The VA loan offers many great benefits. It is possible to do a rent to own deal but I would recommend staying away from them. Typically the seller will want you to put down a nonrefundable deposit. If you cannot secure financing or do not purchase the property by the contract date you will loose your deposit. Rent to own deals can be extremely complicated.
Keep in mind, with a VA loan you will not have to pay a down payment. You will only be required to pay your VA funding fee and closing costs. When writing an offer, you can ask the seller to contribute money towards your closing costs, meaning you can close on a property with very little money.
A lot of my past clients are military and fully understand the VA loan process. Veterans United Home Loans does most of the clients VA loans. They specialize in writing only VA loans.
Please feel free to call or email me with any questions or to be referred to a VA lender. Good luck and thank you for your service!
Sales Associate / Property Manager
Thank you for your service to our great country!
If you need some time to get approved for a VA loan, you would be better off just renting until you're ready. You see there are "rent to own" deals but you will have to hire an attorney to review the lease option agreement and you will probably have to pay above market rents and put a big downpayment, too.
So to be prudent, you should "temporarily" move into the least expensive but safe apartment complex. Otherwise if you rent from an individual owner you MUST do a background check on the owner. Unfortunately there are scammers that will take your money and then after a month they will sell the house via a Short Sale. These owners know upfront that they are not paying their mortgage payments but they will not disclose this to you. Good luck with getting your deposit back and also if the Air Conditioner breaks, they may not have the money to fix it! Also if the owner lists it for sale as a "short Sale" then you will have to allow Realtors inside with not much notice and trapse through the house!
If you already know what you need to do to get things in order for a VA mortgage approval and just need time, keep it simple and rent.
You can search rentals on my website, sign up for a ListingBook acccount:
All the best,
Alma Rose Kee, PA
Future Home Realty