To kick things off, you usually pay an "option fee" upfront. This is a non-refundable sum (typically 1% to 5% of the purchase price) that gives you the exclusive right to buy the home at a later date. 2. The Lease Period
You live in the home as a tenant for a set period—usually one to three years. During this time, you pay monthly rent. 3. Rent Credits leasing a house to buy
If your credit score is just a few points shy of a good mortgage rate, this gives you a 12-to-36-month window to boost it. To kick things off, you usually pay an "option fee" upfront
The rent credits act as a built-in savings account for your down payment. What to Watch Out For (The Cons) To kick things off