Rent, Rent with Option or Owner Finance?
There are many options available for people who would like to rent homes:
Rent (Traditional): The typical lease you are used to. When the lease term is up you move out.
Rent with Option: You have the option to purchase at the end of the lease. Usually the purchase price is determined at or near the end of the lease term.
Lease Purchase: Requires a down payment that is applied towards the purchase often along with a small portion of the monthly rent. Usually a price is determined up front.
Owner Finance: The best way to finance a purchase if you 'just miss' qualifying for a loan. The price is set now. It requires a small down payment and the owner finances you 12-24 months. You own it! No need for a bank! Bonus: you get all the tax breaks! Note, with Owner Finance you need good credit (630+) and approximately 3% down payment.