Rent To Own Florida FHA Mortgage Program

Rent To Own in All of Florida Including And Not Limited To:

Miami, Tampa, Orlando, St. Petersburg, Port St. Lucie, Cape Coral, Tallahassee, Fort Lauderdale, Pembroke Pines, Hollywood, Miramar, Palm Bay, Coral Springs, Lehigh Acres West Palm Beach Lakeland Spring Hill Clearwater Brandon Pompano Beach, Miami Gardens, Davie Riverview Palm Coast, Boca Raton, Deltona, Fort Myers, Sunrise, Plantation city, North Port, Deerfield Beach, Melbourne, Homestead, Pine Hills, Largo, Orlando FL, Homestead, Kissimmee, Boynton, Clearwater, Palm Harbor

How Does The Rent To Own Florida FHA Mortgage Program Work?

Our rent-to-own FHA mortgage program turns Florida renters into future homeowners by offering a lease-to-own solution with earned equity along the way. This unique product gives Florida renters the opportunity to live in their Florida dream home, not as an ordinary “renter” but as a future Florida homeowner while building equity over time — ultimately positioning them for FHA-level financing or beyond.

Rent To Own Florida Program Highlights

Homebuyer Eligibility U.S. Citizens Permanent Resident Aliens Non-Permanent Resident Aliens, including ITIN and DACA	Loan to Value (LTV) 3.5% Downpayment -Eligible up to 96.5% LTV  6% Seller Paid Closing cost.  Must have proof of savings!
Loan Amount FHA Standard Balance FHA High Balance considered on a case-by-case basis	Credit Score 550 Minimum < 580 considered on a case-by-case basis Bankruptcy OK! DTI Up To 60%
Payment History  One (1) tradeline with at least 12 months satisfactory history Alternative credit may be acceptable	Qualifying Income Standard Wage Earner Income (W2) Self-Employed Income Bank Statement Only 1099 Independent Contractor/Employee Income (ITIN) Individual Taxpayer Identification Number Income Asset Depletion Asset Liquidity Dividends and Interest Rental Income

Rent To Own Pre-Approval Submission Checklist

• Full Rent To Own Florida Application
• credit report
• Letter of Explanation for all credit inquiries within 90 days of credit report
• Borrower Identification (including Social Security Card, ITIN documentation, Driver License, VISA, etc.)
• Housing History documentation (12-month VOR/VOM, payment ledger/canceled checks, or credit
  supplement/credit report)
• Asset documentation (2-months bank statements)
• Purchase Contract/Escrow Instructions (including Assignment Addendum and Consumer Disclosure)

Minimum Rent To Own Pre Approval Documents Needed

INCOME DOCUMENTS 

• Wage Earner: YTD paystubs (60 days), W2, and WVOE Other: Per FHA requirements
• Self-Employed: Prior year tax returns, YTD P&L, 
• or 3-month bank statements to prove income.

ASSETS AS INCOME

• Asset Depletion: 2-months recent bank statements Asset Liquidity: 2-months recent bank statements
  BANK STATEMENT ONLY

DIVIDENDS AND INTEREST

• 2-year tax returns with all schedules OR 2-year account statements with earned income documented

INDEPENDENT CONTRACTOR/1099 EMPLOYEE

• Prior year tax returns, 3-month bank statements, and paystubs (if applicable)

INDIVIDUAL TAXPAYER IDENTIFICATION NUMBER (ITIN)

• Prior year tax returns are required if SSN is listed on paystubs, W2, etc.

RENTAL INCOME

• Other REO: Lease agreement(s), documented receipt of rental income, and 3-month reserves

DEPARTURE RESIDENCE

• If the borrower owns a current primary residence:
• Documentation to support request for rent to own Florida financing
• Letter of Explanation from borrower (signed) regarding existing primary residence
• Fully executed lease agreement and proof of rental income receipt OR a copy of purchase contract showing current residence pending sale

ASSIGNMENT ADDENDUM TO PURCHASE & SALE AGREEMENT

Rent To Own Assignment Addendum TO Purchase Sale Agreement

The following is incorporated into the purchase and sale agreement (“Agreement”) dated ________________ between
_____________________________________________ (“Homebuyer”) and ___________________________________
(“Seller”) concerning ______________________________________________________________________ (“The Property”).

