Rent to own homes are not a “free ticket” to your own home in two to three years.  Like anything else in life worth having, it takes dedication and hard work.

The seller is giving you the opportunity to live in your home before you buy, giving you time to get your credit repaired.

Repairing your credit is possible within a two to three year period. It will take dedication… brown bagging your lunch to work, cooking at home rather than going out to a fancy restaurant, living within your means, paying off your bills every month.

I have know families that will tape a photo of their home to the refrigerator, the bathroom mirror… what ever works, to remind them what their goal is

When you apply for a loan in two to three years the bank will look at your payment record as well as your credit score.  Be sure to save your rent payment records.  If you are receiving a $200 rent credit from the seller, the bank will need to see proof of paying your rent on time, before they allow the rent credits to be used.

Be wary of any seller that is offering a large monthly rent credit.  For example if your rent is $999 per month and the Seller is giving you a $500 rent credit, the bank will look at the adjusted amount of rent of $499 and determine if that is a fair market rent for the neighborhood.  If that is substantially less than fair market, the bank will not allow it. A reasonable rent credit would be in the range of $150 to $200.

Remember, if it sounds too good to be true, it probably is.