Is there a Security Deposit for the Lease to Own program?Last modified December 12, 2021
Yes, it would be equal to whatever the monthly rent is x 2 on that particular property's rent would be. That money is held in Escrow by the Investor until you either move out or exercise your Option to Buy. Your actual first months rent would be due about a week or so before the Investor Closes on the house. The Security Deposit is different from the monthly Rent. When your rental period is up, you either leave, continue to rent or or purchase the house from the Investor. If you purchase the house from the Investor, you can use the Security Deposit as part of your Closing Cost or your Down Payment. If you Qualify for one of our Down Payment Assistance programs, you can use the Security Deposit as part of your Mortgage Loan Closing Costs.
Did you find this question helpful?
Other popular Rent-to-Own questions:
- Why would anyone use a Lease to Own or Rent to Own program to buy a house?
- How do I find a Rent to Own home near me?
- What is the difference between Rent with Option to Buy, Lease to Own, Rent to Own, Rent to Buy, Lease to Buy?
- I’m working on my credit issues, but I still can’t buy a house. Can I be Approved to rent with the option to buy?
- If I have some small collections, would I still be approved for a Rent with Option to Buy program?