with lease option can I use the rent payments towards the actual balance not just $100-$200 credits? I think it's just wasting money on just paying rent and it not apply it to the mortgage note.
If I understand you question that is what is happening now. $100-200 is going towards the purchase price as a credit.
Are you thinking the entire rent price goes towards the house? That is possible, it just a mater of negotiation. I would be happy to do it, but I would start with a higher price.
In a lease option it depends on the agreement on how much is applied to purchase price from the rent. The biggest problem is complying with the Dodd/Frank Act since you are selling to an owner occupant. It sounds like you want to buy using this option, its not very clear from your post.
Ned yes I would like the entire rent price to go towards the purchase price. If you can help with assist I would appreciate that.
@Ayana Mingo I can't really help you. Rent to own is no my field of expertise.
My point was if you were buying from me, I could change the numbers so you got 100% credit. But I could do it in a way that didn't save you one penny.
It is all about negotiation. You goal should be to pay the lowest net price not just get 100% credits.