RentToOwn-HouseFinder.com

Has anyone had experience with a rent to own option on a house? If so, was it successful or problematic?

Public Comments

1. As an FHA Underwriter I do refinances of thee types of transactions and my best advice to you is get everything in writing. Nothing, I mean nothing, verbally> Always write rent/lease payments by check or other documentable manner. The biggest problem is when a portion of the rent goes to the down payment, it must be agreed to in writing at the start of the lease. You will still need credit and income to qualify to refinance the transaction so keep your eye on th ball so it will be your home sooner, than later.
2. I once sold a condo as a lease purchase. We agreed how much of the monthly rent would apply toward the down payment and we also agreed on a time frame. He held up his part of the bargain and I held up mine. However, everything was in writing. He signed a lease and a purchase agreement with me at the same time. There were two legally binding contracts.