Frequently Asked Questions - Rent To Own

Can you help me with the loan when I am ready to buy?

We don't provide loans but we do have a preferred lender we completely trust and feel very comfortable referring you to.   In fact, we can't stress enough how important it is to work with a good, trustworthy lender throughout this entire process. 

Mid American Mortgage, Inc. is a lender we trust. They have worked with many of our buyers in the past and can answer any questions you may have about financing or credit repair.  When your ready to actually purchase the home, they will do everything they can to get the loan done for you. 

Schedule your FREE credit consultation with Roger today by clicking here.

When can I buy the home?  

That’s completely up to you. You have the option to buy the home at any time throughout the lease option period. Most tenant/buyers want or need that time to get their credit boosted and/or save some more for the down payment. 

What if I decide I don’t want to buy the house at some point in the future?  

That’s Ok; you are not obligated at any time to buy the home. You have the option to buy the home a specified price and for a specified time period. If you don’t exercise your option to buy, that is completely your choice.  However, you would forfeit your entire option fee down payment. 

How much down payment do I need?  

You will need a minimum of $2500.00 option fee down payment and the first months rent payment when buying a “Rent-to-Own” home. For more expensive homes the down payment will increase as the value of the home increases.   Your entire down payment will be applied towards the purchase price of the home. It’s important to put as much down as possible so you will be able to work with more lenders and get the green light to buy much sooner.   

What happens to my down payment money?  

100% of your down payment money is applied towards the purchase price.  

Will the purchase price of the home go up over time?  

Great question….the answer is no. When you buy a “Rent-to-Own” home you agree on the purchase price in advance and in writing. There will be no surprises when you go to buy the property. If, however, both parties mutually agree to extend the original option agreement than the price will be adjusted due to the appreciation of the home, if any. 

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