PICK A HOME FOR RENT TO OWN IN ALL OF FLORIDA
Our Rent Own Florida FHA Mortgage program allows you to select any Florida home listed for sale. This innovative FHA rent-to-own Florida mortgage program is designed for individuals who want to move into the home of their choice now while working on their credit and finances. This rent-to-own Florida mortgage program enables Florida renters to choose a rent-to-own property that suits their needs and rent until they qualify. This option to purchase an agreement allows you to acquire permanent housing while improving your credit and financial situation to qualify for an FHA mortgage. We can pre-approve anyone seeking permanent housing for this rent-to-own program. Check the Florida FHA rent-to-own prorgram limits specific to your county. Click “APPLY NOW” in the top right corner to get started!
RENT TO OWN WITH NO TAX RETURNS
Yes, you can rent to own any home for sale in Florida that qualifies for FHA with no filed tax returns, no IRS transcripts, no W2, no 1099, no pay stubs, no job, No Income, no bank statements, no income verification, NO Tax Return. Ways to prove your income include:
- Home Loan No Tax Returns =OK 1099 home loan Lenders = OK 3 Months Bank Statement = OK
- Self-Employed Less than 1 year = OK VOE Only home loan = OK Asset Depletion = OK
- No Doc, No W2, No Tax Return = OK Bank Statement Deposits = OK Jumbo No Tax Returns = OK
- ITIN No Tax return home loan = OK Nonresident No Tax Return = OK Pledged Assets = OK
- Asset Depletion or Pledged = OK Business Profit Loss = OK DSCR Rental Income = OK
HOW DO RENT-TO-OWN MORTGAGE LENDERS WORK?
An FHA-approved organization purchases the Florida home of your choice. You move in through a lease-to-own agreement with seller financing. This arrangement gives you time to prepare for full ownership!
When a Homebuyer does not qualify for traditional FHA mortgage financing, the Florida Rent To Own home program offers a new and exciting way for the Homebuyer to ultimately enter homeownership.
Step 1: The Florida mortgage lender submits a fully completed application for the Florida Rent To Own home program review.
• The property address must be identified in the portal if a property has been selected by the Homebuyer(s), otherwise the property address may be identified as “TBD”.
• Qualifying documentation must be uploaded to the loan in the portal. Required documentation includes, but is not limited to, income and assets, as well as any supporting credit history documentation (housing, alternative tradelines, credit event details, etc.), identification, LOEs, etc.
• Note: A review will not be completed until all qualifying documentation is received and confirmed.
Step 2: Once the Homebuyer(s) have selected a Florida home of their choice, the Homebuyer(s) enter into a purchase agreement with the property seller for the selected property.
• The property must meet the Florida Rent To Own home program eligibility and guideline requirements.
• The “buyer” portion of the contract MUST identify the Homebuyer name(s), in addition to “and/or assigns”.
• The Homebuyer(s) MUST execute the Assignment Addendum to Purchase & Sale Agreement to transfer the contract to the FHA-eligible government entity (the entity purchasing the property on behalf of the Homebuyer(s)).
• Broker to provide the executed contract with all addenda (including Seller’s Disclosure) to the Florida Rent To Own home program.
Step 3: The Homebuyer name(s) will be retained within the portal as the Homebuyer/Tenant, and the borrower on the transaction will be transitioned to the FHA-eligible government entity.
• The FHA investment purchase will be identified within your portal pipeline under borrower “Homebuyer Earned
Equity Agency.
Step 4: The subject Florida home appraisal must be ordered, completed, then reviewed and approved to guideline requirements. All conditions related to the property must be addressed and satisfied.
• Broker to order the appraisal on behalf of the Florida Rent TO Own Homebuyer(s) from an approved Appraisal Management Company. The Homebuyer(s) are responsible for paying for the appraisal.
Step 5: The Homebuyer(s) execute the Homeownership Agreement and remit all funds for closing to the government entity.
Step 6: The purchase transaction is closed at an approved title company.
Step 7: The Homebuyer(s) move into the property and begin their journey toward owning a Florida home!
• 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) purchase the property belongs to the
Homebuyer(s).
• At any time, the Homebuyer(s) can sell the home, purchase the property from the FHA-eligible government entity, or assume the existing FHA loan on the property. Apply now on the top right of this webpage.
HOW TO QUALIFY FOR RENT TO OWN IN FLORIDA?
Most Rent-to-own programs share a few common requirements, including:
- Downpayment/Savings: The FHA rent-to-own program requires 3.5% down with a 580+ credit score and a 500+ credit score requires 10% down. The more savings you have, the better your case is, to qualify.
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Stable, predictable income: Proof of stable, predictable income to show you can repay.
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Payment History: Many programs accept credit scores as low as 500+ but rely more on your payment history and not the credit score.
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Timely rental history: Showing timely rent can prove the ability to repay. Meeting these basics could help you lock in a Rent-to-own home in Florida.
RENT TO OWN PROPERTY TYPES:
- Single-family home – Rent To Own
- Townhouse- Rent To Own
- Manufactured home –Rent To Own
- Villa -Rent To Own
RENT TO OWN ANY FLORIDA HOME
Rent-to-own any Florida FHA-approved home for sale.
RENT TO OWN SOLVES:
Too Much Debt – Keeps your monthly payments manageable.- Recent Bankruptcy – You may qualify sooner than expected.
