“There are many benefits to a rent to own agreement when it’s done with a reputable company like The Antonov group. We’re with you all along the way during the process. Read below to see how the process works!”
– The Antonov group
How Does A Lease-Purchase Home Agreement Work?
The rent to own process is actually pretty simple.
- Join our property list and tell us what type of home you’re looking for, your budget, etc (START with the form to the right)
- We’ll send you local Minnesota rent to own / lease option homes that fit your criteria.
- If you like a home and would like to see it, call and set up a showing. If you like it and can afford the property, we can probably help you to own it.
- After you’re approved to rent the property, we’ll agree on a monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time… then at the end of the rental agreement you can decide if you want to purchase the home or not.
- While you are renting the house, we can work with you to improve your credit, and eventually help you qualify for a mortgage to buy the house at the end of your lease.
- In certain scenarios, we will finance the property for you, no banks involved, if you are able to show the ability to pay rent on time each month. In these cases, after you have paid the rent on time for 12 consecutive months, we will finance it for you, you will own the home, and your monthly payments will go down. Check the property list to see if a particular property qualifies for our owner finance program.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long Are Rent To Own / Lease Option Terms?
Your lease/option agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property – typically between 12 and 24 months, but in certain circumstances we may extend your option if you need more time to get your credit or downpayment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!
How Does Rent To Own in Minnesota Work?
There are so many ways to buy a home in today’s market but sometimes choosing to rent to own in Minnesota can be a better option! Many prospective homeowners are not interested in buying right away and don’t want to just rent a home in MN. For those seeking a more tailored experience that allows you to rent a home in MN now and buy later, lease with a right to purchase just might be a solution. Our aim here at The Antonov Group is to help you determine if the Home Partners of America rent to own in Minnesota program is the right choice for you.
The process is transparent and simple. Here’s how it works:
Apply For Approval
Prospective Residents start the processes by filling out a Pre Qualification Application that checks key issues.
Find A Home
Prospective Residents will work with REALTOR tio find a home in approved community.
Home Partners Buys the Home, You Lease the Home
Prospective Residents will be required to sign a one year Lease for home as well as a Right to Purchase Agreement
Buy From Home Partners
We buy the home.You lease it and have the right to buy it later if you want to.
When it comes to choosing a path to homeownership, it’s important to note that lease with a right to purchase homes in Minnesota aren’t a one-size-fits-all option. The rent to own route caters to many different scenarios, and with our aid, this process can identify and address the needs of each unique household.
Maybe you’re interested in a home of your own, but you’re not ready to buy right now. Hurdles like failing to obtain a mortgage with an affordable rate or hit your down payment savings goals can seem like a permanent obstruction on your track to homeownership. However, with the guidance of The Antonov Group, these issues don’t need to prevent you from reaching the finish line. The lease with a right to purchase program requires only a one-time $75 application fee per household and a security deposit equal to 2 months’ rent, so financing and commitment stressors are essentially removed from the equation.
Perhaps you don’t see yourself purchasing a home in the near future, but would like to find the perfect home in a sparse rental market. Because Home Partners purchases the home themselves, then leases it to you, exploring Minnesota rent to own homes vastly expands your list of potential homes! Much like a traditional rental, you will submit a prequalification application and then a full application.
Upon approval, The Antonov Group can help you find your dream home in any of Home Partners’ approved areas. When you sign a Right to Purchase Agreement with Home Partners, there is NO OBLIGATION to purchase the home. You are simply leasing the home at a stable, predictable rate, with the option to purchase at any time at a predetermined price. There is no penalty for choosing not to exercise your Right to Purchase, and you can end the agreement at the end of your lease each year.
Regardless of your long-term intentions at the time of signing, you are always welcome to purchase your rent to own home. If you find yourself falling in love with your rental, there’s no need to wrestle with a landlord or woo an association, as you have a legal Right to Purchase agreement already established with Home Partners!
The process of finding a Minnesota rent to own home can provide a tailored, simplified path to homeownership. If you’re ready to take a new path to homeownership, The Antonov Group is excited to help you get started!