Our Rent Own FHA Mortgage Lenders program turns renters into future Florida homeowners by offering a lease-to-own solution with earned equity. This unique program allows homebuyers to rent to own not as ordinary “renters” but as future homeowners while building equity and positioning their credit and financials for an FHA mortgage lender. A HUD-approved non-profit government entity that allows prospective Homebuyers to enter a Structured Financing Agreement to ultimately transition to entering homeownership. With an LTV Loan To Value up to 96.5% and Seller Paid Closing Cost up to 6%, the rent-to-own program will work for several different property types.
3.5% Down Self-Employed, ITIN, Florida Owner Financing Mortgage Program
Rent To Own Homebuyer Eligibility
- U.S. Citizens
- Permanent Resident
General Eligibility
- Purchase only
- 30-Year Fixed Rate Standard and High Balance
- High Balance is available on a case-by-case
- Primary Residence for Homebuyers
Eligible Properties
- Single Family
1st Contract Payment
The first contract/lease payment is due the month immediately following the closing of the purchase transaction. If a new month begins within seven (7) days of the month of closing, the first contract/lease payment will be collected at closing.
Loan to Value (LTV)
-
Eligible up to 96.5% LTV
Loan Amount
-
FHA Standard Balance
-
FHA High Balance considered on a case-by-case basis
Credit Score
-
580 Minimum – Maybe less with compensating factors.
-
< 580 considered on a case-by-case basis
Credit Pay History
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One (1) tradeline with at least 12 months satisfactory history
-
Alternative credit may be acceptable
Qualifying Income
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FHA Full Documentation (1 Year)
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Assets as Income
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Bank Statement Only Income
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1099s + Bank Statements
RENT TO OWN FLORIDA DISCLOSURE
Florida Mortgage Lenders Rent To Own program desires to serve all consumers’ home financing needs, including those in typically underserved markets or those who may not qualify for traditional mortgage finance. With this mission in mind, the Florida Mortgage Lenders Rent To Own program may refer certain consumers to the “Rent To Own FHA Program” (the “Program”). Florida Mortgage Lenders Rent To Own program works with an unaffiliated party to provide the Program as a bridge to homeownership for consumers unlikely to qualify for traditional conforming financing.It is important to understand, however, that the Program is not a mortgage loan offered by the Florida Mortgage Lenders Rent To Own program. The Program is a shared ownership financing program to bridge the gap between renting and homeownership for those who may not qualify for a traditional mortgage. The basic structure of the Program is as follows for approved consumers (“Homebuyers”):
• A governmental Agency (“Agency”) — often an affiliate of a Native American Tribe — purchases a home (“Home”) using the Homebuyers’ purchase and sale agreement with a third-party seller.
• Florida Mortgage Lenders Rent To Own program lends funds to the Agency for the purchase of the Home.
• The Agency enters into a ground lease financing agreement with Homebuyers to purchase the home and obtain a leasehold interest in the land (the “Homeownership Agreement”). The Homeownership Agreement for the Program can be obtained by contacting your loan Florida Mortgage Lenders Rent To Own program.
• In addition to making the payments required by the Homeownership Agreement, Homebuyers must occupy and maintain the Home.
• The Homeownership Agreement has the option to purchase the Home (the “Purchase Option”) and otherwise is amortized and fully paid over 40 years similar to a fully amortizing mortgage. Highlighted Differences with Traditional Mortgage Finance
As stated above, the Homeownership Agreement is not a traditional mortgage loan. Some, but not all, differences between this Program and a traditional mortgage loan are detailed below. Again, please review the Homeownership Agreement for additional information before deciding to proceed:
1. The Homeownership Agreement is a financing arrangement whereby the Agency will own fee simple title to the Home until the exercise of the Purchase Option or payment in full.
2. Homebuyers own the Home through a ground lease interest created by the Homeownership Agreement. Fee simple title is transferred to Homebuyers upon exercise of the Purchase Option or payment in full.