- Self-Employed? – Income quality with 3 3-month average bank statement deposits.
- ITIN Borrowers – Buy a home with as little as 5-10% down
- U.S. Citizens
- Green Card Holders & Those with a Social Security Number
- DACA & ITIN Borrowers
- Buyers Who Won’t Live in the Home (Non-Occupant Homebuyers)
- $Flexible Income Options – Down Payment as low as 3.5%!
- $Flexible Credit Options – Min 500+ Credit Score!
- $We look at your last 12 months of income, including:
- W-2 Paychecks
- Self-Employed & 1099 Income or 3 months bank statements.
- Rental Income
- Investments & Assets
RENT TO OWN WITH NO TAX RETURNS
Florida Rent-To-Own Owner Financing Program
DOWNPAYMENT – CREDIT – DTI
- Pick out your own rent-to-own home that meets FHA guidelines.
- Primary Residence for Homebuyer(s) – Purchase only
- 580+ credit up to 96.5% LTV = {3.5% Downpayment}
- 500+ credit up to 90% LTV = {10% Downpayment}
- Self-Employed No Tax Returns OK!
- Max Debt To Income (DTI) 60%
- Seller paid closing costs up to 6% OK!
WHERE DO I FIND RENT-TO-OWN FLORIDA HOMES FOR SALE?
Your options are any Florida home for sale by owner or MLS that could qualify for an FHA Mortgage. This means the home must be fully habitable, move-in ready, and insurable. Rent to Own Florida Home Search Options Include:
RENT-TO-OWN ADVANTAGES
- Lock in your purchase price today! Additionally, each month, a portion of the monthly payment reduces the amount owed under the agreement, allowing for traditional ownership of the home. You have the opportunity to build equity as your balance owed decreases, provided all payments are made as agreed. (Of course, there is no guarantee that homes will go up in value; it’s possible the house could go down in value.)
- Build Confidence! By faithfully making the monthly payments and by paying the other expenses of owning a Florida home, you demonstrate your ability to own a home and improve your likelihood of obtaining traditional financing.
- Assume the loan—Under some circumstances, it may be possible for a customer to “assume” the FHA mortgage obtained by the Florida rent-to-own mortgage lender. This would avoid the need for the customer to obtain a new Florida mortgage and save them thousands of dollars in closing costs.
- Sell For Profit– It’s possible you could sell the home for a profit if the value goes up enough, or if you decide not to purchase the home, there may be other options available, depending on the circumstances:
RENT TO OWN PRE-APPROVAL CHECKLIST
| 1. CASH | Min 580 credit score qualifies for 3.5% down .. Or, 10% down payment is required if your credit score is between 500 – 579. The seller can pay up to 6% of the closing costs. This must be requested in your purchase contract. |
| 2. CREDIT | Minimum 500+ credit score – based on payment history, not credit score driven. |
| 3. CAPACITY | Debt-to-income: Max 45/55 means no more than 45% of income towards housing and 55% for housing + all other minimum payments on your credit report. |
| 4. COLLATERAL | Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes. All homes must be move-ready with minor deferred maintenance.▪ Appraisal must indicate the property condition as C1-C4. Max loan must be within the Florida FHA mortgage loan limits. |
RENT TO OWN PROGRAM HIGHLIGHTS
Bad Credit Florida Rent To Own Mortgage Lenders
WHO’S ELIGIBLE FOR RENT TO OWN
U.S. Citizens And (NON) and Permanent Residents
WHAT TYPE OF HOME CAN I RENT TO OWN?
You can buy any Florida home listed for sale BY OWN OR MLS that is move-in ready with not much different maintenance. Rehab properties or NOT acceptable. Property types include:
- Single-family –
- Townhouse –
- Manufactured –
- Multi-Family –
- Villa –
- Condo – Search Florida FHA Approved Condos – there are not many
RENT TO OWN FLORIDA FHA LOAN LIMITS
Since your end loan with most likely be an FHA mortgage so we have to ensure the purchase price is under the Florida FHA loan limits.
Some of the loan limits are listed below. To see all Florida FHA Rent To Own loan limits, click here.
- MIAMI-FORT LAUDERDALE- HOLLYWOOD- PALM BEACH – POMPANO BEACH, FL $654,350
- ORLANDO-KISSIMMEE-SANFORD, PUNTA GORDA, ORMOND BEACH, GAINESVILLE $524,225
- PANAMA CITY–PALM BAY-MELBOURNE-LAKE CITY-TITUSVILLE-PUNTA GORDA-TALLAHASSEE, FL $524,225
- TAMPA-ST. PETERSBURG-CLEARWATER-PENSACOLA-FERRY PASS-BRENT, TALLAHASSEE, FL $524,225
- ARCADIA,PUNTA GORDA, DELTONA-DAYTONA BEACH-ORMOND BEACH, FL $524,225
- JACKSONVILLE, DUVAL-NASSAU-BAY CLAY COUNTY, FL $580,750
- CRESTVIEW-FORT WALTON BEACH-DESTIN, FL $603,750
- NAPLES-MARCO ISLAND, FL $764,750
- KEY WEST, FL $967,150
3 OPTIONS AFTER YOU MOVE IN:
(1) Work with the Florida FHA mortgage lender to find someone to assume their obligations under the
FHA Rent To Own Agreement;
(2) Sell the home for profit or loss, 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 the FHA mortgage lender. In this option, no costs paid by the customer are refundable.
