Rent To Own Florida FHA Mortgage Lenders Program
Our Rent Own FHA Mortgage Lenders program turns renters into future Florida homeowners by offering a lease-to-own solution with earned equity. This unique rent-to-own Florida homebuyer program allows homebuyers to rent to own, not as ordinary “renters” but as future homeowners, while building equity and positioning their credit and finances for an FHA mortgage lender. A HUD-approved non-profit government entity that allows prospective Homebuyers to enter a Structured Financing Agreement to ultimately transition to homeownership. With an LTV Loan To Value up to 96.5% and Seller Paid Closing Cost up to 6%, the rent-to-own program can work for you.
Florida Rent-To-Own Owner Financing Program
Program Advantages
- Get Pre-Approved Upfront and Pick your own home!
- The option purchase price reduces with each monthly payment made by the Homebuyer(s).
- All appreciation acquired from the date of closing belongs to the Homebuyer.
- At any time, the Homebuyer(s) can sell the home and take the profit.
- Purchase the property from a government entity.
- Assume the existing FHA loan on the property.
Rent-to-Own Homebuyer Eligibility
U.S. Citizens Or Permanent Residents
MortgageBuilder Rent-To-Own Advantages
o Increases in the home’s value during the term of the agreement benefit the customer as long as all
payments are made as agreed. (Of course, there is no guarantee that homes will go up in value; they
can also go down in value.)
o Each month, a portion of the monthly payment reduces the amount owed under the agreement to
Take traditional ownership of the home.
o By faithfully making the monthly payments and by paying the other expenses of owning a home, a
customer demonstrates their ability to own a home and improve their likelihood of obtaining traditional financing.
o Under some circumstances, it may be possible for a customer to “assume” the mortgage obtained
by TRHEEA, which would avoid the need for the customer to obtain a new mortgage and save them
thousands of dollars in closing costs.
o If the customer decides not to purchase the home, there may be other options available, depending
on the circumstances:
(1) Work with TRHEEA to find someone to assume their obligations under the
Homebuyer Agreement;
(2) Sell the home, and the customer receives all sales proceeds remaining
after the Homebuyer Agreement is paid in full and sales costs are paid, or
(3) Abandon the property and cancel the agreement, placing the disposition of the home in the hands of TRHEEA. In this option, no costs paid by the customer are refundable.
o A memorandum of the agreement is filed with the county records office, assuring the customer’s
rights under the agreements are protected as long as the regular monthly payments are made on
time.
General Eligibility
- Purchase only
- 30-Year Fixed Rate Standard and High Balance
- High Balance is available on a case-by-case basis
- Primary Residence for Homebuyers
Eligible Rent-To-Own Properties
- Single Family
1st Contract Payment
- The first contract/lease payment is due the month immediately following the closing of the purchase transaction. If a new month begins within seven (7) days of the month of closing, the first contract/lease payment will be collected at closing.
Loan to Value (LTV)
-
Eligible up to 96.5% LTV
Loan Amount
-
FHA Standard Balance
-
FHA High Balance is considered on a case-by-case basis
Credit Score
-
580 Minimum – Maybe less with compensating factors.
-
< 580 considered on a case-by-case basis
Credit Pay History
-
One (1) tradeline with at least 12 months satisfactory history
-
Alternative credit may be acceptable
Qualifying Income
-
FHA Full Documentation (1 Year)
-
Assets as Income
-
Bank Statement Only Income
-
1099s + Bank Statements
Rent To Own Florida Memorandum Of Agreement
THIS MEMORANDUM OF AGREEMENT (“Memorandum”), effective as of DATE GOES HERE, is by and between the Tule River Homebuyer Earned Equity Agency, a section 17 subsidiary wholly owned by Tule River Finance, a section 17 subsidiary wholly owned by Tule River Economic Development Corporation, a Section 17 corporation wholly owned by the Rent To Own Tribe of California (“Agency”), whose address is ADDRESS GOES HERE.
The following is a correct statement of information with respect to the agreement described below:
- Agency and Homebuyer have entered into a certain Homeownership Agreement dated as of
- The Agreement creates an ownership interest in the nature of a ground lease.
- For the purposes of the Memorandum, the name of the fee simple title holder in the Agreement is Tule River Homebuyer Earned Equity Agency.
- For the purposers of this Memorandum, the name of the leasehold ownership rights holder in the Agreeement is
- The address of Agency and Homebuyer set forth in the Agreement are the same as those for such parties set forth above.
