Home Buying in Apex>Question Details

3arthrul3r%4…, Renter in

how can i rent to own a home with $5000.00 down?

Asked by 3arthrul3r%40gmail.com, Sat Nov 17, 2012

0 votes Share Flag Home Buying in Apex

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Tammi Knapp’s answer
I would suggest getting an FHA loan. That way you can purchase the home outright and still get a great interest rate. Also, you may look into a HUD home. Some HUD homes only require $100 down.

Good luck.

0 votes Thank Flag Link Sat Jan 5, 2013
Good afternoon, Earthruler:
There are a number of fraudulent rent to own schemes currently happening. Be careful! I'd find a good real estate attorney to advise you in every aspect of the rent to own transaction and draft your agreement. Also you should get a pre-approval, pay for a home/termite/radon inspection and survey and get a title search and an appraisal just like you would if you were buying a home. Usually it is better to wait until you can qualify for a home than to do a rent to own. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Thu Dec 6, 2012
Rent to own is setup to be largely in favor of the owner. Unless you find a home you are absolutely in love with and don't want to risk losing, but simply cannot purchase it at this time, I'd strongly recommend that you simply rent.
0 votes Thank Flag Link Sun Nov 18, 2012
FHA loans need only a 3 1/2% down payment. Also try USDA loans as well if they apply to your area.
0 votes Thank Flag Link Sun Nov 18, 2012
I have a home that is available to rent to own. Rent is $2,150 per month. Giant home in Cary/Morrisville area. Email or call me and I will send you details. They need one month security deposit down and they will let some go towards the cost of the home each month.

0 votes Thank Flag Link Sun Nov 18, 2012
Start by finding a real estate attorney who will draft a RTO contract for you, an attorney who can tell you that his clients succeeded in purchasing a home via RTO. That is very difficult, as most good local attorneys think RTO is a scam.

RTO, Lease/Purchase, etc, very seldom end up in legitimate homeownership by the tenant/buyer. Be careful with your money.
0 votes Thank Flag Link Sun Nov 18, 2012
Sure, that's definitely possible. You just need to find a property owner willing to accept your offer.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Nov 17, 2012
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