Renting to own a house can be a very effective way for a buyer without enough of a down payment to buy a home or Credit glitches, No credit history, Self-employed, New to Canada, Just getting started (recent graduate, new career, etc.), Recently divorced (and want the same house / lifestyle).
If you don’t have enough money to make a down payment, or your credit rating is too low to secure a loan, you may find a solution by entering into a rent with option to buy program with a home seller. Rent with option to buy program can offer you time to improve your situation (your credit score and saving for down payment) before buying a home.
The biggest advantage to renting-to-own a home is that it will give you time to save money for a down payment and to repair your credit score. Under the program, you have option saving extra money (Call rent credit) which goes towards the down payment and is non-refundable.
If you want to realize your dreams of home ownership but cannot qualify for a traditional mortgage due to bruised credit, a small down payment, you are self-employed or are new to the country – you need to know that you CANstill get out of the rental rat race by investing your hard-earned rent money into a rent to own. STOP depositing it into your landlords bank account and start putting it towards a place of your OWN. I can SHOW you HOW!