- The Property is described in Exhibit A attached hereto and incorporated herein by reference, as
- well as all of the building or improvements now or hereafter located thereon (the “Property”).The commencement date of the Agreement is April 28, 2025.
- The expiration date of the Agreement is April 30, 2065.
- Homebuyer has a right to purchase the Property as set forth in the Agreemen
- The Agreement and this recorded memorandum, upon conveyance, will terminate if title to the Property is transferred by foreclosure or deed-in-lieu of foreclosure, or if the Mortgage Loan is assigned to the Secretary of HUD or any successor federal government agency.
- Unless otherwise provided herein, all capitalized terms shall have the same meaning as set forth in the Agreemen
- This Memorandum contains only selected provisions of the Agreement. Reference is hereby made to the Agreement for all the terms and conditions, which shall control. This Memorandum does not, in any way, amend or supersede the terms of the Agreement. This Memorandum may be executed in counterparts.
- IN WITNESS WHEREOF, Agency and Homebuyer have hereby executed this Memorandum of Agreement as of the date first written above.
- AGENCY/GROUND LESSOR:
- Rent to Own Florida Earned Equity Agency, a wholly owned section 17 subsidiary of Rent to Own Florida wholly owned by Rent to Own Florida Development Corporation, a federally chartered section 17 corporation, wholly owned.
Rent To Own Florida Disclosures
Florida Mortgage Lenders Rent To Own program desires to serve all consumers’ home financing needs, including those in typically underserved markets or those who may not qualify for traditional mortgage finance. With this mission in mind, the Florida Mortgage Lenders Rent To Own program may refer certain consumers to the “Rent To Own FHA Program” (the “Program”). The Florida Mortgage Lenders Rent To Own program works with an unaffiliated party to provide the Program as a bridge to homeownership for consumers unlikely to qualify for traditional conforming financing. It is important to understand, however, that the Program is not a mortgage loan offered by the Florida Mortgage Lenders Rent To Own program. The Program is a shared ownership financing program to bridge the gap between renting and homeownership for those who may not qualify for a traditional mortgage. The basic structure of the Program is as follows for approved consumers (“Homebuyers”):
• A governmental Agency (“Agency”) — often an affiliate of a Native American Tribe — purchases a home (“Home”) using the Homebuyers’ purchase and sale agreement with a third-party seller.
• Florida Mortgage Lenders Rent To Own program lends funds to the Agency for the purchase of the Home.
• The Agency enters into a ground lease financing agreement with Homebuyers to purchase the home and obtain a leasehold interest in the land (the “Homeownership Agreement”). The Homeownership Agreement for the Program can be obtained by contacting your loan Florida Mortgage Lenders Rent To Own program.
• In addition to making the payments required by the Homeownership Agreement, Homebuyers must occupy and maintain the Home.
• The Homeownership Agreement has the option to purchase the Home (the “Purchase Option”) and otherwise is amortized and fully paid over 40 years, similar to a fully amortizing mortgage. Highlighted Differences with Traditional Mortgage Finance
As stated above, the Homeownership Agreement is not a traditional mortgage loan. Some, but not all, differences between this Program and a traditional mortgage loan are detailed below. Again, please review the Homeownership Agreement for additional information before deciding to proceed:
1. The Homeownership Agreement is a financing arrangement whereby the Agency will own fee simple title to the Home until the exercise of the Purchase Option or payment in full.
