Rent-to-own is an agreement where a property is rented, with an option to buy it during the lease period. The renter pays a monthly amount, part of which can go towards a down payment. An upfront fee, "deposit", is paid for the right to purchase later. This arrangement can be useful for those with poor credit or insufficient savings. At the end of the term the tenant-buyer qualifies for financing to purchase the house at the agreed upon purchase price that was pre-determined at the start of the rent-to-own term.

There are many reasons to utilize rent-to-own, but the most common is when you want to own a home now but are unable to qualify for a mortgage in the traditional way. This can be from damaged credit, unexpected life changes or being self-employed. For more information on this please visit this page.

The approval process for rent-to-own is less strict than for a mortgage. A smaller deposit is needed to start a rent-to-own and credit score does not have to be as high.

There are two major risks. The first is that you lose your income during the rent-to-own term and cannot meet your obligations during the term. The second is you cannot qualify for traditional lending at the end of the rent-to-own term. In both scenarios, we work with the tenant-buyers to see what the best options are.

Yes. We refer to this as the “deposit”. There is a minimum 5% deposit needed to enter into a rent-to-own with Pathway Home. If you complete your full rent-to-own you will have a 10% down payment saved for the purchase back of your home.

This depends on a few factors. The first is the price of the home. The second is the size of the deposit you have at the start of the rent-to-own agreement. Before starting a rent-to-own with Pathway Home, we always will provide estimates that are specific to your situation.

The typical rent-to-own agreements range from 2-4 years.

Yes, within your pre-approved range of course.

We try our best to work with all of our rent-to-own tenant-buyers who are going through difficult times.

You will have the same responsibilities you would have as you would as the primary homeowner. Maintenance and repairs are a big part of rent-to-own, proving you are ready to be a homeowner. Pathway Home Properties will take care of the property tax & insurance.

A few months prior to the end of the rent-to-own agreement term, you will start the process of obtaining mortgage financing to purchase the property. We understand this process can be intimidating and as a result are always here to help and refer to professionals we know and trust.

No. During the rent-to-own term your rent stays the same.

A deposit of 5% is required to start a rent-to-own.

Even though it is rare, this can sometimes happen. If this does happen to you, we will update the terms and conditions of the agreement to reflect the present market conditions.

In most cases, once we have received your full application, within 90 days is an acceptable timeline be be in your home.