IT IS AGREED BETWEEN THE HOMEBUYER AND SELLER AS FOLLOWS:
This Addendum shall be included in the Agreement where the Homebuyer is utilizing the Rent To Own Florida FHA Program program for financing the purchase of The Property. By signing below, Homebuyer assigns all of its rights and interest in the Agreement to Homebuyer Earned Equity Agency. Seller consents to such assignment by the Homebuyer with its signature on the line provided below. This Assignment shall be effective on the date accepted by the Rent To Own Florida Program as noted below. In addition to the assignment, the Homebuyer and Seller agree to the following additional terms:
1) To accommodate timing for document signing and recording, closing may occur within 3 business days of the agreed upon closing date specified in the Agreement.
2) Any unused Seller paid closing costs or concessions not used by the Rent To Own Florida Program shall be disbursed by escrow as directed by an authorized representative of the designated Homebuyer and must comply with HUD requirements for the financing as determined by Florida rent to own mortgage lenders.
3) Homebuyer earnest monies on deposit shall be transferred into the name of Rent To Own Florida Program and applied to the loan and toward Rent To Own Florida Program ’s financing costs.
4) The homebuyer must utilize financing through the Rent To Own Florida FHA Program program to purchase The Property or this assignment to Rent To Own Florida Program is void. This contract is subject to the Homebuyer qualifying for and executing the Rent To Own Florida Program long-term purchase agreement on this property. If there is a change in the Homebuyer’s circumstances and the Homebuyer no longer qualifies for the long-term purchase agreement or the Homebuyer refuses to execute the final long-term purchase agreement, the purchase contract and assignment addendum are void and the maximum liability for Rent To Own Florida Program’s non-performance is forfeiture of the earnest money. This assignment is not fully effective until accepted by the Rent To Own Florida Program evidenced by affixing their signature below.
ALL OTHER TERMS OF SAID AGREEMENT SHALL REMAIN UNCHANGED.
AGREED by Homebuyer and Seller

Homebuyer: ____________________________ Date: _______________ Seller: ____________________________ Date: _______________
Homebuyer: ____________________________ Date: _______________ Seller: ____________________________ Date: _______________

Rent To Own Florida Consumer Disclosure 

(“Originator”) 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, Originator may refer certain consumers to the “Rent To Own Florida FHA Program Program” (the “Program”). The originator 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 Originator. 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 Florida 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.
• Originator 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 Florida ren to to ownhome and obtain a leasehold interest in the land (the “Homeownership Agreement”). The Homeownership Agreement for the Program can be obtained by contacting your loan originator.
• 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.

3. The Homebuyers will be required to sign a release of personal information so the Originator can send that information to the Agency.

4. The Agency may obtain property insurance under a master policy, or the Homebuyers may select the insurance provider. Homebuyers are responsible for insurance costs, which will be part of the monthly payment.

5. The Homebuyers do not receive a Loan Estimate of charges from the Originator. If approved for the Program, Homebuyers will get a summary of the monthly payment obligations and closing charges for the agreement.

6. Homebuyers are restricted from leasing, subletting or financing the Home, even for temporary uses.

7. Purchase or refinance requires payment of all applicable fees under the Homeownership Agreement.

8. The Homebuyers must have a documented housing payment history.

9. Mandatory homeownership education courses may be required.

10. Delayed closing or occupancy may result in voiding of any Agency commitment.

Disclosures and Consumer Protections

• The Homebuyer understands the nature of the Homeownership Agreement, and that if they choose not to exercise the purchase option, or do not pay for the Home in full, they may forfeit any payments or purchase credits accrued. Additionally, failure to comply with the Homeownership Agreement terms may result in the loss of the purchase option.

• The Homebuyer is encouraged to seek independent legal and financial advice before entering into this Agreement to fully understand the terms and implications. The Homebuyer has the right to review this Agreement and seek clarification on any terms before signing.

• By signing below, I acknowledge receipt of this disclosure and understand that the Program is a Home purchase and financing program obtained through companies that are not affiliated with Originator. I further acknowledge that the Program has terms, conditions, and rights that differ significantly from a traditional residential mortgage loan and fee simple ownership as more particularly described in the Homeownership Agreement.