2. Homebuyers own the Home through a ground lease interest created by the Homeownership Agreement. A fee simple title is transferred to Homebuyers upon exercise of the Purchase Option or payment in full.Rent To Own Every City In Florida Coverage Areas
All Florida Manasota Key Timber Pines Stuart Jacksonville Crooked Lake Park Flagler Beach Southchase Miami Navarre Beach Belleview Auburndale Tampa Taft Hutchinson Island South Zephyrhills Orlando Punta Rassa Samsula-Spruce Creek Opa-locka St. Petersburg Baldwin Lochmoor Waterway Estates Warrington Hialeah Roseland St. Augustine South Lady Lake Port St. Lucie Franklin Park South Sarasota Niceville Tallahassee Yalaha June Park Longwood Cape Coral Bokeelia Brookridge Azalea Park Fort Lauderdale Mayo Connerton Three Lakes Pembroke Pines Lake Hamilton Plantation Bellair-Meadowbrook TerraceHollywood Rainbow Park Ridge Wood Heights Groveland Miramar Cypress Quarters Big Pine Key St. Augustine Gainesville Ocklawaha Pea Ridge West Park Coral Springs Hawthorne Bay Hill Lockhart Lehigh Acres Lake Butler Butler Beach Sunset Clearwater Pierson Mount Plymouth Oldsmar Brandon Keystone Heights Wauchula Hobe Sound Palm Bay Old Miakka Nassau Village-Ratliff Callaway Spring Hill East Bronson Fussels Corner Homosassa Springs Pompano Beach Belleair Beach Suncoast Estates Thonotosassa West Palm Beach Buckhead Ridge Dundee Destin Miami Gardens Babson Park Samoset Villas Lakeland Glencoe Lower Grand Lagoon East Milton Davie Midway Rainbow Springs and Stock Island West Lealman Boca Raton Callahan Clarcona Olympia Heights Riverview DeLand Southwest Charlotte Harbor Gonzalez Sunrise Mexico Beach Pine Manor Lakewood Park Plantation city Molino Ridge Manor Viera West Deltona Harlem Heights Daytona Beach Shores Mount Dora Alafaya Greenville Gifford Fruitville Town ‘n’ Country Solana Fort Pierce South Miami Springs Miami Beach Hastings Parker Atlantic Beach Palm Coast Paisley Whitfield CDP Palmer Ranch Largo Verandah Mary Esther Palmetto Fort Myers St. Leo Taylor Creek Jensen Beach and Forest CityMelbourne Five Points Madeira Beach Iona The Villages Heritage Bay Holmes Beach Gladeview Pine Hills North Redington Beach Laguna Beach Yulee Deerfield Beach Astor Indian Rocks Beach and Buckingham Conway Boynton Beach Redington Beach Indian River Shores South Daytona Kendall Indian Shores Grant-Valkaria North Palm Beach Kissimmee Juno Ridge Moon Lake Sarasota Springs Lauderhill Fanning Springs Orangetree Jupiter Farms Weston Pomona Park Belleair Elfers Homestead San Antonio Jasper Key Biscayne Delray Beach Gretna Lake Sarasota Cypress Lake North Port Kenwood Estates Mulberry Trinity Daytona Beach DeSoto Acres and Weeki Wachee Gardens Crawfordville Panama City Beach Poinciana Palm Beach Shores Ave Maria Fernandina Beach Tamarac Chokoloskee Sawgrass Wilton Manors Jupiter Webster Nokomis Middleburg Wellington Pine Lakes Woodville Goldenrod Port Charlotte North DeLand San Castle Gulfport Port Orange Black Diamond Lake Panasoffkee Viera East The Hammocks Archer Tierra Verde Naranja North Miami Bronson Wahneta Holly Hill Doral Gun Club Estates Balm Orange City Palm Harbor Anna Maria High Point Minneola Coconut Creek Crescent Beach Highland Beach Lake City Wesley Chapel Black Hammock Goulding Laurel Sanford Harold North River Shores Shady Hills Ocala Bristol Ridgecrest Port Salerno Fountainebleau Lawtey Harbour Heights Cheval Margate Medley Umatilla Fuller Heights Sarasota Silver Springs Shores East Alturas South Miami and Lantana Bonita Springs Masaryktown West Bradenton Westview Bradenton Center Hill Watergate Florida City Palm Beach Gardens Garden Grove Bagdad Cocoa Beach Tamiami St. George Island Zephyrhills North Mango Kendale Lakes White Springs Lake Clarke Shores Lakeland Highlands Westchester Chumuckla Juno Beach Pine Castle Pinellas Park Welaka Chipley Highland City St. Cloud Andrews Rainbow Lakes Estates Medulla Pensacola Waldo Loxahatchee Groves Pasadena Hills Apopka