Rent2Own homes are houses that are considered “for sale by owner”, allowing the renter to bypass bank financing, opting instead for owner financing. This is a great option for people with unestablished or bad credit. Rent to buy and lease to own homes allow the renter to make a small upfront payment and monthly rental payments. This small upfront payment serves as an purchase option, giving the renter the option to then buy the property after the term agreed upon (usually 1-3 years) has ended. Additionally, the monthly rental payments are padded slightly allowing for the extra portion to be added with the purchase option and serve as part of the down payment, should the renter decide to continue with the purchase. This method gives the renter the ability to build or repair credit, save a larger portion of their income and gives them the pride & responsibility of a homeowner.
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