Name: ______________________________ Signature: ______________________________ Date: ______________

Rent To Own Florida Program Disclosure

Rent To Own Florida FHA Program is an alternative path to homeownership for customers who may not qualify for traditional mortgage loans, but who want to lock in a home price today to begin building their generational wealth. Here is how it works:

• What is the Rent To Own FHA Program? The customer selects a home to buy that is within their monthly budget. Because they don’t qualify for a mortgage loan, the home is purchased by a governmental entity and the customer enters into a long-term homebuyer agreement that allows them to live in and enjoy the home with an option to take traditional title to the property when they are able to qualify for a traditional mortgage or pay the agreement in full. At any time during the contract period, the customer may exercise the right to take traditional title to the home. The customer has 40 years to take traditional ownership of the home by obtaining a new loan or by assuming the loan used by the government entity. As long as all payments are made as agreed, the customer receives all the benefits of home appreciation, and the amount owed under the agreement is paid down with each monthly payment similar to a 40-year amortized loan.• How is a home selected? The customer selects a home that meets the customer’s needs and places an offer on the home. The purchase agreement signed by the customer on the home is transferred to a governmental agency associated with an Indian Tribe, the Tule River Homebuyer Earned Equity Agency (Homebuyer Earned Equity Agentcy). Homebuyer Earned equity agent buys the selected property using funds obtained through an FHA-insured first mortgage loan on the property and the fee paid by the customer when executing the Homebuyer Agreement.
• What does the Rent To Own FHA Program cost? Upfront, the customer will pay a fee that covers the down payment and closing costs to purchase the home, plus program administration costs. Monthly payments include the principal, interest, and mortgage insurance paid on the FHA-insured loan, plus property taxes, hazard insurance, repairs, homeowner’s association dues, property maintenance, etc. An estimate of these costs is provided to the customer shortly after a home is selected and the final cost is determined, prior to signing the final agreement. Once the customer is ready and qualifies for mortgage financing, the government entity will allow the customer to either assume the FHA-insured loan from the government entity, or the customer can obtain their own financing to pay the agreement in full.

• What are the advantages of the Rent To Own FHA Program?
o Increases in the home’s value during the term of the agreement benefit the customer as long as all payments are made as agreed. (Of course, there is no guarantee that homes will go up in value; they can also go down in value.)

o Each month, a portion of the monthly payment reduces the amount owed under the agreement to take traditional ownership in the home.

o By faithfully making the monthly payments and by paying the other expenses of owning a home a customer demonstrates their ability to own a home and improves their likelihood of obtaining traditional financing.

o Under some circumstances, it may be possible for a customer to “assume” the mortgage obtained by Homebuyer Earned equity agentcy , which would avoid the need for the customer to obtain a new mortgage and save them thousands of dollars in closing costs.

o If the customer decides not to purchase the home, there may be other options available, depending on the circumstances: (1) work with Homebuyer Earned equity agentcy to find someone to assume their obligations under the Homebuyer Agreement; (2) sell the home and the customer receives all sales proceeds remaining after the Homebuyer Agreement is paid in full and sales costs are paid; or (3) abandon the property and cancel the agreement, placing the disposition of the home in the hands of Homebuyer Earned equity agency. In this option, no costs paid by the customer are refundable.
o A memorandum of the agreement is filed with the county records office assuring the customer’s rights under the agreements are protected as long as the regular monthly payments are made on time.
• What are the requirements to qualify for the Rent To Own FHA Program?
o A financial application must be filled out by the customer and a credit report obtained.
o The customer must provide a well-documented ability to make monthly housing payments, including the amount of the monthly payment and costs of maintaining a home. An evaluation is made by
Homebuyer Earned equity agency with assistance from Florida rent-to-own mortgage lenders of the customer’s financial ability to make
the monthly payments required by the agreement and the expenses of maintaining a home.
o Demonstrate the ability to pay the upfront costs required to consummate the Homebuyer Agreement.
o If the customer’s financial ability is approved by the Homebuyer Earned equity agency, the normal real estate purchase process is followed to select a home and obtain a purchase and sale contract on it. Earnest money is provided by the customer. That contract is assigned to the Homebuyer Earned Equity Agency.

o Consumer education courses may be required.
o The opportunity to buy the home can be lost if the customer fails to make monthly payments or
violates any other terms of the Homebuyer Agreement.
o Delayed closing or occupancy of the property may result in failure to purchase the property and
revocation of the Homebuyer Agreement.

By signing below, I acknowledge that I received this disclosure on the date indicated and am
interested in finding out more about the Rent To Own FHA Program. I authorize any mortgage lender
where I have applied for a loan to transfer my personal financial information to Open Mortgage
Wholesale to assist Homebuyer Earned equity agentcy in determining my eligibility for participation in the DreamBuilder
Program.

