Rent to Own MN Financing

Perhaps you would prefer to rent or lease a home? or maybe you have been denied a loan approval for a home loan? This is a great option for people that do not have the best of credit, but have good income and a little money saved up for a down payment. This is also a great way to “try before you buy” and see how you like the house and neighborhood before you make the commitment to purchase. Some people prefer to rent while they are relocating and getting to the know the area.

We work directly with a company that provides rent to own and they are great to work with! We also work with local investors that are willing to provide “Rent to Own” financing, also called a “Lease with Option to Purchase”. The way it basically works … you can look at any property available for sale on the market. (Not just rent to own properties). This works just like buying a regular home. You will be working with a licensed real estate agent. We will schedule showings and look for houses of your choice. You pick out the house. Once you find something you like, the investors will buy the property and do a contract back to you to purchase the home in the future.

The investors buy properties in the state of MN and generally within the 7 county metro area. Rent to own MN financing is a great option. We are not able to offer this program in Wisconsin. Here are some of the minimum requirements:

Rent to Own MN

You must have a credit score of 525 or higher. Minimum annual household income of $50,000. You will also need to be comfortable with a rent payment of $1800 or more in most cases. The minimum down payment is 2 months rent. No collections or judgements on your record, and no criminal background. No unlawful detainers. No rent assistance programs allowed. The home must be within the 7 county metro. Areas included are:

• Hennepin County
• Ramsey County
• Washington County
• Dakota County
• Scott County
• Carver County
• Anoka County
• Wright County

Lease with Option to Purchase

The Rent to Own MN, and Lease with Option are very similar, except this option is more flexible with a larger deposit. Also, a portion of the rent goes toward the purchase price. The deposit goes toward the purchase when you buy it back from the investors.

Minimum annual household income of $50,000. The minimum deposit is going to be 5% of the purchase price, or at least $10,000 minimum. You will also need to be comfortable with a rent payment of $1800 or more. The home must be within the 7 county metro areas included are:

• Hennepin County
• Ramsey County
• Washington County
• Dakota County
• Scott County
• Carver County
• Anoka County
• Wright County

These are just a few of the minimum requirements, and there are more, but keep in mind that you can get rent to own financing and buy the home of your choice without any bank qualifying. Bankruptcy, foreclosure, self employment … these things are just fine for rent to own financing in Minnesota.

You can also refer to a great article posted with Zillow: *https://www.zillow.com/wikipages/Rent-To-Own-Explained/

Another option to consider is a Contract for Deed. If you have more money available to put down as a deposit, you may want to look at this page: *https://twincitiesmnhouses.com/contract-for-deed/

Give us a call at 651-210-7161 or 651-247-1211 if you meet the minimum requirements and are ready to get started. We work with a great rent to own MN company and several private investors and can find a solution for you.

Ready to get started?

Ready to get started with our Rent to Own MN program? We take our customer service very seriously and will respond within 24 hours. Your satisfaction is our number one priority and we look forward to being able to help you in any way that we can. Ask us anything below or feel free to reach out to us via email or phone. Talk soon!

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