If you reading this you are probably by now wondering if you qualify to Rent to Own. In our experience the landlord dealing in this market is more forgiving when qualifying prospective tenants. Having said that, here are guidelines for what this particular type of landlord looks at:
- Combined household income of $50,000.
- Proof of Stable Employment.
- No history of Eviction.
- No PENDING bankruptcy.
- Review of Rent to Income Ratio.
- Review of Debt to Income Ratio.
- Review of Rental, Housing, Employment and Criminal history.
- Review of FICO® scores.
Along with that you would have to have an amount equal to 2 months rent in your bank account as proof that you would be able to pay the required security deposit, (which is equal to 2 months rent).
In all respects this is a typical lease agreement, just like any other lease agreement, with the additional benefit of you having the first option to buy the home you rent, if you choose.
We emphasize that you are under no obligation to buy the home!
The security deposit is only paid after a lease agreement has been signed with the landlord.