KEYPOINT) To protect your rights, a memorandum of the agreement is filed with the Florida county records office, assuring the rights under the written agreements are protected as long as the regular monthly payments are made on
time.
RENT TO OWN STRUCTURE:
The basic structure of the Rent To Own FHA Mortgage 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.
• Originator lends funds to the Agency for the purchase of the Florida Home.
• The Agency enters into a ground lease financing agreement with Rent to Own Homebuyers to purchase the home and obtain a leasehold interest in the land (the “Rent To Own Agreement”).
• In addition to making the payments required by the Rent To Own Agreement, Homebuyers must
occupy and maintain the Florida rent-to-own Home.
• The Rent To Own Agreement has an option to purchase the Home (the “Purchase Option”) and otherwise is amortized and fully paid over 40 years, similar to a fully amortizing mortgage.
RENT TO OWN VS RENTING
1. The Rent To Own Agreement is a financing arrangement whereby the Agency will own fee simple title to the Home until the rent-to-home future home buyer exercises 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.
3. The Homebuyers will be required to sign a release of personal information so Originator can send that information to the Agency.
4. The Agency may obtain property insurance under a master policy, or the Homebuyers may select the insurance provider. Homebuyers are responsible for insurance costs, which will be part of the monthly payment.
5. The Homebuyers do not receive a Loan Estimate of charges from the Originator. If approved for the Program, Homebuyers will get a summary of the monthly payment obligations and closing charges for the agreement.
6. Homebuyers are restricted from leasing, subletting, or financing the Home, even for temporary uses.
7. Purchase or refinance requires payment of all applicable fees under the Rent-To-Own Agreement.
8. The Florida Homebuyers must have documented housing payment history.
9. Mandatory homeownership education courses may be required.
10. Delayed closing or occupancy may result in the voiding of any Agency commitment.
RENT TO OWN PRE-APPROVAL CHECKLIST
- Full mortgage application. Top right click APPLY NOW.
- Credit report – hard pull
- Borrower’s Authorization *Signed/dated before credit report*
- Letter of Explanation for all credit inquiries within 90 days of the credit report
- Fee Sheet and Settlement Service Provider List *N/A if using Smart Fees*
- Borrower Identification (including Social Security Card, ITIN documentation, Driver’s License, VISA, etc.)
- Housing History documentation (12-month VOR/VOM, payment ledger/canceled checks, or credit
supplement/credit report) - Asset documentation (2 months’ bank statements)
- Gift Letter (signed/dated) and evidence of funds receipt
- Purchase Contract/Escrow Instructions (including Assignment Addendum and Consumer Disclosure)
- BANK STATEMENT ONLY FOR INCOME: months of recent bank statements
- ASSETS AS INCOME- Asset Depletion: 2 months’ recent bank statements. Asset Liquidity: 2 months’ recent bank statements
- FULL DOC- Wage Earner: YTD paystubs (60 days), W2, and WVOE Other: Per FHA requirements
Self-Employed: Prior year tax returns, OR 12-month Third-Party Prepared P&L and 3 months bank statements, OR
K1s and 1120s - DIVIDENDS AND INTEREST FOR INCOME-2 years’ tax returns with all schedules OR 2 years’ account statements with earned income documented
- INDEPENDENT CONTRACTOR/1099 EMPLOYEE – Prior year tax returns, OR 3 months bank statements, OR pay stubs (if applicable)
- INDIVIDUAL TAXPAYER IDENTIFICATION NUMBER (ITIN)- Prior year tax returns required if SSN listed on pay stubs, W-2, etc.
- RENTAL INCOME- Other REO: Lease agreement(s), documented receipt of rental income, and 3 months’ reserves
- DEPARTURE RESIDENCE – borrower owns current primary residence: Documentation to support request for DreamBuilder financing, Letter of Explanation from borrower (signed) regarding existing primary residence
Fully executed lease agreement and proof of rental income receipt, OR copy of purchase contract showing current
residence pending sale
ASSIGNMENT ADDENDUM TO PURCHASE & SALE AGREEMENT
When writing up the contract, you will also need the seller to sign the Assignment of Purchase and Sale Agreement. By signing below, Homebuyer assigns all of its rights and interests in the Homebuyer Earned Equity Agency. Seller consents to such assignment by the Homebuyer with its signature on the line provided below. This Assignment shall be effective on the date accepted by the Rent ToOwn Lender as noted below. In addition to the assignment, the Homebuyer and Seller agree to the following additional terms: 1) To accommodate timing for document signing and recording, closing may occur within 3 business days of the agreed-upon closing date specified in the Agreement.
2) Any unused Seller-paid closing costs or concessions not used by shall be disbursed by escrow as directed by
an authorized representative of the designated Homebuyer and must comply with HUD requirements for the financing
as determined by the lender. 3) Homebuyer earnest monies on deposit shall be transferred into the name of the rent-to-own mortgage lender and applied to the loan and toward financing costs. 4) The home buyer must utilize financing through the rent-to-own program to purchase The Property, or this assignment is void. This contract is subject to the Homebuyer qualifying for and executing the long-term purchase agreement on this property. If there is a change in the Homebuyer’s circumstances and the Homebuyer no longer qualifies for the long-term purchase agreement or the Homebuyer refuses to execute the final long-term purchase agreement, the purchase contract and assignment addendum are void, and the maximum liability for non-performance is forfeiture of
The earnest money.
