Frequently Asked Questions
General questions about our company, service, and properties we offer on this website:
- What does Rent to Own actually mean?
- What is the Rent to Own process?
- Do appliances or furniture come with a rent-to-own home?
- What if I have bad credit? Can I still get a rent-to-own home?
- Is there a down payment on a rent to own home?
- What are the benefits of a rent to own home?
- What are the requirements of a rent to own arrangement?
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 rental agreement that includes monthly rent, and other typical terms. You will be responsible for all maintenance and repairs, and have the ability to make improvements to the home.
The option in the contract gives you the right to purchase the property for a predetermined price and time period – usually 1 to 3 years. This gives you the ability to repair credit, increase your income, or otherwise improve your ability to qualify for a mortgage.
We help lots of folks like you to purchase the home of their dreams.
Fill out the form below to get started on your way to home ownership!
What is the Rent to Own process?
The rent to own process is actually pretty simple.
Once you’ve decided on one of our properties, we’ll have you fill out an application right here on our website. 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, we’ll meet with you to discuss the details of the contracts and work with you to put together a Lease/Option contract that fits the time line you need (typically 1-3 years). We’ll answer questions and review the paperwork. Then we’ll turn over possession of the home to you.
During your Lease/Option period, you’ll have the time you need to work on getting mortgage qualified.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!
First step – sign up to find great properties around Fort Wayne just by filling out the form.
You’ll get immediate access to great rent-to-own homes, plus a whole lot more.
Sign up and get started now!
Do appliances or furniture come with a rent-to-own home?
Most of the time, furniture isn’t included with a lease/option purchase.
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 if I have bad credit? Can I still get a rent-to-own home?
Yes you can! Many people with bad credit can 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 owning their home.
Even if your credit is bad, you can still buy 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.
So fill out the form at the bottom of this page now and get your piece of the American dream!
What are the benefits of a rent to own home?
There are a lot of benefits of a rent to own agreement!
In the Fort Wayne 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 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:
- Own without great credit. You can start feeling like a homeowner right away while improving your credit. Move in now, and work on improving credit to qualify for your Mortgage.
- Privacy. You’re not listed as the purchaser on any public records until the closing takes place, giving you privacy. We also treat you like the owner, by giving you 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.
Is there a down payment on a rent to own home?
Yes! It’s called a “non-refundable option payment” and typically is 5% to 8% of the price of the home. 100% of the “down payment” is credited towards the purchase price when you buy. It is non-refundable if you don’t buy.
Sometimes we can accept a lower down payment for homes that need some TLC. We may require you to do some of the work prior to moving in. We have a lot of flexibility with handyman type homes.
So don’t wait! Get started now by filling out the form at the bottom of this page.
What are the requirements of a rent to own arrangement?
We know that every person, family and situation is different.
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, 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 credit 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!