As a result of the mortgage foreclosure crisis, banks have increased borrower scrutiny. On one hand, interest rates are still near record lows. On the other hand, mortgages have been difficult for some people to secure. Banks are requiring people to have better credit and longer employment histories than in past years, decreasing the possibility of homeownership for people who experienced job loss, foreclosure, bankruptcy, and other credit ailments as a result of the Great Recession.
Meanwhile, banks have all but stopped underwriting home loans for less than $100,000. New banking regulations require significantly more time and paperwork, so these smaller loans tend to not be profitable for most banks nowadays. Rent-to-own homes tend to be most common in weak market areas where borrowers would need these smaller loans. Basically, rent-to-own provides an alternative for people who can’t make their way through today’s new banking system for one reason or another.
“As home prices rise and more and more cities are priced out of conforming loan limits and pushed into jumbo loans, the problem shifts from consumers to the home finance industry,” says Scholtz. With strict automatic underwriting guidelines and 20% to 40% down-payment requirements, even financially capable people can have trouble obtaining financing in these markets.
Closing process. You’ll need to secure financing at the end of the lease term if you plan to purchase the house. At that point, the lender will set a closing date where you’ll be given ownership of the property as the buyer. Depending on the terms of the agreement, the percentage of rent money set aside for your purchase and/or option money will be credited to you.
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If you want to see different types of homes for sale in your area including RTO listings, housinglist.com is a great resource. When you pull up the site, it'll ask you for your desired zip code. When you enter this information, a list of different houses will come up along with how they're being sold. There are foreclosures, for sale by owner, real estate listings, and RTOs. You click on 'get more details' to see more about the houses. You register for the site to get access to contact information and additional house information.

This is a valuable alternative for buyers who otherwise wouldn't have the credit score or money saved to acquire their own home. And the sellers, eager to relieve themselves of the burden of the old home, earn this money whether or not the house sells once the leasing period expires. If, at the end of the contract the renter can't or chooses not to buy the house, the seller keeps all the money.
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In a sense, it can slow down the process in a beneficial way for the buyer. Someone with bad credit now not only has a place to live, but a timetable to try and get their credit to a more respectable level in time for the lease to end and a purchase to be made. Someone down on their luck with regards to jobs and illnesses has time to recover physically, mentally and financially without the stress of worrying about their living situation.
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Traditionally, there are two different types of RTO options. Each strategy has its advantages and disadvantages, as well as reasons why sellers opt to do RTO for their properties. As long as a seller owns the home outright, they can choose to use the RTO strategy to sell the property. This includes condominiums, townhouses, single-family homes, and multi-family homes.
The more times a person tries to obtain a mortgage and gets turned down, the harder an impact this will have on their credit. It could even lower their credit score. If a lender pulls their credit report and sees multiple failed attempts in a short amount of time, they'll be less likely to work with them. A rent-to-own contract usually doesn't require a credit check, and the tenant can give their credit score time to recover.
By clicking "Register Now" I agree to: (1) be contacted at the phone number provided (consent is not a condition to purchase services) and via email by HousingList.com or Third Parties about this property and to present credit related offers by phone, including pre-recorded messages, text, and/or automatic telephone dialing system; and (2) HousingList.com's Terms of Use & Privacy Policy
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Renting to own is one of the best ways to get into your own house. A rent to own agreement means you don't need a large deposit to secure a home - your regular rent includes a portion that progressively turns into a downpayment. This means you can skip costly mortgage insurance while getting to know your neighbourhood. The whole process also builds on your history of savings and payments, improving your credit rating and your chances of later qualifying for a conventional mortgage.

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Unfortunately, there are a lot of RTO scams that any potential buyers have to watch out for. If something sounds too good to be true, it usually is. If you don't' trust the seller, or if they're asking for a lot of money upfront, leave it. There are legitimate RTO options available. You don't have to take the first one that comes along. Ensure you read the fine print and have a Realtor and/or a real estate lawyer verify the contract is fair. Many deals are fair - particularly those offered by local nonprofits like SHOP - but dishonest companies who do not disclose major issues can destroy people's lives:

Making your lease payments on time can help improve your credit. Just make sure your landlord/seller reports your rental payment data to the major credit reporting agencies.  There are many other things you can do to improve your credit score while you’re in the rental period of your lease agreement. Start by requesting your free credit report. Federal law entitles you to one free credit report once a year from AnnualCreditReport.com, a website set up by the three major credit bureaus.
You could decide you don’t want to purchase the house. Let’s say you get a new job that requires you relocate to a new city. Or maybe you still can’t qualify for a mortgage at the end of the contract term. Perhaps you just decide this house isn’t for you. If you’re in a lease option agreement, you can walk away from the contract. But what happens to all of the cash you forked over in higher rent and option money? That’s thousands of dollars you won’t get back.
According to a Federal Trade Commission survey on the rent-to-own industry in the United States conducted in 2000, consumers reported that they chose to engage in rent-to-own transactions for a variety of reasons, including “the lack of a credit check”, “the ability to obtain merchandise they otherwise could not”, and “the convenience and flexibility of the transaction”.[1] The most common reason cited for dissatisfaction within the survey was high prices. In addition, some survey respondents reported poor treatment by employees in connection with late rental payments, problems with repair services, and hidden or added costs.[1]
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This will ensure that you are not getting into a contract to purchase a home that you can’t afford. It’s important to give yourself a decent head start on the mortgage loan application process to see where you stand, as well as give yourself time to repair and/or fix any credit-related issues that might prevent you from obtaining a home loan. That’s because you need to be ready with an approved mortgage loan on the date specified in the rent-to-own contract.
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