RENT TO OWN APPROVAL CONDITIONS- Example
PTD (Before Rent To Own Closing Doc Conditions)
1. Rent To Own (T) – Utility – Provide Utilities and Condominium/PUD Project Questionnaire Contact Information form MUST be completed regardless if it’s in an HOA by the MLO or RE Agent
2. Rent To Own (T) – Identification – Provide SS card.
3. Rent To Own (T) – Home Warranty – Provide a home warranty covering all major systems (Roof, HVAC, Plumbing, electrical, appliances, siding, major fixtures, and flooring) for all properties when condition is C4 or C5 and/or for homes built before 1978.
4. Rent To Own (T) – EEP – Earned Equity Program complies with FHA guidelines related to property eligibility and the concentration of investment properties with FHA financing within a neighborhood radius. If the Mortgage will be
secured by an Investment Property (HUD considers EEP properties as investment transactions), including Mortgages
For governmental Entities, the Borrower may not have a financial interest, regardless of the ownership or financing type, in more than seven (7) dwelling units within a two-block radius. If the Borrower owns six or more units within a two-block radius, a map must be provided disclosing the locations of the units as evidence of compliance with FHA’s
seven (7) unit limitation.
5. Rent To Own (T) – Income – Please provide a letter of explanation to explain how the use of business funds will not hinder operations.
6. Rent To Own (T) – Gift Funds – When the applicant is receiving gift funds, they may not be used as reserves. Provide a fully executed gift letter, the donor’s bank statement evidencing sufficient funds to gift, a copy of the check or wire to the applicant’s account or directly to the title.
7. Rent To Own (T) – Credit – Pending SS verification.
8. Rent To Own (T) – Assets – Verified funds are $1XXXXX<XXX. The estimated funds needed to close are $XXK. Provide additional $EXAMPLEK in available funds.
9. Rent To Own(T) – Credit – Housing History – Please provide a fully completed VOR form.
10. Rent To Own (E) – Purchase Agreement – Provide a fully executed purchase contract and assignment addendum showing the Government Entity as the borrower.
11. Rent To Own (E) – PUD/Condo HOA – Please provide all PUD/CONDO HOA documentation, including CC&Rs, By-laws, and additional documentation required to determine non-owner occupant interpretations and restrictions that may relate to the Rent To Own Program.
12. Rent To Own (E) – Property Inspection – Provide property inspection for all properties when the condition is C4 or C5 and/or for homes built before 1978. May be required on a case-by-case basis when conditions are C3. When property has a
septic tank, it must be pumped and inspected no more than 60 days before closing.
13. Rent To Own (E) – Title Docs/Tax Cert – Provide PrelimTitle Report, and Closing Protection Letter reflecting Government Entity as proposed insured. Prelim must include all schedules, and updated Tax Cert showing the most recent 12 months’ proposed property taxes and/or the current MIL rate.
14. Rent To Own (E) – Termite/Pest Inspection – For all states that require a Termite/Wood Destroying Insect inspection; If identified by appraiser or inspector; and/or if reflected on the purchase contract and/or seller disclosure. Any/all infestations must be remedied before closing, and completion of work performed must be supported by documentation, including: invoices, description of work performed, and photos.
15. Rent To Own (E) – Credit Soft Pull – Need Credit Soft pull within 10 days of closing on each borrower
16. Appraisal – XML – Appraisal XML file, most recent version, to the . Required to pull SSRs
17. Appraisal – Provide a satisfactory appraisal on form ______ w/copy of the Appraiser’s current license & E&O Insurance, Paid Invoice, AIR Cert, and Proof of Delivery. Must meet applicable program or agency guidelines.
18. DB (E) – Hazard Insurance – Provide evidence of hazard insurance with a deductible no greater than: a). 5% for
wind/hail; b). $5,000 for all other perils. Policy must contain coverage for personal liability, with minimum coverage equivalent to HO3 from an appropriately rated carrier and reflect: A) Homebuyer as primary or named insured; B)
Agency must be listed on the policy as additional insured; C) Mortgagee must be listed accordingly;D) RCE must be provided by the insurance company. For Florida properties, an agent letter can be provided in lieu of RCE attesting the dwelling coverage amount on the policy meets or exceeds the replacement cost estimate.
19. DB (E) – FHA Case Number Assignment – Provide successful FHA Case Assignment and clear CAIVRS in the
name of the Government Entity. Provide a tax EIN for the case assignment to be ordered.
1st RENT TO OWN RENT 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.
RENT TO OWN MEMORANDUM
THIS MEMORANDUM OF AGREEMENT (“Memorandum”), effective as of DATE GOES HERE, is made by and between the rent-to-own Florida mortgage lender, a Development Corporation, a Section 17 corporation wholly owned by the Rent To Own (“Agency”), whose address is ADDRESS GOES HERE.
The following is a correct statement of information concerning the agreement described below:
- Agency and Rent To Own Florida Homebuyer have entered into a certain Rent To Own Agreement dated as of
- The Agreement creates an ownership interest like a ground lease.
- For the Memorandum, the name of the fee simple title holder in the Agreement is Earned Equity Agency.
- For this Memorandum, the name of the leasehold ownership rights holder in the Agreement is
- The address of the agency and Homebuyer outlined 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, XXXX.
