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Another Option To Consider Is Rent To Own Homes
To qualify for a mortgage, you must have a good credit score and cash for a down payment. Obtaining a rent-to-own home can help bridge the gap between renting a property and buying it. You make rent payments each month and a portion of those payments can count toward your down payment.


What Are Rent-to-Own Homes?

Rent-to-own homes are homes that include a clause in the rental agreement that either gives you the option to buy or an obligation to buy after a certain period of time. You make rent payments each month and a portion of those payments can count toward your down payment. Should you decide to buy, the excess money can be applied to the home purchase.

Renting to own can be an appealing concept for people who are interested in owning property but have thus far been shut out of the traditional homebuying process. If you don't have a sizable down payment, for instance, or your credit score is too low to qualify for a mortgage, renting a property with the intention to buy it can give you time to save and work on improving your credit rating.


Who Are Rent-to-Own Homes Right for?

A rent-to-own agreement can be an excellent option if you’re an aspiring homeowner but aren’t quite ready, financially speaking. These agreements give you the chance to get your finances in order, improve your credit score, and save money for a down payment while “locking in” the house you’d like to own.

If the option money and/or a percentage of the rent goes toward the purchase price, which they often do, you also get to build some equity.

While rent-to-own agreements have traditionally been geared toward people who can’t qualify for conforming loans, there’s a second group of candidates who have been largely overlooked by the rent-to-own industry: People who can’t get mortgages in pricey, non-conforming loan markets.