How does Rent to Own in Utah Work?

The process to Rent to Own in Utah is the same as buying a house with traditional financing. Once you have found the home you are interested in you must then apply as to evaluate your current situation and determine any issues keeping you from getting traditional financing.

If your credit is not ready for underwriting then we simply determine the next steps needed to be taken. Often times you can be working on such matters while in your new home. You will have the length of the lease option to resolve any remaining issues keeping you from getting financing.

What are the minimum Down Payment requirements to buy a Rent to Own Home in Utah?

We do not set “minimum” down payment requirements to buy a Rent to Own home in Utah, the lenders do! If your goal is to actually OWN your home you will need to have the minimum down payment to qualify for traditional financing. Here are some examples of down payment requirements:

FHA – 3.5% of the Home’s Purchase Price
($7,000 on a $200,000 home)

Conventional – 5% – 10% of the Home’s Purchase Price
($10,000 on a $200,000 home) and up to ($20,000 on a $200,000 home)

Owner Financing – 10% or more of the Home’s Purchase Price
($20,000 on a $200,000 home) and can be more depending on the situation

Putting more money down ultimately increases YOUR financing options. If you are unable to meet the minimum 3.5% today that’s OK!

How Long is the Rent to Own or Lease Option Agreement?

Your Application evaluation will determine the length of the Rent to Own or Lease Option Agreement.

I have bad credit – Can I still qualify to buy a Rent to Own Home in Utah?

Even if you have bad credit you can still qualify to buy a Rent to Own Home in Utah!

Does the monthly payment go toward the purchase price when buying a Rent to Own Home in Utah?

Sometimes a portion of the monthly may go to the purchase price when buying a Rent to Own Home in Utah. Every home and the available terms are different. However, as a good rule of thumb, any amounts you pay in excess of the lease rate on a monthly basis will go toward the purchase price of  the home.

Does the monthly payment go to the homeowner when I Rent to Own in Utah?

Your monthly payment does NOT go the homeowner when you Rent to Own in Utah. Rent to Own Homes Utah ALWAYS structures the monthly payment to be safely and securely handled by our professional accountants who will then pay the mortgage directly. This protects both parties from a bad rent to own or lease option scenario.

How do I qualify to buy a Rent to Own Home in Utah?

Qualifying to buy a Rent to Own Home in Utah is easy. You start by finding the home you are interested in buying. From there we will start your Application Process to determine the requirements needed for you to successfully buy your home.

Are any of the Homes available for Rent?

Many of our homes do have renting options available.