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Rent to Own Program

Rent-to-own, also known as lease-to-own, is a housing arrangement that allows individuals to rent a property with the option to purchase it at a later date. In a rent-to-own program, tenants typically enter into a lease agreement with the property owner or landlord, agreeing to pay monthly rent for a specific period, usually ranging from one to three years. What sets rent-to-own apart from traditional renting is the inclusion of a purchase option. This option gives tenants the right, but not the obligation, to buy the property at a predetermined price within a specified time frame. During the rental period, a portion of the monthly rent may be designated as a rent credit or rent premium, which can accumulate as a down payment towards the future purchase. Rent-to-own arrangements can be beneficial for individuals who aspire to own a home but may not have sufficient funds for a down payment or face challenges in qualifying for a mortgage.