Rent To Own Florida Homes For Sale

Florida Rent To Own Homes For Sale 

Rent-to-own any Florida FHA-approved home for sale by rent-to-own lease option. 

RENT TO OWN SUMMARY

The Rent-to-Own Florida Home Loan Program offers a unique opportunity for individuals seeking affordable and sustainable paths to homeownership. Participating Florida FHA mortgage lenders help those who may face challenges in qualifying for a traditional home mortgage loan. Once you find a home and draft a purchase contract, you assign all rights and interests to the Florida FHA mortgage lender. The purchase transaction is finalized by a Florida FHA-approved mortgage lender, which enters into a rent-to-own and long-term purchase agreement with qualified Florida homebuyers. This structured financing agreement allows future homebuyers to lock in the purchase price now while renting the home they intend to buy in the future.

ELIGIBILITY

• Purchase Only – Primary Residence for Homebuyer(s)
• Credit is based on payment history and not credit score.
• Up to 96.5% LTV {3.5% Down with 580+ Credit Score}
• Up to 90% LTV {10% Down with 500+ Credit Score}
• 6% Seller Paid Closing Cost! 
• Income options include: Full Documentation (1 Year),  Assets as Income, 3 Bank Statements Only, Income P&L + Bank Statements, 1099s + Bank Statements.
• U.S. Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens, including ITIN, DACA, and Temporary Protected Status.
• Exceptions may be considered on a case-by-case basis

 RENT-TO-OWN FLORIDA HOME ADVANTAGES

The Homebuyer(s) move into the property and begin their journey toward owning the home!
• The option purchase price reduces with each monthly payment made by the Homebuyer(s).
• The tenant homebuyer can write a separate check or deposit to track principal-only payments.
• The option purchase price reduces with each monthly payment made by the Homebuyer(s).
• All appreciation acquired from the date of closing until the Homebuyer(s).
• At any time, the Homebuyer(s) can sell,, purchase, or Assume the existing  loan.

RENT TO OWN ADVANTAGES

You can pick out the Florida home you wish that meets the FHA minimum property standards. FHA minimum property standards are any move-in-ready home that is livable, habitable, and move-in-ready without much deferred maintenance. You can write out a separate check for principal-only payments to build equity faster. And you never have to worry about moving as long as you make the rent payments on time.

KEY CONSIDERATIONS

Home Partners buys homes in specific approved communities, so you can go to their website to see what communities are currently in their program. We will guide you in finding the right home in the right community in the Home Partners’ program. Once you approve the purchase price in your Right to Purchase Agreement, that is the price at which you may purchase the home during the term of the lease, by the terms of the Agreement, whether the home is later appraised at a higher or lower value. If you do not purchase the home as provided in the Agreement, Home Partners may rent or sell the home to others when your lease ends.

FINDING FLORIDA RENT TO OWN HOMES FOR SALE

Remember, you don’t have to search rent-to-own sites. You can locate any Florida home listed for sale that meets FHA minimum property standards. Examples of sites include:

• Rent To Own Florida On Realtor.com 
• Rent-to-Own Florida Zillow homes for sale
• Rent To Own Florida Labs
• Rent To Own Florida Home Finders
• Florida FHA rent-to-own loan limits search by county.

LEASE AGREEMENT

The Lessor and the Tenant shall enter into a lease agreement for an initial term of seven (7)
years, commencing on the Effective Date, unless either party chooses to terminate the lease by the provisions stated herein (“Initial Term”). Following the conclusion of the Initial Term, the lease shall automatically extend for an additional one (1) year term, and annually thereafter (each referred to as a “Renewal Term”, collectively forming the “Term”), unless the Tenant provides ninety (90) days’ advance written notice of their intention to terminate the lease before the conclusion of the Initial Term or any Renewal Term. It is understood that the Lessor may only terminate the lease for valid reasons as stated in the lease agreement, whereas the Tenant may terminate the lease by providing notice as described above. The total duration of the initial seven (7) Year Term and any annual extension shall not exceed forty (40) years.

RIGHT TO PURCHASE AGREEMENT

Your Right to Purchase Agreement gives you the right to purchase the Florida home you selected at a predetermined price for every year of your lease, as long as you have complied with the lease, the Agreement, and other documents. You are under no obligation to buy the home.

