Option period expired before you qualified in a rent to own

If the option period expires before you qualify for a mortgage, the seller no longer has an obligation to sell you the rent to own home.

It is VERY important to speak to a mortgage specialist before (or during) your home search in order to gauge how long it will take for you to qualify for the home mortgage.

Imagine moving into a rent to own home with a 12 month option agreement, then later finding out that you are unable to qualify for a loan for 2 years or longer!

This is especially true if you have recently encounter any of the following:

  • Bankruptcy
  • Foreclosure
  • Deed-in-lieu
  • Repossession
  • Etc.

To learn more about the research we recommend before signing a contract for a rent to own home, check out our 4 Steps to a Successful Rent to Own guide now.

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