Rent to Own, or Lease Option both are the same.
I had a past Client living in an Apartment, that were converting to Condos(Condo Conversion). My Client received a letter from the Property Management Company saying they could Buy their Unit once the Conversion was Completed through a lease Option(Rent to Own). The letter explained the Terms and Conditions, within a set period they would have to Qualify for Financing through their preferred Lender.
Based on my Clients Financial status, debts, Credit and other compensating factors they could only go with FHA Financing. The Condo Conversion didn't have FHA Approval due to Ownership of other units must have 51% Owner Occupants.
I'm writing this information because of a Conversation I had with a Miss informed Prospect. I suggested if you really want to own a Home is: Save for a Down Payment, Take care of any Credit issues, and write Down your needs and wants then get Financed by a Lender.
Beware of Rent to Own Scams. Some are legitimate, but Read the Entire Contract yourself and ask Questions.
Do you know anyone Selling a Home as For Sale By Owner? This Website may Help them www.fsboprogram.com
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