01/16/2025
Frequently Asked Questions (FAQs)
1. What is a rent-to-own home?
A rent-to-own home is a property you can rent while having the option to purchase it later. This process allows you to build equity and prepare for homeownership without needing to qualify for a mortgage immediately.
2. How does the rent-to-own process work?
The process begins with signing a rent-to-own agreement. You’ll pay monthly rent, with a portion potentially applied toward the purchase price. When you’re ready, you can finalize the purchase based on the terms agreed upon in the Lease Option or Lease Purchase or also known as a Tenant Purchase agreement.
3. Who is eligible for rent-to-own?
Rent-to-own is ideal for individuals who:
• Have a steady income but low credit scores.
• Need time to save for a down payment.
• Want to transition from renting to owning a home.
Joining the Waiting List
4. How do I join the waiting list?
You can join our waiting list by filling out the form on our website with your preferences, such as the number of bedrooms, bathrooms, location, and budget. We’ll notify you as soon as a matching property becomes available.
5. Is there a fee to join the waiting list?
No, joining our waiting list is completely free. There’s no obligation to proceed unless you find a property you love.
6. What happens after I join the waiting list?
Once you’ve joined the waiting list, we’ll match your preferences with available homes. We’ll contact you with suitable options and provide information about the next steps.
Rent-to-Own Details
7. What are the benefits of rent-to-own?
• You can live in your dream home while working toward ownership.
• It provides flexibility to improve your credit or save for a down payment.
• A portion of your rent may go toward the home’s purchase price.
8. Do I need good credit to qualify for rent-to-own?
No, rent-to-own and Lease Option agreements are designed for individuals who may not currently qualify for a traditional mortgage. It’s an opportunity to build your credit over time.
9. Can I move out before the rent-to-own agreement ends?
This depends on the terms of your agreement. We recommend reviewing the contract carefully before signing. But yes. You can.
Financial Questions
10. How much does it cost to start a rent-to-own agreement?
The initial costs usually include an option fee or similar to a down payment but its not, also the first month’s rent and a security deposit. These amounts vary depending on the property and agreement.
11. Is a portion of my rent applied toward the purchase price?
In many rent-to-own agreements, a portion of your monthly rent is credited toward the purchase price. This will be outlined in your contract.
12. Are there any hidden fees?
No, all fees and costs will be disclosed upfront in the rent-to-own agreement. Transparency is a top priority for us.
Home Selection
13. Can I choose any home I want?
Our rent-to-own program includes a selection of homes available in your preferred areas. Once you join the waiting list, we’ll match your preferences with suitable properties.
14. What if I change my mind about a property?
If a property doesn’t meet your expectations, you’re not obligated to move forward. We’ll continue searching for a home that fits your needs.
Contract and Legal
15. What happens if I don’t purchase the home at the end of the agreement?
If you decide not to buy the home, you’ll forfeit any rent credits or option fees paid outlined in your contract. However, there’s no obligation to purchase unless you’re ready.
16. Is the rent-to-own agreement legally binding?
Yes, rent-to-own agreements are legal contracts. We recommend consulting a legal advisor to ensure you understand the terms before signing.
17. Can I make changes to the home while renting?
Any modifications or renovations must be approved by the property owner. This will also be detailed in your agreement. But YES! You can make modifications.