- The expiration date of the Agreement is April 30, XXXX.
- The homebuyer has the right to purchase the Florida Property as outlined in the Agreement
- 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 outlined in the Agreement.
- 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 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 Tribe — purchases a Florida 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 “Rent To Own Agreement”). The Rent To Own 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 Rent To Own Aggreement , Homebuyers must occupy and maintain the Home.
• The Rent To Own 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 Rent To Own 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 Rent To Own Agreement for additional information before deciding to proceed:
1. The Rent To Own Aggreement 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 Rent-To-Own Agreement. A fee simple title is transferred to Homebuyers upon exercise of the Purchase Option or payment in full.
RENT TO OWN QUESTIONS ANSWERED
property transfer? Yes, this is acceptable. The Homebuyer must remit the standard monthly payment per the terms of the agreement via ACH AND mail a separate check for the additional principal payment with clear instructions in the check memo to apply the excess funds as a principal reduction.
then the Homebuyer can sell the property after the assumption is complete.
Q: How do I start the rent-to-own process to see if I qualify? You fill out a full mortgage application and submit all your documents. I will contact you to review your application and submit it for approval. Pre-approval takes about 7 days after receiving all the documents.
Q: Can I buy a fixer-upper with the FHA rent-to-own program? NO, the most must fully habitable, insurable move in move-in-ready condition. ▪ Appraisal must indicate the property condition as C1-C4; C5 considered with exception review.
Q: Should I pay for a home inspection with a rent-to-own home? Yes, A home inspector can find safety issues and maintenance problems that could create serious trouble and expenses down the road. Home Inspections help everyone understand the condition of a property and the risks that should be considered before proceeding with the rent-to-own transaction
Q: Can I rent-to-own with bad credit in Florida? Yes, it’s possible to qualify for rent-to-own options in Florida even with bad credit. While all mortgage lenders and programs have minimum credit score requirements, many rent-to-own programs are looking at the most recent 12 months’ payment history for stability. These Florida rent-to-own lenders provide a pathway to homeownership by allowing buyers to rent the home, build equity, and improve their credit scores while renting.
Q: Does Florida have any additional requirements for the FHA rent-to-own program? • All properties in Florida require a 4-point inspection; any noted unsatisfactory items must be fully repaired before closing. Additionally, a wind mitigation report is required. The 4-point inspection is a focused the the homes HERP = Heating, Electrical, Roof, Plumbing.
Q: Are there additional closing costs with a rent-to-own? Yes, The Homebuyer(s) is responsible for the following DreamBuilder program fees at closing: ▪ $1,250 program underwriting fee ▪ One (1) month complete contract/lease payment to be collected at closing ▪ 1/12th of the annual Program Management Fee ▪ $100 refundable security deposit fee ▪ $250 HOA service fee (if applicable)
Q: As a tenant homebuyer, can I make higher monthly payments to reduce the underlying option price and expedite the Florida home sale? Yes, this is acceptable. The Homebuyer must remit the standard monthly payment per the terms of the agreement via ACH AND mail a separate check for the additional principal payment to the government entity with clear Instructions in the check memo to apply the excess funds as a principal reduction
Q: Can I qualify for rent-to-own with a 500+ credit score?
Yes, approvals are based on payment history and are not credit score-driven. If you can prove ability and illness to repay, and you have the funds needed to close, then you will qualify.
Q: Is the Homebuyer listed on the mortgage security instrument or note?
• No, the rent-to-own Florida Homebuyer is not named on either legal document.
Q: What type of house can I buy when searching for Florida rent-to-own homes for sale?
You can buy a property that would qualify for FHA. This includes single-family homes, townhomes, Villas, and manufactured homes. The home must be livable, habitable, insurable, and move-in ready.
Q: What are the tradeline requirements for the rent-to-own DreamBuilder program?
• An eligible credit report must reflect at least one (1) tradeline and provide at least 12 months of credit history. Alternative tradeline history may be acceptable; refer to the guidelines for details
If the rent-to-own Homebuyer has tax liens, collections, charge-off accounts, and/or judgments, how is the debt treated?
• Generally, tax liens and collection accounts must be included in the qualifying DTI.
• Debt payments for charge-off accounts and judgments are not required to be included in the qualifying DTI.
What tradelines are required for the rent-to-own DreamBuilder program?
• An eligible credit report must reflect at least one (1) tradeline and provide at least 12 months of credit history. Alternative tradeline history may be acceptable; refer to the guidelines for details.
Q: Can the Homebuyer sell the property that is acquired through the rent-to-own program?
• The Homebuyer may coordinate the property sale provided all payments have been timely, the account is in good standing, and the underlying option price is satisfied in full with the property sale. Otherwise, the Homebuyer must meet all FHA guidelines and assume the FHA mortgage from the government entity, and then the Homebuyer can sell the property after the assumption is complete.
Q: Do installment debts with less than 10 payments have to be included in the (DTI) Debt-to-Income Ratio?
• Yes, all debt reflected on the credit report must be included in the DTI.
RENT TO OWN FLORIDA POPULAR SEARCHES
The best part about a rent-to-own program is that you can pick a home listed for sale to rent until you’re fully qualified to purchase or assume the mortgage.
