How Does A Lease With Purchase Home Agreement Work?
The rent to own process is actually pretty simple.
- Sign up for our Rent To Own Houses San Antonio program and tell us what type of home you’re looking for, your budget, etc. Don’t worry – we help people with all kinds of credit and financial situations.
- Once you’re qualified, we’ll present you with a monthly rent amount and the future purchase terms.
- Next, we’ll send you local area Rent To Own houses San Antonio / lease option homes that fit your criteria.
- Once you find a property you can afford, we can probably help you to own it. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time… then at the end of the rental agreement, you can decide if you want to purchase the home or not.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long Are Rent To Own / Lease Option Terms?
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 downpayment 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.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!