Did you ask about Rent-to-Own

The rent-to-own method allows individuals to purchase a home by first renting it for a specified period, typically one to three years, with the goal of eventually buying the property. (Remember this isn't the same as sellers financing) During the rental phase, a portion of the monthly rent payments is usually credited towards the purchase price, making it a more attainable option for those who may not have enough savings for a traditional down payment.

Such an arrangement provides buyers the opportunity to live in the home while they decide if it meets their needs, and it also allows them to build equity over time. Additionally, rent-to-own seems to be an appealing choice for those with less-than-perfect credit, as it may offer a pathway to homeownership that traditional financing options do not. However, it's important for potential buyers to carefully review the terms of the agreement to ensure it aligns with their financial goals and circumstances.

Pros & Cons of Rent to own

Pros:

1) Renting to own, provides flexibility, allowing individuals to move easily without the long-term commitment of a mortgage.

2) Renters often avoid maintenance costs, as landlords typically handle repairs and property upkeep.

3) Renting can be more affordable in areas with high real estate prices, providing access to amenities that might otherwise be out of reach.

4) Less overall upfront money

5) Flexibility for lower credit scores

Some Cons:

1) The lack of property equity building, as monthly payments do not contribute to ownership. ( if Purchasing is uncertain )

2) Renters may also face restrictions on customization and are subject to the whims of landlord.

3) Subject to payment increases with yearly lease renewals.

4) Thus, while renting offers convenience, it also requires careful consideration of its long-term implications.

5) Has a hard stop. meaning if your given a 3-year option to purchase you have 3-years to get yourself into a position to be able to purchase a home the traditional way. (with no extension)

6) Rent to own homes have a limited selection (you don't get to pick the house or location, its pics you)