A rent to own home is a fantastic way of acquiring home ownership without dealing with mortgage companies or banks. Throughout the past 20 years, this industry has helped millions of individuals and families get into the home they want without all the hassle.

What are you paying for your rental home now? Stop paying your landlord every month so he can own your home. You can lease a rent to own house that you want and by making your lease payments on time...and properly recording them...you can actually improve your credit to qualify for a home loan...possibly with zero down.

The best part about this is that with a rent to own home, you get to live in the home you want to buy while you work on fixing your credit up. The program works well for individuals in a variety of situations, including those with bad credit, individuals that have gone through bankruptcy, divorce, and just cannot meet the strict requirements of banks and lenders.

Rent to own homes offer an excellent way to build equity in the home before you even own it! When you choose a lease purchase, rent to own house option, you will have an upfront deposit payment, typically as low as 1.5% - 2.5% of the house total price. All of the money in this deposit goes towards your ownership. The contract signed is usually just a regular lease with a purchase contract for the property for a set amount at a predetermined time in the future, usually 12 to 24 months. While your monthly rent is generally a bit higher than what you would pay in a rental situation, it is likely about the same as you would pay if your were able to obtain a zero down mortgage. Thus when you qualify to get your own loan you will not experience any payment shock.

Even though you will be renting to own the house, most times the maintenance is the responsibility of you, the buyer. You will be responsible for all the regular house maintenance including things like broken windows, clogged-up drains, painting/wallpapering, broken appliances, and lawn work. All major repairs for the overall house remain the owner’s responsibility until the purchase is final.

Another great feature of a rent to own home is that with these programs, your future purchase price is fixed at time of deposit payment regardless of future value appreciation. This process also helps to prepare the tenant for the responsibilities of home ownership. So, from day one, if you take care of your home as if it were yours that day, you can reap the benefits of home value appreciation by gaining even more equity before you even own the home.

Any way you look at it, rent to own homes are an immediate answer and an intelligent alternative to conventional loans.

Frequently Asked Questions

I am renting now, how is this different?
This is a way to help you get started toward BUYING your own home. Part of your rent payment goes towards the purchase price. Instead of throwing your money away each month on rent and having nothing to show for it at the end of the year, with Romanko Development Co., Ltd., each month, a portion of your on time monthly payment is credited toward the purchase of the home. Also, when buying through us - you act as the owner. Don’t like the paint on the bedroom walls? Paint it pink if you want - it’s your house. Want to put up a privacy fence? Go ahead it’s your house.

Do I have to 'qualify' for this program?
Not in the usual sense of having to meet certain income and debt ratios, or achieving certain credit scores as would be necessary for most mortgage companies. We are not very interested in your past credit status. Your ability to make reasonable monthly payments and your desire to become a homeowner now is what’s really important to us.

How long is the Lease To Own period for?
Typically we can give you twelve months and quite often up to twenty-four months before you would need to complete the purchase. Each property is treated individually and we try to accommodate your own situation. HOWEVER, you may buy at any time within the length of the agreement. You do not have to wait till the end of the agreement.

What do I need to get into my own Lease To Own home?
Only a small down payment, and the first month’s rent.

How much of a down payment will I need?
Typically we need 1.5 - 2.5% of the homes sale price. We are very flexible when it comes to your down payment. We can offer you many options and we will always do our best to work with whatever funds you have available.

What other methods of down payment are accepted?
Unlike most lending institutions we will accept borrowed funds. If you have a close friend or a relative who is willing to lend you money, you can use that with our “lease to own” program. You may also be able to withdraw funds from your 401k without penalty to buy one of our homes.

Do you offer down payment assistance programs?
Yes we do. If you are short on your down payment funds we may be able to spread out a portion of your down payment over a 6-12 month period.

Who pays the property taxes and insurance during the Lease To Own?
We do. You pay the monthly 'rent' and utilities etc. until you actually complete the purchase.

How do I actually find a Rent To Own home?
Click the "Homes for Sale" button to go to the list of properties we currently have available. Homes on this program sell very fast, often in hours rather than weeks and months. For this reason you need to be ready to make a decision when you start looking for a home. We try to accommodate your moving dates and if, for example, you need to give 30 days notice to your Landlord you can probably secure your lease to own home and move in 30 days or so. We maintain a short list of buyers ready and able to move when a home they like becomes available. Some homes therefore are never even advertised. If you are serious about getting into your own home please sign up for our "VIP mailing list"

Can you offer me any financing and when do I have to have my financing ready?
Our company can help some with financing, helping with closing costs, seller carry backs, and so on. Although, the more money that you can come up with, the easier it is going to be and the lower your monthly payments are going to be. Next, within 30 to 60 days of your option date, you will then want to get your financing process started. You can go to any lender (we can refer you to some if needed) to get a pre-approval letter, stating the amount that you will qualify for.

I love the home, what is the next step?
All we need is your application. You can fill one out online or simply call us at 419 927-9712. WE will contact you within 24 hrs of receiving you application. Please keep in mind - our homes go extremely fast. Many of our homes don’t ever appear on our website because they are sold before they are completed. So if you see a home you like - time is of the essence.

I did not see a home I like, do you have others?
We always have new homes we are working on. You can join our "VIP Mailing List" to become one of the first people notified of a new property.

This page was last edited on
08/27/2007 11:41:30 PM