Looking for Rent-to-Own Homes in Durham, NC?
What does Rent to Own actually mean?
In most cases, a rent to own agreement is a contract on a property that works like a lease and leads to a purchase. It’s often called a lease with an option – or a lease/option agreement for short.
The lease portion is a standard rental agreement that includes monthly rent, security deposit, and other typical terms.
The option in the contract gives you the right to purchase the property after a set time period – usually around 1 year. This gives you the ability to save money towards a down payment, repair credit, increase your income, or otherwise improve your ability to qualify for a mortgage.
Most of the time people use a traditional mortgage loan to purchase the property prior to the expiration of the option period, but there are other options if your financial situation has unique needs.
We help lots of folks like you to purchase the home of their dreams.
Buying a Home with MAGI
How Does A Lease With Purchase Home Agreement Work?
Our rent to own process is actually pretty simple.
- Join our “Preferred Buyers” list by completing the form at the bottom of the page and tell us what type of home you desire.
- We’ll send you local homes or rent to own / lease option homes that fit your criteria.
- If you like a home and want to apply, we’ll give you an application to fill out. Don’t worry – we help people with all kinds of credit and financial situations, and if you can afford the property, we can probably help you to own it.
- After you’re approved to rent the property, we’ll agree on a monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time… then at the end of the rental agreement you can decide if you want to purchase the home or not.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
More Frequently Asked Questions
How Long Are Rent To Own / Lease Option Terms?
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances. We provide free Credit repair and offer coaching to help prepare you to qualify for a mortgage and be a successful homeowner.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!
What are the benefits of a rent to own home?
In the local area, lots of smart people are using rent to own agreements as a way to get the home of their dreams without having to qualify for a bank loan right away.
In the past few years, banks have been very tight on their lending criteria. Most people who use a rent to own agreement want a few years to get ready to qualify.
Here are a few more reasons to use a rent-to-own agreement:
- Try before you buy! You get to live in your rented home before you actually purchase it, allowing you to make sure it’s actually your dream home. If you don’t like the house, you don’t have to complete the purchase.
- Own without great credit or a big down payment. You can start feeling like a homeowner right away while saving up and improving your credit.
- Privacy. You’re not listed as the purchaser on any public records until the closing takes place, giving you years of privacy.
- Move in fast. Since you don’t have to wait for a mortgage, you can often move in right away – and get started living a new life in the home of your dreams!
So don’t wait! Get started now by filling out the form at the bottom of this page.
What if I have bad credit? Can I still get a rent-to-own home?
Every situation is different, but we specialize in helping people who have been through tough circumstances (or just made mistakes in the past) to repair their credit and get started on the path to a great financial future.
Even if your credit is bad, you can still own a property!
One of the major benefits of a rent-to-own scenario is that it gives you time to repair your credit before you purchase your home. You’ll enjoy many of the benefits of home ownership while you’re rebuilding your credit and saving money towards a down payment.
So fill out the form at the bottom of this page now and get your piece of the American dream!
Is there a Down Payment (otherwise known as a Lease Option Deposit) on our rent to own homes?
We do require a Down Payment at the time of move in and down payments may vary depending on the home. We understand that most families do not have a ton of money to put down and we are willing to work with them to get them where they need to be.
We do not require a security deposit as we are not landlords. We are here to help you become successful home owners! There is an application fee which is used to identify whether credit repair is necessary and how we may help you with that as well. Of course you’ll have to pay rent each month while you are in that phase of ownership.
We can help you to structure the perfect scenario to meet your needs. We’ll show you why our rent-to-own program is right for you.
So don’t wait! Get started now by filling out the form at the bottom of this page.
Do appliances or furniture come with a rent-to-own home?
Generally, the basic appliances are there – like a refrigerator, stove, oven, and sometimes extras, like a dishwasher, a washer and a dryer. Parts of a property that are installed or attached – like the heating system and air conditioning – are definitely included.
Sometimes, we’ll offer a property that includes some furnishings. Most buyers want to bring their own stuff with them from their previous home, and that’s why furniture is sold separately.
There are many companies out there that provide a rent-to-own service for furniture or extra appliances, and you’ll get lots of choices on styles and types.
But be careful!
Even though rent-to-own real estate can be a great deal, some (not-so-honest) furniture companies will charge you huge amounts for a rent-to-own agreement. You might end up paying 2-3x more for these products than if you bought them outright.
Plus, those appliances will probably go down in value – unlike real estate, which usually goes up in value.
Of course, you want your money to be going to an asset (like your home) that will rise in value, not expensive interest payments on new furniture.
So don’t wait! Fill out the form at the bottom of this page to get started now.
What are the requirements of a rent to own arrangement?
We do our best to help you uncover creative solutions to help you own the home of your dreams.
Once you’ve had a chance to check out the house, you’ll fill out a rental application that will include detailed information on everyone living in the home.
We’ll conduct a credit check and verify the income(s) for everyone over 18 who is living in your household to confirm that you’ll be able to make your monthly payment.
People with bad credit, no credit, limited cash available, and other financial situations have all been able to lease then purchase their perfect piece of real estate.
We’ll speak with your references and previous landlords, because relationships matter to us more than just scores assigned by a computer.
We love helping great folks to reach their dreams, so don’t be afraid – fill out the form below to get started!
Get Better Deals by Filling Out Our Buyer Profile
First step – sign up to find great properties around the local by completing our form. You’ll get immediate access to great rent-to-own homes, plus a whole lot more.
Call 919-328-2878 for Questions
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