RENT TO OWN LATE FEES

Tenant shall pay additional amounts outlined in the Customer Cost Disclosure for any Rent payment that is not received within the first seven (7) days of the calendar month, or any payment of additional Expenses that is not received within seven (7) days of notification from the Lessor (collectively, “Late Fees”).

RENT TO OWN FLORIDA PROGRAM DISCLOSURE

The rent-to-own Florida FHA mortgage lenders Program (the Program) is an alternative path to homeownership for
customers who may not qualify for traditional mortgage loans, but who want to lock in a home price today to
begin building their generational wealth. Here is how it works:
• How is a Florida home selected? The customer selects a home that meets the customer’s needs and places an
offer on the home. The purchase agreement signed by the customer on the home is transferred to a
governmental agency associated with an Indian Tribe, the Tule River Homebuyer Earned Equity Agency
(rent-to-own Florida FHA mortgage lenders). Rent-to-own Florida FHA mortgage lenders buy the selected property using funds obtained through an FHA-insured first
mortgage loan on the property and the fee paid by the customer when executing the Homebuyer
Agreement.
• What is the rent-to-own Florida FHA mortgage lenders Program? The customer selects a home to buy that is within their monthly budget. Because they don’t qualify for a mortgage loan, the home is purchased by a governmental entity and the tenant buyer enters into a long-term homebuyer agreement that allows them to live in and enjoy the
home with an option to take traditional title to the property when they can qualify for a traditional mortgage or pay the agreement in full. At any time during the contract period, the customer may exercise the right to take traditional title to the home. The customer has 40 years to take traditional ownership of the home by obtaining a new loan or by assuming the loan used by the government entity. As long as all payments are made as agreed, the customer receives all the benefits of home appreciation, and the amount owed under the agreement is paid down with each monthly payment, similar to a 40-year amortized loan.
• What does the rent-to-own Florida FHA mortgage lenders cost? Upfront, the customer will pay a fee that covers the down payment and closing costs to purchase the home, plus program administration costs. Monthly payments
include the principal, interest, and mortgage insurance paid on the FHA-insured loan, plus property taxes,
hazard insurance, repairs, homeowner’s association dues, property maintenance, etc. An estimate of these costs is provided to the customer shortly after a home is selected and the final cost is determined, before signing the final agreement. Once the customer is ready and qualifies for mortgage financing, the government entity will allow the customer to either assume the FHA-insured loan from the government-approved entity or the customer can obtain their financing to pay the agreement in full.
• What are the advantages of the rent-to-own Florida FHA mortgage lenders Program?
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 in 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 improves their likelihood of obtaining traditional financing.
o Under some circumstances, it may be possible for a customer to “assume” the mortgage obtained
by rent-to-own Florida FHA mortgage lenders, 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 Florida home, there may be other options available, depending
on the circumstances: (1) work with rent-to-own Florida FHA mortgage lenders 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 rent-to-own Florida FHA mortgage lenders. 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 agreement are protected as long as the regular monthly payments are made on time.
• What are the requirements to qualify for the rent-to-own Florida FHA mortgage lenders?
o A financial application must be filled out by the customer, and a credit report obtained.
o The customer must provide a well-documented ability to make monthly housing payments, including
the amount of the monthly payment and the costs of maintaining a home. An evaluation is made by
rent-to-own Florida FHA mortgage lenders with assistance from Open Mortgage Wholesale of the customer’s financial ability to make the monthly payments required by the agreement, and the expenses of maintaining a home.
o Demonstrate the ability to pay the upfront costs required to consummate the Homebuyer Agreement.
o If the customer’s financial ability is approved by rent-to-own Florida FHA mortgage lenders, the normal real estate purchase process is followed to select a home and obtain a purchase and sale contract on it. Earnest money is provided
by the customer. That contract is assigned to rent-to-own Florida FHA mortgage lenders.
o Consumer education courses may be required.
o The opportunity to buy the home can be lost if the customer fails to make monthly payments or
violates any other terms of the Homebuyer Agreement.
o Delayed closing or occupancy of the property may fail to purchase the property and
Revocation of the Homebuyer Agreement.

Rent to own all Florida Service Locations: