Qualifying for a Rent to Own

Qualifying for a Rent to Own property

Now that you’ve learned more about the benefits of renting to own a home, you may be ready to take the first step forward to becoming a homeowner.  But how do you know if you qualify or meet the requirements necessary to be able to lease-to-own a property of your own?  Let’s discuss some key factors landlords will look at when determining if you are a trustworthy candidate for a lease to own purchase of their home.

Job Stability:

Note that this doesn’t mean you have to have worked at the same job for years to show stability, but you have to show you have regular, recurring and predictable income streams.  Part of renting-to-own a home will require saving up money toward the purchase price, or improving your credit to the point where you may one day be able to take out a loan for the remaining cost of the house.  Income and job stability both impact this.


While we are speaking about credit ratings, part of the appeal of a rent-to-own home is that these are accessible ways to own a home for individuals with less than stellar credit histories.  Renting to own gives you time to improve your credit score, but landlords may still want to take a look at the history of your credit score to see if you are actively working on improving your rating, or see if you have a plan for improvement.

Criminal Records:

Your background may be checked to verify that you have no outstanding warrants or history of criminal activity.  It is important to the current owner that the new owner chosen is not facing legal issues that may require them to vacate and/or forfeit the home.

In the end, often times the seller may decide to rent-to-own the property based on personal instincts.  Meet with the landlord, explain your situation, and present yourself professionally.  If you show passion for the home, can be trusted to make on-time payments, and a willingness to improve your credit and income so you can one day own the home, the landlord may be willing to give you the deal on the house.