the meantime you still own the home.
Rent to own FAQs: Do you have other homes not on this site?
A: Yes, but may not be available at the moment. This site is devoted to executive homes only. Contact us for locations. All our homes come with terms.
Rent to own FAQs: How much do I need down? Frequently Asked Questions about rent to own
A: That’s case by case but the more you have the more likely we can work with you. When you refinance an executive home you’ll need at least 20% down. However sometimes we sell homes to folks with less and give them time to acquire the rest.
Rent to own FAQs: How long will it take to close?
A: Usually within a few days. We can answer that when you inquire about a specific home.
Q: What is a lease option?
A: In some cases we lease the home with the option to buy. The lease option similar to owner financing, but you don’t actually own the home until you get bank financing. In the meantime you live in it and pay rent and control it with an option. Call for more discussion about any questions on lease options or owner financing.
Q: How do I see the home?
A: Call or email for an appointment.
If im self-employed, can I still purchase a home?
Self employment does not prevent you from purchasing a home. Most conforming loan programs (FHA, Fannie Mae or Freddie Mac) will require that you have 2 to 3 years of experience in your field and can document your income with tax returns or through bank statements. If you are interested in the bank account option then it is important that you deposit all business revenue so you can document your cash flow.
What is an Option Fee?
Not to be confused with a rental security deposit, an option fee is paid at the beginning of the lease period. The option fee is 12-15 percent of the agreed-upon purchase price and may be applied toward the purchase of the home. The more the prospective homebuyer puts down as an option fee, the less they will need to have financed somewhere else as the terms of their Lease-to-Purchase Agreement are about to expire.
When buyers sign the Lease-to-Purchase agreements, the option fee must be paid up front. This fee guarantees that the buyer will have the first option to purchase the home. The specific amount of this particular option fee varies from agreement to agreement. Unfortunately, this option fee is non-refundable if the buyer walks away and refuses to buy the property at the close of the contract period.