How Does Rent to Own Work?

The number one most common question we get "how does rent to own work"? 

A lot of people come to us not being able to qualify for a home purchase or even a rental and they think that rent to own can be a good option for them. Or they aren't ready to commit to purchasing a home want want to do a rent to own. Rent to own may work for these situations but it really depends on two things.

1. How much down payment you have.

2. How long you need to lease for before you can qualify for traditional financing.

Typically, the longer the lease term, the higher the down payment. The minimum down payment required by sellers for a rent to own starts at 3.5%, but that's really for people who need to lease for a very short amount of time (a month or two). For example, a typical 6-12 month rent to own lease will run you about 10%

So, if you can't get qualified, we can see if a rent to own will work for you. But if you don't have the down payment, we can still help you with credit repair and help you come up with a plan that will move you on step closer to being a homeowner.

To read more about how rent to own works, visit our website here https://rent2ownutahhomes.com/pages/3552/How-Rent-to-Own-Works.

Brokerage Services Provided by Integra Realty