- Rent-to-own Florida homes for sale on Zillow
- Rent-to-own Florida homes for sale with no credit check
- Rent-to-own Florida homes for sale by owner
- Cheap rent-to-own Florida homes for sale
- Rent-to-Own homes Zillow
- Zillow rent-to-own homes in Florida
- Rent-to-own Mobile Homes in Florida
- Free list of rent-to-own homes in Florida
Rent to own all Florida Service Locations:
| Alachua | Alachua County |
| Alford | Jackson County |
| Altamonte Springs | Seminole County |
| Altha | Calhoun County |
| Anna Maria | Manatee County |
| Apalachicola | Frankin County |
| Apopka | Orange County |
| Arcadia | DeSoto County |
| Archer | Alachua County |
| Astatula | Lake County |
| Atlantic Beach | Duval County |
| Atlantis | Palm Beach County |
| Auburndale | Polk County |
| Aventura | Miami-Dade County |
| Avon Park | Highlands County |
| Bal Harbor | Miami-Dade County |
| Baldwin | Duval County |
| Bartow | Polk County |
| Bascom | Jackson County |
| Bay Harbor Islands | Miami-Dade County |
| Bay Lake | Orange County |
| Bell | Gilchrist County |
| Belle Glade | Palm Beach County |
| Belle Isle | Orange County |
| Belleair | Pinellas County |
| Belleair Beach | Pinellas County |
| Belleair Bluffs | Pinellas County |
| Belleair Shore | Pinellas County |
| Belleview | Marion County |
| Beverly Beach | Flagler County |
| Biscayne Park | Miami-Dade County |
| Blountstown | Calhoun County |
| Boca Raton | Palm Beach County |
| Bonifay | Holmes County |
| Bonita Springs | Lee County |
| Bowling Green | Hardee County |
| Boynton Beach | Palm Beach County |
| Bradenton Beach | Manatee County |
| Bradenton | Manatee County |
| Branford | Suwannee County |
| Briny Breezes | Palm Beach County |
| Bristol | Liberty County |
| Bronson | Levy County |
| Brooker | Bradford County |
| Brooksville | Hernando County |
| Bunnell | Flagler County |
| Bushnell | Sumter County |
| Callahan | Nassau County |
| Callaway | Bay County |
| Cambelton | Jackson County |
| Cape Canaveral | Brevard County |
| Cape Coral | Lee County |
| Carrabelle | Frankin County |
| Caryville | Washington County |
| Casselberry | Seminole County |
| Cedar Grove | Bay County |
| Cedar Key | Levy County |
| Center Hill | Sumter County |
| Century | Escambia County |
| Chattahoochee | Gadsden County |
| Chiefland | Levy County |
| Chipley | Washington County |
| Cinco Bayou | Okaloosa County |
| Clearwater | Pinellas County |
| Clermont | Lake County |
| Clewiston | Hendry County |
| Cloud Lake | Palm Beach County |
| Cocoa | Brevard County |
| Cocoa Beach | Brevard County |
| Coconut Creek | Broward County |
| Coleman | Sumter County |
| Cooper City | Broward County |
| Coral Gables | Miami-Dade County |
| Coral Springs | Broward County |
| Cottondale | Jackson County |
| Crawfordville | Wakulla County |
| Crescent City | Putnam County |
| Crestview | Okaloosa County |
| Cross City | Dixie County |
| Crystal River | Citrus County |
| Dade City | Pasco County |
| Dania Beach | Broward County |
| Davenport | Polk County |
| Davie | Broward County |
| Daytona Beach | Volusia County |
| Daytona Beach Shores | Volusia County |
| DeBary | Volusia County |
| Deerfield Beach | Broward County |
| DeFuniak Springs | Walton County |
| DeLand | Volusia County |
| Delray Beach | Palm Beach County |
| Deltona | Volusia County |
| Destin | Okaloosa County |
| Doral | Miami-Dade County |
| Dundee | Polk County |
| Dunedin | Pinellas County |
| Dunnellon | Marion County |
| Eagle Lake | Polk County |
| Eatonville | Orange County |
| Ebro | Washington County |
| Edgewater | Volusia County |
| Edgewood | Orange County |
| El Portal | Miami-Dade County |
| Esto | Holmes County |
| Eustis | Lake County |
| Everglades City | Collier County |
| Fanning Springs* | Gilchrist County |
| Fanning Springs* | Levy County |
| Fellsmere | Indian River County |
| Fernandina Beach | Nassau County |
| Flagler Beach | Flagler County |
| Florida City | Miami-Dade County |
| Fort Lauderdale | Broward County |
| Fort Meade | Polk County |
| Fort Myers Beach | Lee County |
| Fort Myers | Lee County |
| Fort Pierce | St. Lucie County |
| Fort Walton Beach | Okaloosa County |
| Fort White | Columbia County |
| Freeport | Walton County |
| Frostproof | Polk County |
| Fruitland Park | Lake County |
| Gainesville | Alachua County |
| Glen Ridge | Palm Beach County |
| Glen Saint Mary | Baker County |
| Golden Beach | Miami-Dade County |
| Golf | Palm Beach County |
| Golfview | Palm Beach County |
| Graceville | Jackson County |
| Grand Ridge | Jackson County |
| Green Cove Springs | Clay County |
| Greenacres | Palm Beach County |
| Greensboro | Gadsden County |
