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Not sure its a totally bad idea but you do need to proceed with caution. Questions to ask
1. How much of my rent each month will go toward the purchase of this home? Don't assume 100% because he has expenses, and taxes to pay. Many think that if they are paying rent to own, 100% of the payment gets put toward the down-pymt. You will be lucky if 1/4 of your rent goes toward your purchase.
2. Ask him if you are required to finance home from him when you decide to purchase the home fully. If he is not a bank, this could be problematic. Make sure you have a lawyer and make sure you understand the terms.
3) What happens if you decide not to purchase the home? Keep in mind, you are probably paying a higher rent if part of the money is going toward ownership.
4) Who pays the taxes on the property while your renting to own?
5) At what point are you allowed to finance the property and own it free and clear of the owner?
6) What happens if he changes his mind and decides he wants you out and wants to keep the home.
Someone offering his home as a rent to own is not necessarily doing it to take advantage of you but you have to be careful. It can be a win/win situation if there is total transparency. It gives you an opportunity to start putting money on home without totally committing to purchasing it. Maybe you don't have a down-pymt. You are able to see its flaws or advantages before totally owning it.
But that being said it can also go terribly wrong and be nothing but a headache if you don't have a full understanding as to how it will all play out. I would highly recommend having a good lawyer look over the agreement before you enter into it. It will be money well spent.
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I'm not a lender, but 90% loan to value on a property may be difficult to find. Send me an email at the address below and I'll send you contact info for a few lenders you can check with and see what they have available, or if they know if 90% would be possible. I think with today's stricter lending practices though, a 90% loan may be tough to obtain.
Keller Williams Realty
Great question Pam! Are you looking to buy a home? I have worked with several lenders in the recent past that you could ask that question to. Feel free to contact me, so that I can give you their contact information. I look forward to helping you. 812-319-4731... more
Most people use the internet to complete their due diligence, then when the time comes, I would ask your realtor if he/she has someone that is reliable and can get the job done.
I always refer 3 reputable mortgage people to my clients that I know can get the best rates and communicate effectively to get the loan closed. Your Realtor would be a good barometer of the local mortgage reps.... more