🏠 Rent-to-Own FAQ
1st Home Network – Wesley Howard
202-910-2281 | 1stHomeNetwork.com | Wesley@1stHomeNetwork.com
1. What does Rent-to-Own mean?
It means you move into a home now and plan to buy it later.
2. Do I have to buy the house right away?
No. You lease the home first while you work on getting ready to buy it.
3. Can I move into the home before I buy it?
Yes. The program allows you to move into an eligible home while you prepare to purchase it.
4. Why would someone use Rent-to-Own?
It can help people who want to buy a home but need more time to get ready for a mortgage.
5. What if my credit is not very good?
You may still qualify. If your score is 580+ you are ready to buy.
6. What if I don't have a credit score?
You may still qualify under the program. No credit score can be accepted.
7. What if I am rebuilding my credit?
The lease period gives you time to work on your credit and financial profile before you buy.
8. Do I have to have a W-2 job?
Not necessarily. Alternative income (1099, Gig) can be accepted.
9. How long do I need to have a job?
You can qualify with as little as 1 year of employment history.
10. Can someone with an ITIN qualify?
Yes. ITIN is accepted.
11. Can someone with DACA qualify?
Yes. DACA is accepted.
12. Do I need a Social Security number?
No. An SSN is not required when qualifying through the accepted ITIN/DACA options.
13. Can I use Rent-to-Own to buy an investment property?
No. This program is for a primary residence, the home you plan to live in.
14. Can a landlord use this program to buy a rental house?
No. The program is designed for someone buying a home to live in, not an investment property.
15. What happens while I am renting?
You use the time to prepare to become a homeowner. That can include working on your credit, savings, income documentation, and mortgage qualification.
16. What are the steps?
There are four basic steps:
1. Choose Your Home
Choose the home you want to purchase.
2. Move In Now
Move into the home under the lease.
3. Prepare to Purchase
Work on your finances and mortgage qualification.
4. Buy When Ready
Purchase the home when you become eligible to purchase.
17. Do I build equity?
You build equity with every payment and can keep the home's appreciation when you purchase.
18. What does appreciation mean?
Appreciation means the home goes up in value.
For example, if a home becomes worth more over time, that increase is called appreciation.
19. How Do I Know What Price Home I Can Afford?
First, the lender will review your credit, income, and other financial information to determine how much you may qualify to borrow.
Once we know the amount you qualify for, we will discuss the estimated mortgage payment with you.
If you are comfortable with the payment, we will then help you look for a home within that price range.
The goal is simple: know your budget first, then find a home that fits your budget.
20. Is Rent-to-Own the Same as Normal Renting?
No. The goal is different. You are building equity and appreciation instead of paying your landlord's mortgage.
With normal renting, you rent the home.
With this program, you rent while preparing to buy the home.
21. Is Rent-to-Own the Same as Buying a House?
Not at first. You start with a lease. Later, when you meet the requirements for a mortgage, you purchase the home.
22. What if I am a First-Time Homebuyer?
This program is specifically designed to include first-time homebuyers.
23. What if I Have Been Turned Down for a Mortgage?
The program is designed for people who need more time to qualify or are rebuilding their financial profile.
24. Can Rent-to-Own Help Me Become a Homeowner?
That is the goal of the program: move into the home now and prepare to buy it later.
25. Who Should I Talk to About the Program?
Contact Wesley Howard, Realtor. He can help you with the process.
26. How Do I Get Started?
Call, text, or email Wesley Howard to learn more about the Rent-to-Own program and find out what you may qualify for.
Wesley Howard, Realtor
📞 202-910-2281
🌐 1stHomeNetwork.com
📧 Wesley@1stHomeNetwork.com
🏠 Ready to Move From Renting to Homeownership?
Move In Now. Buy Later.
Let's find out if a Rent-to-Own program may help you become a homeowner.