| Greenvilee | Madison County |
| Greenwood | Jackson County |
| Gretna | Gadsden County |
| Groveland | Lake County |
| Gulf Breeze | Santa Rosa County |
| Gulf Stream | Palm Beach County |
| Gulfport | Pinellas County |
| Haines City | Polk County |
| Hallandale | Broward County |
| Hampton Beach | Bradford County |
| Hastings | St. Johns County |
| Havana | Gadsden County |
| Haverhill | Palm Beach County |
| Hawthorne | Alachua County |
| Hialeah | Miami-Dade County |
| Hialeah Gardens | Miami-Dade County |
| High Springs | Alachua County |
| Highland Beach | Palm Beach County |
| Highland Park | Polk County |
| Hillcrest Heights | Polk County |
| Hilliard | Nassau County |
| Hillsboro Beach | Broward County |
| Holly Hill | Volusia County |
| Hollywood | Broward County |
| Holmes Beach | Manatee County |
| Homestead | Miami-Dade County |
| Horseshoe Beach | Dixie County |
| Howey-in-the-Hills | Lake County |
| Hupoluxo | Palm Beach County |
| Indialantic | Brevard County |
| Indian Creek | Miami-Dade County |
| Indian Harbour Beach | Brevard County |
| Indian River Shores | Indian River County |
| Indian Rocks Beach | Pinellas County |
| Indian Shores | Pinellas County |
| Inglis | Levy County |
| Interlachen | Putnam County |
| Inverness | Citrus County |
| Islamorada | Monroe County |
| Islandia | Miami-Dade County |
| Jacksonville Beach | Duval County |
| Jacksonville | Duval County |
| Jacob | Jackson County |
| Jasper | Hamilton County |
| Jay | Santa Rosa County |
| Jennings | Hamilton County |
| Juno Beach | Palm Beach County |
| Jupiter | Palm Beach County |
| Jupiter Inlet Colony | Palm Beach County |
| Jupiter Island | Martin County |
| Kenneth City | Pinellas County |
| Key Biscayne | Miami-Dade County |
| Key Colony Beach | Monroe County |
| Key West | Monroe County |
| Keystone Heights | Clay County |
| Kissimmee | Osceola County |
| La Crosse | Alachua County |
| LaBelle | Hendry County |
| Lady Lake | Lake County |
| Lake Alfred | Polk County |
| Lake Buena Vista | Orange County |
| Lake Butler | Union County |
| Lake City | Columbia County |
| Lake Clarke Shores | Palm Beach County |
| Lake Hamilton | Polk County |
| Lake Helen | Volusia County |
| Lake Mary | Seminole County |
| Lake Park | Palm Beach County |
| Lake Placid | Highlands County |
| Lake Wales | Polk County |
| Lake Worth | Palm Beach County |
| Lakeland | Polk County |
| Lantana | Palm Beach County |
| Largo | Pinellas County |
| Lauderdale Lakes | Broward County |
| Lauderdale-by-the-Sea | Broward County |
| Lauderhill | Broward County |
| Laurel Hill | Okaloosa County |
| Lawtey | Bradford County |
| Layton | Monroe County |
| Lazy Lake | Broward County |
| Lee | Madison County |
| Leesburg | Lake County |
| Lighthouse Point | Broward County |
| Live Oak | Suwannee County |
| Longboat Key* | Sarasota County |
| Longboat Key* | Manatee County |
| Longwood | Seminole County |
| Lynn Haven | Bay County |
| Macclenny | Baker County |
| Madeira Beach | Pinellas County |
| Madison | Madison County |
| Maitland | Orange County |
| Malabar | Brevard County |
| Malone | Jackson County |
| Manalapan | Palm Beach County |
| Mangonia Park | Palm Beach County |
| Marathon | Monroe County |
| Marco Island | Collier County |
| Margate | Broward County |
| Marianna | Jackson County |
| Marineland* | St. Johns County |
| Marineland* | Flagler County |
| Mary Esther | Okaloosa County |
| Mascotte | Lake County |
| Mayo | Lafayette County |
| McIntosh | Marion County |
| Medley | Miami-Dade County |
| Melbourne | Brevard County |
| Melbourne Beach | Brevard County |
| Melbourne Village | Brevard County |
| Mexico Beach | Bay County |
| Miami Beach | Miami-Dade County |
| Miami Gardens | Miami-Dade County |
| Miami Lakes | Miami-Dade County |
| Miami Shores Village | Miami-Dade County |
| Miami Springs | Miami-Dade County |
| Miami Florida | Miami-Dade County |
| Micanopy | Alachua County |
| Midway | Gadsden County |
| Milton | Santa Rosa County |
| Minneola | Lake County |
| Miramar | Broward County |
| Monticello | Jefferson County |
| Montverde | Lake County |
| Moore Haven | Glades County |
| Mount Dora | Lake County |
| Mulberry | Polk County |
| Naples | Collier County |
| Neptune Beach | Duval County |
| New Port Richey | Pasco County |
| New Smyrna Beach | Volusia County |
| Newberry | Alachua County |
| Niceville | Okaloosa County |
| Noma | Holmes County |
| North Bay Village | Miami-Dade County |
| North Lauderdale | Broward County |
| North Miami | Miami-Dade County |
| North Miami Beach | Miami-Dade County |
| North Palm Beach | Palm Beach County |
| North Port | Sarasota County |
| North Redington Beach | Pinellas County |