Coleman Lely Hudson Country Club Seville Tiger Point Lighthouse Point Coral Gables Bradenton Beach Montura Goulds University CDP Raleigh St. James City Pebble Creek Ocoee Gulf Stream Holden Heights Westwood Lakes Titusville North Key Largo Port St. Joe Celebration Horizon West Westlake Cedar Grove Doctor Phillips Four Corners Crystal Springs Windermere Satellite Beach Fort Pierce Scottsmoor Kensington Park On Top of the World Oakland Park Branford Venice Gardens Asbury Lake Winter Garden Jupiter Island Feather Sound Union Park North Lauderdale Fort Braden Ocala Estates Memphis Altamonte Springs Matlacha Vineyards New Port Richey East Cutler Bay Cedar Key Winter Beach Gateway Ormond Beach Shalimar Silver Springs Avon Park Winter Haven Melbourne Village Flagler Estates West Vero Corridor North Miami Beach Cottondale South Beach Sebring North Fort Myers Grand Ridge Woodlawn Beach Sugarmill Woods Greenacres Wiscon Blountstown Cape Canaveral Oviedo Allentown Ponce Inlet Palatka Valrico Jennings West DeLand Progress Village The Acreage St. Lucie Village Melbourne Beach Miami Shores Hallandale Beach Duck Key North Brooksville Fairview Shores Royal Palm Beach Palmona Park Frostproof Bee Ridge Plant City Panacea Hilliard Milton Meadow Woods Briny Breezes Bushnell Rotonda Land O’ Lakes Lake Kathryn Geneva Bithlo Lake Worth Beach Waverly Crystal River Cypress Gardens Kendall West Homestead Base Midway City and Hill’n Dale Westgate Egypt Lake-Leto Marco Shores-Hammock Bay Chattahoochee Wimauma Navarre Rio Malabar Alachua Aventura Bradley Junction and Fort White Harbor Bluffs St. Augustine Shores Richmond West Greensboro Dover Key Largo Winter Springs Wabasso Biscayne Park West Perrine Clermont Ponce de Leon Grenelefe Bardmoor University Indian Lake Estates Point Baker Richmond Heights Dunedin Cinco Bayou Oakland St. Pete Beach Lauderdale Lakes Glen St. Mary Alva Pine Ridge CDP Panama City Roeville De Leon Springs Beverly Hills Cooper City Paxton Bal Harbour Fruitland Park South Miami Heights Ona Edgewood Citrus Springs Princeton Penney Farms Seminole Manor Springfield Carrollwood Acacia Villas Tangerine Micco Buenaventura Lakes Vernon Bowling Green Hernando Riviera Beach Hosford Pretty Bayou Southeast Arcadia Merritt Island Hillsboro Pines Port Richey Miramar Beach Golden Glades Whitfield Tangelo Park Palm Beach DeLand Page Park Indialantic Orange Park Estero Stacey Street Zellwood Marathon Fruit Cove Greenwood Bunnell Fern Park Parkland Lake Mystic Meadow Oaks Lake Park East Lake Pinecraft Island Walk Gulf Gate West Little River Avalon Hypoluxo Indian Harbour Beach Lake Magdalene Schall Circle Quail Ridge Brooksville Dania Beach Golden Beach Madison North Merritt Island Ferry Pass Laurel Hill Lake Helen Green Cove Springs Lakeside Yankeetown Olga Seffner Miami Lakes Bell and Lee Greenbriar Arcadia Winter Park Alford Eagle Lake Broadview Park Fleming Island Beverly Beach Bay Pines West Miami Golden Gate Steinhatchee Sharpes North Bay Village East Lake-Orient Park Paradise Heights Inverness Highlands North Southwest Ranches Vero Beach South Fort Green Springs Williston Clewiston Casselberry Key Colony Beach Harlem McGregor Oakleaf Plantation Hampton Bonifay Odessa Immokalee Jay Cleveland Citrus Hills Rockledge Sea Ranch Lakes Carrabelle Wedgefield Citrus Park Ferndale Vamo North Weeki Wachee New Smyrna Beach Reddick Cabana Colony Williamsburg Temple Terrace Spring Lake Big Coppitt Key Lake Lorraine Leisure City Garcon Point Wallace Orlovista Bayonet Point Micanopy Verona Walk Inverness Lakewood Ranch Lemon Grove Cross City Sanibel Sun City Center Sopchoppy Apalachicola Wildwood Ruskin Altha Dade City North Longboat Key Sebastian Orchid Eastpoint Dade City Coral Terrace Lisbon Florida Gulf Coast University Quincy Tarpon Springs Canal Point Hernando Beach South Apopka Keystone Jupiter Inlet Colony Pine Air Lecanto Haines City East Williston Hurlburt Field Neptune Beach Palm Springs Chaires Berkshire