4 Best Rent to Own Companies of 2023
Are you interested in a rent to own homeownership program? These companies will buy a home for you that you choose and will rent it back to you until you’re able to buy it back and own it yourself. Don’t fall for the many rent to own scams on the market today, these rent to own programs are the real deal. Use our guide to find a rent to own company that works for you!
Last Updated: October 16, 2023
Hello Genius Rent to Own Buyer’s Guide
Home ownership is the classic American dream but affordability makes it hard in these current market conditions. These rent to own home ownership programs make it possible. Here’s how it works in 5 easy steps:
1. Apply Online:
All of these rent to own companies offer consumers a fast and easy online application process. Qualification requirements vary for each company but typically include showing proof of employment history, 12 months of prior rental payment history, no late payments in previous 12 months, no foreclosures or bankruptcies in previous 2-5 years, minimum credit score (480-550), and 1%-3% of cash available for a downpayment.
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2. You Choose Your Desired Home:
Each rent to own company works in certain areas of the country. If you live within one of their service areas, you can choose a home in the area that is in their target price point, usually around $350,000 to $450,000 depending on the market.
3. The Rent to Own Company Purchases Your Home:
Once you’ve decided on a home that meets the qualification requirements, the rent to own company will make an offer to purchase the home on your behalf. Some companies require a small down payment or fee but they otherwise cover all of the costs associated with purchasing the home, including closing costs, inspections and property taxes.
4. Move In & Make It Your Home:
Once the home is purchased and closed, you are free to move in and make it your own. During this time, you are able to continue working on improving your credit and saving for a down payment so you’re prepared to buy the house at the end of the lease agreement.
5. Exercise Your Option to Purchase:
At the end of the lease agreement, you have the option to buy or walk away. If you decide to buy, you’ll need to qualify for a traditional mortgage including VA, conventional, HUD or other eligible loan programs. It’s important that you continue to work on building your credit and saving for a down payment while you rent so you can qualify for a mortgage at the end of your lease term.
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How We Evaluate Rent to Own Companies
The staff at Hello Genius takes our reviews seriously and considers our decisions carefully. There are many rent to own scams that promise listings or other guarantees that are never provided to consumers. We’ve scoured the Internet looking for the best rent to own companies that provide real value to their customers and have included them in this review.
When available we do participate in a company’s affiliate program so we can earn compensation should one of our readers sign up for their services. We do this so we can continue to provide valuable content without having to charge our readers to access this website.