Rev Management Inc.
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If you're tired of renting, and you want to own a home but your credit, lack of down payment, or income is holding you back from qualifying for a normal bank loan ... a "rent to own," often called "lease option" or "lease purchase" may be a great fit for you.
Try before you buy! You get to live in your rented home before you actually purchase it, allowing you to make sure it's actually your dream home. If you don't like the house, you don't have to complete the purchase.
Own without great credit or a big down payment. You can start feeling like a homeowner right away while saving up and improving your credit.
Move in fast. Since you don't have to wait for a mortgage, you can often move in right away - and get started living a new life in the home of your dreams!
Your lease/option agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property - typically 3 years, but in certain circumstances we may extend your option if you need more time to get your credit or down payment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
Once you've completed your mortgage, you're done - now you own your home!