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Bellair-Meadowbrook Terrace
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Lakeland | Glencoe | Lower Grand Lagoon | East Milton |
Davie | Midway | Rainbow Springs and Stock Island | West Lealman |
Boca Raton | Callahan | Clarcona | Olympia Heights |
Riverview | DeLand Southwest | Charlotte Harbor | Gonzalez |
Sunrise | Mexico Beach | Pine Manor | Lakewood Park |
Plantation city | Molino | Ridge Manor | Viera West |
Deltona | Harlem Heights | Daytona Beach Shores | Mount Dora |
Alafaya | Greenville | Gifford | Fruitville |
Town ‘n’ Country | Solana | Fort Pierce South | Miami Springs |
Miami Beach | Hastings | Parker | Atlantic Beach |
Palm Coast | Paisley | Whitfield CDP | Palmer Ranch |
Largo | Verandah | Mary Esther | Palmetto |
Fort Myers | St. Leo | Taylor Creek |
Jensen Beach and Forest City
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Melbourne | Five Points | Madeira Beach | Iona |
The Villages | Heritage Bay | Holmes Beach | Gladeview |
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Boynton Beach | Redington Beach | Indian River Shores | South Daytona |
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Weston | Pomona Park | Belleair | Elfers |
Homestead | San Antonio | Jasper | Key Biscayne |
Delray Beach | Gretna | Lake Sarasota | Cypress Lake |
North Port | Kenwood Estates | Mulberry | Trinity |
Daytona Beach | Desoto Acres and Weeki Wachee Gardens | Crawfordville | Panama City Beach |
Poinciana | Palm Beach Shores | Ave Maria | Fernandina Beach |
Tamarac | Chokoloskee | Sawgrass | Wilton Manors |
Jupiter | Webster | Nokomis | Middleburg |
Wellington | Pine Lakes | Woodville | Goldenrod |
Port Charlotte | North DeLand | San Castle | Gulfport |
Port Orange | Black Diamond | Lake Panasoffkee | Viera East |
The Hammocks | Archer | Tierra Verde | Naranja |
North Miami | Bronson | Wahneta | Holly Hill |
Doral | Gun Club Estates | Balm | Orange City |
Palm Harbor | Anna Maria | High Point | Minneola |
Coconut Creek | Crescent Beach | Highland Beach | Lake City |
Wesley Chapel | Black Hammock | Goulding | Laurel |
Sanford | Harold | North River Shores | Shady Hills |
Ocala | Bristol | Ridgecrest | Port Salerno |
Fountainebleau | Lawtey | Harbour Heights | Cheval |
Margate | Medley | Umatilla | Fuller Heights |
Sarasota | Silver Springs Shores East | Alturas | South Miami and Lantana |
Bonita Springs | Masaryktown | West Bradenton | Westview |
Bradenton | Center Hill | Watergate | Florida City |
Palm Beach Gardens | Garden Grove | Bagdad | Cocoa Beach |
Tamiami | St. George Island | Zephyrhills North | Mango |
Kendale Lakes | White Springs | Lake Clarke Shores | Lakeland Highlands |
Westchester | Chumuckla | Juno Beach | Pine Castle |
Pinellas Park | Welaka | Chipley | Highland City |
St. Cloud | Andrews | Rainbow Lakes Estates | Medulla |
Pensacola | Waldo | Loxahatchee Groves | Pasadena Hills |
Apopka | Coleman | Lely | Hudson |
Country Club | Seville | Tiger Point | Lighthouse Point |
Coral Gables | Bradenton Beach | Montura | Goulds |
University CDP | Raleigh | St. James City | Pebble Creek |
Ocoee | Gulf Stream | Holden Heights | Westwood Lakes |
Titusville | North Key Largo | Port St. Joe | Celebration |
Horizon West | Westlake | Cedar Grove | Doctor Phillips |
Four Corners | Crystal Springs | Windermere | Satellite Beach |
Fort Pierce | Scottsmoor | Kensington Park | On Top of the World |
Oakland Park | Branford | Venice Gardens | Asbury Lake |
Winter Garden | Jupiter Island | Feather Sound | Union Park |
North Lauderdale | Fort Braden | Ocala Estates | Memphis |
Altamonte Springs | Matlacha | Vineyards | New Port Richey East |
Cutler Bay | Cedar Key | Winter Beach | Gateway |
Ormond Beach | Shalimar | Silver Springs | Avon Park |
Winter Haven | Melbourne Village | Flagler Estates | West Vero Corridor |
North Miami Beach | Cottondale | South Beach | Sebring |
North Fort Myers | Grand Ridge | Woodlawn Beach | Sugarmill Woods |
Greenacres | Wiscon | Blountstown | Cape Canaveral |
