Yes. Qualifying homebuyers can finance rent-to-own (also known as lease-to-own) properties with conventional conforming loans through Better Mortgage.
If you’ve been paying above market price rent, you may be able to apply some of your past rent payments toward your down payment. To do so, you may need to provide the following (in addition to meeting the standard loan qualifying criteria):
- A copy of the rental/purchase agreement that clearly states the monthly rent amount, the terms of the lease, and proof of a minimum original (lease term) of at least 12 months.
- Proof of 12 months rental payments.
- Documentation confirming that the rent is market value, as determined by the property appraisal.
In some cases, it may be more straightforward to buy a home the traditional way. Qualifying first-time homebuyers can buy a home with as little as 3% down through Better Mortgage. In as little as 3 minutes you can complete a Better Mortgage pre-approval and see how much home you can buy.