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  1. #1

    Rent-To-Own versus Traditional Mortgage

    How are the employment qualifications for having a rent-to-own arrangement rather than a traditional mortgage? I know that with a traditional mortgage, I would have to be employed full-time for at least two years. Here is some background and - based on that - please tell me if a rent-to-own arrangement is something we may be qualified for.

    1. My live-in boyfriend of four years worked for 26 years at the same employer and recently retired with Social Security and a pension. His credit score is questionable for now because he had to foreclose on a house he had with his ex and file bankruptcy (all debts were discharged).

    2. I was a stay-at-home mom from 2012 to summer of 2016 (at which time I got a part-time job at Walmart...I have been there five months now). My credit score is currently 655 and rising every month since I have my first credit card and pay off the balance in full every month. This credit score is good enough for a mortgage or rent-to-own, but that would be a moot point since I am only able to work part-time right now and cannot go full-time until at least they would not be able to go on my credit score.

    In short, in a rent-to-own arrangement, if they CAN base it on my credit score only but our combined income, would I still be required to be employed full-time for two years?

    Thanks in advance for your answers. I would appreciate any feedback on this.

  2. #2
    Rent to own is not a program with "standard" qualifications. Talk to a local to you lender to see about your situation.

    Most rent to own agreements fail to get to the "own" part.

  3. #3
    This post doesn't address your qualifications questions because they vary widely based upon circumstances but please do some research before moving forward. The link below is an excellent starting place.

    Reviewing any agreement with YOUR attorney that looks after YOUR interest is also a must.

    That said, I've successfully leased-purchased two homes with no issues, but I followed my own advice above.

  4. #4
    Ditto. Most owners don't offer "rent-to-own". Those that do rarely end up selling the house because few people--especially those in trying financial circumstances--end up following through with the purchase. Know your limits and get proper legal advice.


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