Oviedo | Allentown | Ponce Inlet | Palatka |
Valrico | Jennings | West DeLand | Progress Village |
The Acreage | St. Lucie Village | Melbourne Beach | Miami Shores |
Hallandale Beach | Duck Key | North Brooksville | Fairview Shores |
Royal Palm Beach | Palmona Park | Frostproof | Bee Ridge |
Plant City | Panacea | Hilliard | Milton |
Meadow Woods | Briny Breezes | Bushnell | Rotonda |
Land O’ Lakes | Lake Kathryn | Geneva | Bithlo |
Lake Worth Beach | Waverly | Crystal River | Cypress Gardens |
Kendall West | Homestead Base | Midway city and Hill ‘n Dale | Westgate |
Egypt Lake-Leto | Marco Shores-Hammock Bay | Chattahoochee | Wimauma |
Navarre | Rio | Malabar | Alachua |
Aventura | Bradley Junction and Fort White | Harbor Bluffs | St. Augustine Shores |
Richmond West | Greensboro | Dover | Key Largo |
Winter Springs | Wabasso | Biscayne Park | West Perrine |
Clermont | Ponce de Leon | Grenelefe | Bardmoor |
University | Indian Lake Estates | Point Baker | Richmond Heights |
Dunedin | Cinco Bayou | Oakland | St. Pete Beach |
Lauderdale Lakes | Glen St. Mary | Alva | Pine Ridge CDP |
Panama City | Roeville | De Leon Springs | Beverly Hills |
Cooper City | Paxton | Bal Harbour | Fruitland Park |
South Miami Heights | Ona | Edgewood | Citrus Springs |
Princeton | Penney Farms | Seminole Manor | Springfield |
Carrollwood | Acacia Villas | Tangerine | Micco |
Buenaventura Lakes | Vernon | Bowling Green | Hernando |
Riviera Beach | Hosford | Pretty Bayou | Southeast Arcadia |
Merritt Island | Hillsboro Pines | Port Richey | Miramar Beach |
Golden Glades | Whitfield | Tangelo Park | Palm Beach |
DeLand | Page Park | Indialantic | Orange Park |
Estero | Stacey Street | Zellwood | Marathon |
Fruit Cove | Greenwood | Bunnell | Fern Park |
Parkland | Lake Mystic | Meadow Oaks | Lake Park |
East Lake | Pinecraft | Island Walk | Gulf Gate |
West Little River | Avalon | Hypoluxo | Indian Harbour Beach |
Lake Magdalene | Schall Circle | Quail Ridge | Brooksville |
Dania Beach | Golden Beach | Madison | North Merritt Island |
Ferry Pass | Laurel Hill | Lake Helen | Green Cove Springs |
Lakeside | Yankeetown | Olga | Seffner |
Miami Lakes | Bell and Lee | Greenbriar | Arcadia |
Winter Park | Alford | Eagle Lake | Broadview Park |
Fleming Island | Beverly Beach | Bay Pines | West Miami |
Golden Gate | Steinhatchee | Sharpes | North Bay Village |
East Lake-Orient Park | Paradise Heights | Inverness Highlands North | Southwest Ranches |
Vero Beach South | Fort Green Springs | Williston | Clewiston |
Casselberry | Key Colony Beach | Harlem | McGregor |
Oakleaf Plantation | Hampton | Bonifay | Odessa |
Immokalee | Jay | Cleveland | Citrus Hills |
Rockledge | Sea Ranch Lakes | Carrabelle | Wedgefield |
Citrus Park | Ferndale | Vamo | North Weeki Wachee |
New Smyrna Beach | Reddick | Cabana Colony | Williamsburg |
Temple Terrace | Spring Lake | Big Coppitt Key | Lake Lorraine |
Leisure City | Garcon Point | Wallace | Orlovista |
Bayonet Point | Micanopy | Verona Walk | Inverness |
Lakewood Ranch | Lemon Grove | Cross City | Sanibel |
Sun City Center | Sopchoppy | Apalachicola | Wildwood |
Ruskin | Altha | Dade City North | Longboat Key |
Sebastian | Orchid | Eastpoint | Dade City |
Coral Terrace | Lisbon | Florida Gulf Coast University | Quincy |
Tarpon Springs | Canal Point | Hernando Beach | South Apopka |
Keystone | Jupiter Inlet Colony | Pine Air | Lecanto |
Haines City | East Williston | Hurlburt Field | Neptune Beach |
Palm Springs | Chaires | Berkshire Lakes | Sky Lake |
Bloomingdale | Winding Cypress | Vilano Beach | Fort Pierce North |
Palm City | Cloud Lake | Eglin AFB | Inwood |
Silver Springs Shores | Wausau | Freeport | West Samoset |
South Bradenton | Lake Hart | Haverhill | Willow Oak |
Ives Estates | Windsor and Pioneer | Lake Mack-Forest Hills | Mims |
Crestview | Brownsdale | Williston Highlands | Belle Isle and River Park |
Wright | Gardner | Polk City | Indiantown |
Northdale | Fisher Island | Eatonville | South Patrick Shores |
Palm River-Clair Mel | Wacissa | Watertown | Inverness Highlands South |
