Home Rent to Own | Power of Sale/Foreclosure | Credit Management Homeownership Re-Engineering - How You Can Save Yo | Page 3

A Guide to Rent to Own Homes
• If you want to get a rent to own home, contacting a rent to own home
company will be willing to help you out in your quest for a decent home.
Some companies own homes and they would suggest if you want to lease
it. A rent t own program will then serve as the property owner if you choose
one of their homes. This way, you will be allowed to move into your new
home.
• As a renter, you are required to sign a guaranteed lease and pay the
promised rent on the assigned time. The procedure of rental payments is
similar to a renting an apartment. The difference is that you can buy the
home later.
• Depending on the rent to own programs and their regulations, you might
need to pay the rent slightly higher than the market rate. All the additional
payments are put as your home purchase payment. If you are to change
your mind later, it is possible to forfeit your additional amount as payments.
While there are programs where no rental payments are considered as a
purchase price, you simply live in the house and you get to have the first
right to buy the house before its put up for sale in the market.