Rent to Own Florence SC
Rent to Own Homes
Florence SC Homes and Palmetto Houses offers a Rent to Own in Florence SC and surrounding areas. Our program is available on many of our Properties. Our rent to own homes program is available in Florence, Darlington and Hartsville SC and is designed to help responsible buyers gain home ownership even though they cannot yet qualify for a home mortgage.
Our program is designed for someone who is serious about home ownership and is ready to do the work to make the needed credit repairs in order to qualify for a home mortgage.
Our RtO program is not a long term rental or owner financing program. Our lease is 4-6 months depending on the clients credit history and their ability to do repairs.
1. Your income must be 3x the rent of the home you are applying for and your debt to income must not be more than 50% not including rent.
2. You must have been on your job or in the same field of employment for at least 1 year (1 1/2 years on a 6 month lease).
3. Your credit should be repairable within 2-4 months and you must be committed to making repairs as soon as possible. A work out plan (that we will help you develop) must be agreed to before the lease signing.
4. If you have no established credit, a credit establishing program must be agreed to before lease signing.
5. You must provide us with a recent credit report. If you have not received a free credit report in the last year you can pull from all three credit bureaus at www.annualcreditreport.com . This report will not have your score but we can use it. If you have pulled a free copy in the last year you will have to provide a paid copy.
The below items will disqualify you for our Rent to Own program.
- Bankruptcy, foreclosure, or repossession in the last 2 years.
- Delinquent credit accounts that cannot be paid or repaired within the prescribed time.
- Charge offs that cannot be repaired or payed during the 2 to 4 month repair period.
- Public area accounts such as phone bills or medical bills etc. that cannot be paid or repaired in the next 2-4 month.
- If your credit qualifies you for a home mortgage the RtO program will not be available.
Before you apply make sure we have our RtO program available on the home you are interested in.
Each of our RtO homes have a down payment. Your down payment goes to the purchase down payment of your home unless you dropout or do not fulfill the RtO program. If this is the case and you do not complete the RtO program the down payment is not refundable.
To apply for our Rent to Own program click here. You will be transferred to another site