| Oak Hill | Volusia County |
| Oakland | Orange County |
| Oakland Park | Broward County |
| Ocala | Marion County |
| Ocean Breeze Park | Martin County |
| Ocean Ridge | Palm Beach County |
| Ocoee | Orange County |
| Okeechobee | Okeechobee County |
| Oldsmar | Pinellas County |
| Opa-locka | Miami-Dade County |
| Orange City | Volusia County |
| Orange Park | Clay County |
| Orchid | Indian River County |
| Orlando | Orange County |
| Ormond Beach | Volusia County |
| Otter Creek | Levy County |
| Oviedo | Seminole County |
| Pahokee | Palm Beach County |
| Palatka | Putnam County |
| Palm Bay | Brevard County |
| Palm Beach | Palm Beach County |
| Palm Beach Shores | Palm Beach County |
| Palm Beach Gardens | Palm Beach County |
| Palm Coast | Flagler County |
| Palm Shores | Brevard County |
| Palm Springs | Palm Beach County |
| Palmetto | Manatee County |
| Palm Harbor | Pinellas County |
| Palmetto Bay | Miami-Dade County |
| Panama City | Bay County |
| Panama City Beach | Bay County |
| Parker | Bay County |
| Parkland | Broward County |
| Paxton | Walton County |
| Pembroke Park | Broward County |
| Pembroke Pines | Broward County |
| Penney Farms | Clay County |
| Pensacola | Escambia County |
| Perry | Taylor County |
| Pierson | Volusia County |
| Pine Crest | Miami-Dade County |
| Pinellas Park | Pinellas County |
| Plant City | Hillsborough County |
| Plantation | Broward County |
| Polk City | Polk County |
| Pomona Park | Putnam County |
| Pompano Beach | Broward County |
| Ponce De Leon | Holmes County |
| Ponce Inlet | Volusia County |
| Port Ornage | Volusia County |
| Port Richey | Pasco County |
| Port St. Lucie | St. Lucie County |
| Port St. Joe | Gulf County |
| Punta Gorda | Charlotte County |
| Quincy | Gadsden County |
| Raiford | Union County |
| Reddick | Marion County |
| Redington Beach | Pinellas County |
| Redington Shores | Pinellas County |
| Riviera Beach | Palm Beach County |
| Rockledge | Brevard County |
| Royal Palm Beach | Palm Beach County |
| Safety Harbor | Pinellas County |
| Saint Leo | Pasco County |
| San Antonio | Pasco County |
| Sanford | Seminole County |
| Sanibel | Lee County |
| Sarasota | Sarasota County |
| Satellite Beach | Brevard County |
| Sea Ranch Lakes | Broward County |
| Sebastian | Indian River County |
| Seabring | Highlands County |
| Seminole | Pinellas County |
| Sewall’s Point | Martin County |
| Shalimar | Okaloosa County |
| Sneads | Jackson County |
| Sopchoppy | Wakulla County |
| South Bay | Palm Beach County |
| South Daytona | Volusia County |
| Sounty Miami | Miami-Dade County |
| South Palm Beach | Palm Beach County |
| South Pasadena | Pinellas County |
| Southwest Ranches | Bay County |
| Springfield | Bay County |
| St. Augustine Beach | St. Johns County |
| St. Augustine | St. Johns County |
| St. Cloud | Osceola County |
| St. Lucie Village | St. Lucie County |
| St. Marks | Wakulla County |
| St. Pete Beach | Pinellas County |
| St. Petersburg | Pinellas County |
| Starke | Bradford County |
| Stuart | Martin County |
| Sun City Center | Hillsborough County |
| Sunny Hills | Washington County |
| Sunny Isles Beach | Miami-Dade County |
| Sunrise | Broward County |
| Surfside | Miami-Dade County |
| Sweetwater | Miami-Dade County |
| Tallahassee | Leon County |
| Tamarac | Broward County |
| Tampa | Hillsborough County |
| Tarpon Springs | Pinellas County |
| Tavares | Lake County |
| Temple Terrace | Hillsborough County |
| Tequesta | Palm Beach County |
| Titusville | Brevard County |
| Treasure Island | Pinellas County |
| Trenton | Gilchrist County |
| Umatilla | Lake County |
| Valpariso | Okaloosa County |
| Venice | Sarasota County |
| Vernon | Washington County |
| Vero Beach | Indian River County |
| Virginia Gardens | Miami-Dade County |
| Waldo | Alachua County |
| Wauchula | Hardee County |
| Wausau | Washington County |
| Webster | Sumter County |
| Weeki Wachee | Hernando County |
| Welaka | Putnam County |
| Wellington | Palm Beach County |
| West Melbourne | Brevard County |
| West Miami | Miami-Dade County |
| West Palm Beach | Palm Beach County |
| Weston | Broward County |
| Westville | Holmes County |
| Wewahitchka | Gulf County |
| White Springs | Hamilton County |
| Wildwood | Sumter County |
| Williston | Levy County |
| Wilton Manors | Broward County |
| Windermere | Orange County |
| Winter Garden | Orange County |
| Winter Haven | Polk County |
| Winter Park | Orange County |
| Winter Springs | Seminole County |
| Worthington Springs | Union County |
| Yankeetown | Levy County |
| Youngstown | Bay County |
| Zephyrhills | Pasco County |
| Zolfo Springs | Hardee County |
