Home Buying in Lancaster>Question Details

Celina Arias, Home Buyer in New York, NY

can I rent property and buy it later?

Asked by Celina Arias, New York, NY Tue Jun 19, 2012

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Watch out on this as you may not be eligible for an FHA loan if you are trying to purchase he home you are renting, unless the you are renting from your family member, church or employer.

Good luck,
Ros
0 votes Thank Flag Link Tue Jun 19, 2012
It is possible to rent then purchase. If it is a all negotiated up front, it is called a lease option. However if you rent a home now, you can approach the owner at a later date and express your interest in purchasing the home at that time.
0 votes Thank Flag Link Tue Jun 19, 2012
It is possible the owner would let you rent and sell it later to you if you can obtain a loan to buy it. No loan means you can't unless they do the financing for you. Do a search of Land Contract and Rent to Own.
0 votes Thank Flag Link Tue Jun 19, 2012
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