Lakes Sky Lake Bloomingdale Winding Cypress Vilano Beach Fort Pierce North Palm City Cloud Lake Eglin AFB Inwood Silver Springs Shores Wausau Freeport West Samoset South Bradenton Lake Hart Haverhill Willow Oak Ives Estates Windsor and Pioneer Lake Mack-Forest Hills Mims Crestview Brownsdale Williston Highlands Belle Isle and River Park Wright Gardner Polk City Indiantown Northdale Fisher Island Eatonville South Patrick Shores Palm River-Clair Mel Wacissa Watertown Inverness Highlands South Key West La Crosse Dunnellon Fort Myers Beach Palmetto Bay St. Marks Virginia Gardens Beacon Square Wekiwa Springs McIntosh and Matlacha Isles-Matlacha Shores Chiefland St. Augustine Beach Port St. John Westville Belleair Bluffs Ormond-by-the-Sea Edgewater Manalapan Lake Placid Vero Lake Estates Oak Ridge Limestone Moore Haven Live Oak Venice Brooker North Sarasota Treasure Island Jacksonville Beach Floridatown Astatula Heathrow Fish Hawk Hillcrest Heights Campbell Perry Hialeah Gardens Miccosukee Monticello Loughman Apollo Beach Esto Pelican Marsh Fort Myers Shores West Melbourne Capitola Pine Island Center Macclenny Westchase Spring Ridge Mangonia Park Gulf Breeze Leesburg Worthington Springs and Munson Silver Lake Pembroke Park The Crossings Trilby Holley Lauderdale-by-the-Sea Lutz Noma Havana DeFuniak Springs Jasmine Estates Ocean Breeze Graceville South Bay West Pensacola Golf Cudjoe Key Southgate Fort Walton Beach Waukeenah Zolfo Springs Marianna Pace Pineland Sewall’s Point Lely Resort Sunny Isles Beach Jacob City Burnt Store Marina Indian River Estates Brent Caryville Sneads Kathleen Naples Pittman Redington Shores Naples Manor Lealman Yeehaw Junction Bear Creek Islamorada, Village of IslandsEnsley Homeland Manatee Road Pahokee Bellview Everglades Malone Pelican Bay Florida Ridge Ebro Lake Belvedere Estates Osprey DeBary Raiford Tyndall AFB Crystal Lake Eustis Goodland Roosevelt Gardens Jan Phyl Village Holiday Campbellton El Portal Combee Settlement Liberty Triangle Glen Ridge and Highland Park Tropical Park Fort Meade Lynn Haven Nobleton Trenton Naples Park Sweetwater Fort Green Oak Hill Tequesta Palm Valley Berrydale Washington Park South Gate Ridge Bayshore Gardens Fidelis Gotha Newberry Cocoa Captiva Fort Denaud Mascotte Punta Gorda Aucilla Grove City Lake Alfred Hunters Creek Charleston Park Century Ocean City Belle Glade Morriston Tavernier Cocoa West Bartow Day Hillsboro Beach High Springs Englewood Aripeka Chuluota South Highpoint Midway CDP Okahumpka Lake Mary, Jane, and Montverde Bay Harbor Islands Bradfordville Sorrento Desoto Lakes Ellenton Pinecrest Mount Carmel Atlantis Palm Springs North Marion Oaks Otter Creek Charlotte Park Fellsmere World Golf Village West Canaveral Groves Wabasso Beach Valparaiso Seminole Pine Level South Palm Beach Surfside Country Walk Lloyd Lake Kerr Rio Pinar San Carlos Park Mulat Interlachen Siesta Key Upper Grand Lagoon Sumatra Howey-in-the-Hills Okeechobee Gibsonton Layton Homosassa Whiskey Creek Marco Island Bascom Heritage Pines Davenport Safety Harbor Belleair Shore Pine Ridge Starke Maitland Springhill Inglis Zephyrhills West Lake Butler CDP Horseshoe Beach Wewahitchka Tice Glenvar Heights Altoona Crescent City and Limestone Creek Three Oaks and River RidgeBrownsville Dickerson City Lacoochee Warm Mineral Springs Tavares Istachatta Oriole Beach Zephyrhills South Vero Beach Lake Harbor Key Vista The Meadows Myrtle Grove Pine Island Plantation Mobile Home Park Port LaBelle Pinewood Cobbtown Boulevard Gardens LaBelle Lake Mary Tildenville and Bay Lake Patrick AFB and Ocean Ridge Floral City Ojus Indian Creek and Dixonville East Palatka Pensacola Station Nocatee Lamont Palm Shores Kenneth City South Venice Lazy Lake Royal Palm Estates South Brooksville New Port Richey Plantation Island Christmas White City Lake Wales Marineland Timber Pines South Pasadena Palmetto Estates Lake Buena Vista Flagler Beach Cortez Stuart Weeki Wachee Belleview Stuart
