Tampa Bay Rent to Own Homes
Rent to own homes also known as lease purchase or lease option homes are an excellent alternative for people who want to own their own home but are not quite ready do to credit issues or not enough money for a down payment. The way a rent to ownhome works is you have a standard rental lease which allows you to live in the home and then you have a seperate "Option" agreement which gives you the right to purchase the home at or before the lease is up.
There are several advantages of buying a house on a rent to own agreement, they are:
- No bank qualifying to get started, as long as you have a job and can afford the payments and can make the down payment, most are approved.
- Your down payment and a portion of the rent that you pay each month is credited towards the purchase price of the house.
- Usually only a 2-4% down payment of the purchase price is needed
- You get a chance to "try out the house" before you buy
- If you have credit issues, this gives you the opportunity torepair or build your credit while you are building equity and living in the house and we can assist with that.