Understanding Rent to Own Arrangements
The best option for people who want to own a house but could not presently get a mortgage because of poor credit standing, is to look for a rent to own house.
Within 6 to 24 months, it will be possible for you to rebuild your credit, accrue monthly rental credits, and save money for your down payment.
A rent to own arrangement is beneficial to the buyer because you can live in the home now while you are getting your finances in order. Then you can lock the price and build down payment credits.
The home owners will also benefit much from this arrangement because this new tenant will already treat your home as his and thus will surely take care of it more than a regular tenant will. The seller will also collect a large non-refundable fee down payment from the tenant. This …