Key West | La Crosse | Dunnellon | Fort Myers Beach |
Palmetto Bay | St. Marks | Virginia Gardens | Beacon Square |
Wekiwa Springs | McIntosh and Matlacha Isles-Matlacha Shores | Chiefland | St. Augustine Beach |
Port St. John | Westville | Belleair Bluffs | Ormond-by-the-Sea |
Edgewater | Manalapan | Lake Placid | Vero Lake Estates |
Oak Ridge | Limestone | Moore Haven | Live Oak |
Venice | Brooker | North Sarasota | Treasure Island |
Jacksonville Beach | Floridatown | Astatula | Heathrow |
Fish Hawk | Hillcrest Heights | Campbell | Perry |
Hialeah Gardens | Miccosukee | Monticello | Loughman |
Apollo Beach | Esto | Pelican Marsh | Fort Myers Shores |
West Melbourne | Capitola | Pine Island Center | Macclenny |
Westchase | Spring Ridge | Mangonia Park | Gulf Breeze |
Leesburg | Worthington Springs and Munson | Silver Lake | Pembroke Park |
The Crossings | Trilby | Holley | Lauderdale-by-the-Sea |
Lutz | Noma | Havana | DeFuniak Springs |
Jasmine Estates | Ocean Breeze | Graceville | South Bay |
West Pensacola | Golf | Cudjoe Key | Southgate |
Fort Walton Beach | Waukeenah | Zolfo Springs | Marianna |
Pace | Pineland | Sewall’s Point | Lely Resort |
Sunny Isles Beach | Jacob City | Burnt Store Marina | Indian River Estates |
Brent | Caryville | Sneads | Kathleen |
Naples | Pittman | Redington Shores | Naples Manor |
Lealman | Yeehaw Junction | Bear Creek |
Islamorada, Village of Islands
|
Ensley | Homeland | Manatee Road | Pahokee |
Bellview | Everglades | Malone | Pelican Bay |
Florida Ridge | Ebro | Lake Belvedere Estates | Osprey |
DeBary | Raiford | Tyndall AFB | Crystal Lake |
Eustis | Goodland | Roosevelt Gardens | Jan Phyl Village |
Holiday | Campbellton | El Portal | Combee Settlement |
Liberty Triangle | Glen Ridge and Highland Park | Tropical Park | Fort Meade |
Lynn Haven | Nobleton | Trenton | Naples Park |
Sweetwater | Fort Green | Oak Hill | Tequesta |
Palm Valley | Berrydale | Washington Park | South Gate Ridge |
Bayshore Gardens | Fidelis | Gotha | Newberry |
Cocoa | Captiva | Fort Denaud | Mascotte |
Punta Gorda | Aucilla | Grove City | Lake Alfred |
Hunters Creek | Charleston Park | Century | Ocean City |
Belle Glade | Morriston | Tavernier | Cocoa West |
Bartow | Day | Hillsboro Beach | High Springs |
Englewood | Aripeka | Chuluota | South Highpoint |
Midway CDP | Okahumpka | Lake Mary Jane and Montverde | Bay Harbor Islands |
Bradfordville | Sorrento | Desoto Lakes | Ellenton |
Pinecrest | Mount Carmel | Atlantis | Palm Springs North |
Marion Oaks | Otter Creek | Charlotte Park | Fellsmere |
World Golf Village | West Canaveral Groves | Wabasso Beach | Valparaiso |
Seminole | Pine Level | South Palm Beach | Surfside |
Country Walk | Lloyd | Lake Kerr | Rio Pinar |
San Carlos Park | Mulat | Interlachen | Siesta Key |
Upper Grand Lagoon | Sumatra | Howey-in-the-Hills | Okeechobee |
Gibsonton | Layton | Homosassa | Whiskey Creek |
Marco Island | Bascom | Heritage Pines | Davenport |
Safety Harbor | Belleair Shore | Pine Ridge | Starke |
Maitland | Springhill | Inglis | Zephyrhills West |
Lake Butler CDP | Horseshoe Beach | Wewahitchka | Tice |
Glenvar Heights | Altoona | Crescent City and Limestone Creek |
Three Oaks and River Ridge
|
Brownsville | Dickerson City | Lacoochee | Warm Mineral Springs |
Tavares | Istachatta | Oriole Beach | Zephyrhills South |
Vero Beach | Lake Harbor | Key Vista | The Meadows |
Myrtle Grove | Pine Island | Plantation Mobile Home Park | Port LaBelle |
Pinewood | Cobbtown | Boulevard Gardens | LaBelle |
Lake Mary | Tildenville and Bay Lake | Patrick AFB and Ocean Ridge | Floral City |
Ojus | Indian Creek and Dixonville | East Palatka | Pensacola Station |
Nocatee | Lamont | Palm Shores | Kenneth City |
South Venice | Lazy Lake | Royal Palm Estates | South Brooksville |
New Port Richey | Plantation Island | Christmas | White City |
Lake Wales | Marineland | Timber Pines | South Pasadena |
Palmetto Estates | Lake Buena Vista | Flagler Beach | Cortez |
Stuart | Weeki Wachee | Belleview | Stuart |