Home Buying in Hillcrest>Question Details

Tom Lovelock, Home Buyer in Jacksonville, FL


Asked by Tom Lovelock, Jacksonville, FL Sat Jan 11, 2014

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I have done some research on this and would like to share some information with you. First, many buyers are not aware that a rent to own property owner typically requires at minimum a 10% down payment. Second, most owners want the property to close within 12 months. This means that the buyer would have to demonstrate that he/she will be able to obtain either traditional mortgage financing or have enough cash on hand to buy the house within a year. I've found that many buyers seeking this situation struggle with putting that much money down. Often, after speaking to a mortgage professional, they find that they can do things to boost their credit score enough to qualify for a lower down payment program, such as FHA financing, within about the same time period.
0 votes Thank Flag Link Tue Jan 28, 2014
Be careful of the term "Rent to Own" First someone has to own a property free and clear in order to rent it and then sell it to you at some point in the future. A mortgage has to be satisfied before they can transfer title.

Wayne Jones
Watson Property Management
0 votes Thank Flag Link Mon Jan 13, 2014
Rent to Own is an agreement that needs to be specific. There can be positive results and some highly negative results. Our office does not combine the 2. It has been smoother for our office to handle rentals and sales separately. Many of our rental customers do not decide to purchase the property they rent if available. Many owners are negative and could not sell even if they wanted to.
0 votes Thank Flag Link Sat Jan 11, 2014
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