Serving All of Florida Including: 

Tallahassee Alva Calhoun Alamana, Florida
Port St. Lucie Andrews Charlotte Allandale, Florida
Fort Lauderdale Apollo Beach Citrus Allentown, Florida
Cape Coral Aripeka Clay Alligator Point, Florida
Pembroke Pines Asbury Lake Collier Almarante, Florida
Hollywood Astor Columbia Alton, Florida
Miramar Aucilla DeSoto Alturas, Florida
Coral Springs Avalon Dixie Alys Beach, Florida
Gainesville Azalea Park Duval Amelia City, Florida
Lehigh Acres B[edit] Escambia American Beach, Florida
Miami Gardens Babson Park Flagler Andover Lakes, Florida
Brandon Bagdad Franklin Anthony, Florida
Clearwater Balm Gadsden Antioch, Florida
Palm Bay Bardmoor Gilchrist Apoxsee, Florida
Pompano Beach Bay Hill Glades Argyle, Florida
West Palm Beach Bayonet Point Gulf Aripeka, Florida
Spring Hill Bay Pines Hamilton Armstrong, Florida
Lakeland Bayport Hardee Arredondo, Florida
Davie Bayshore Gardens Hendry Astor Park, Florida
Boca Raton Beacon Square Hernando Astor, Florida
Sunrise Bear Creek Highlands Aucilla, Florida
Miami Beach Bee Ridge Hillsborough Aurantia, Florida
Plantation Bellair-Meadowbrook Terrace Holmes Avalon Park, Florida
Riverview Bellview Indian River Avalon, Florida
Alafaya Berrydale Jackson Avoca, Florida
Deltona Beverly Hills Jefferson Azalea Park, Florida
Town ‘n’ Country Big Coppitt Key Lafayette B
Largo Big Pine Key Lake Baker, Florida
Palm Coast Bithlo Lee Banana, Florida
Melbourne Black Diamond Leon Barber Quarters, Florida
Deerfield Beach Black Hammock Levy Barberville, Florida
Kendall Bloomingdale Liberty Bardin, Florida
The Villages Bokeelia Madison Bardmoor, Florida
Boynton Beach Boulevard Gardens Manatee Barefoot Bay, Florida
Fort Myers Bradley Junction Marion Barrineau Park, Florida
Pine Hills Brandon Martin Bartram Springs, Florida
Lauderhill Brent Miami-Dade Bay Crest Park, Florida
Weston Brewster Monroe Bay Pines, Florida
Kissimmee Broadview Park Nassau Bay Point, Monroe County, Florida
Homestead Brookridge Okaloosa Bayou George, Florida
Poinciana Brownsdale Okeechobee Bayport, Florida
Delray Beach Brownsville Orange Beachville, Florida
Daytona Beach Buckhead Ridge Osceola Bealsville, Florida
Tamarac Buckingham Palm Beach Bear Creek, Florida
Wellington Buenaventura Lakes Pasco Becker, Florida
North Port Burnt Store Marina Pinellas Belair, Florida
Jupiter Butler Beach Polk Bellair, Florida
North Miami C[edit] Putnam Benson Junction, Florida
Palm Harbor Cabana Colony Santa Rosa Berrydale, Florida
Port Orange Campbell Sarasota Bethany, Florida
Kendale Lakes Canal Point Seminole Bethel, Florida
Port Charlotte Captiva St. Johns Bethlehem, Florida
Fountainebleau Carrollwood St. Lucie Bethune Beach, Florida
Coconut Creek Cedar Grove Sumter Big Coppitt Key
The Hammocks Celebration Suwannee Big Coppitt Key, Florida
Tamiami Charleston Park Taylor Big Pine Key, Florida
Sanford Charlotte Harbor Union Big Torch Key
Ocala Charlotte Park Volusia Bimini, Florida
Margate Cheval Wakulla Bird Key
Doral Chokoloskee Walton Bithlo, Florida
Sarasota Christmas Washington Black Hammock, Florida
Bradenton Chuluota Bland, Florida
Wesley Chapel Chumuckla Blitchton, Florida
Palm Beach Gardens Citrus Hills Bloxham, Florida
Pensacola Citrus Park Boardman, Florida
Bonita Springs Citrus Springs Boca Chica Key
Pinellas Park Clarcona Boca Grande, Florida
Coral Gables Cleveland Boca West, Florida
Country Club Cobbtown Bostwick, Florida
Apopka Cocoa West Boulogne, Florida
St. Cloud Combee Settlement Boyette, Florida
Titusville Connerton Bradfordville, Florida
University Conway Bradley Junction, Florida
Cutler Bay Coral Terrace Brandon, Florida
Fort Pierce Cortez Brighton Reservation
Oakland Park Country Club Broad Branch, Florida
North Miami Beach Country Walk Brownsdale, Florida
North Lauderdale Crawfordville Brownsville, Escambia County, Florida
Ocoee Crescent Beach Brownsville, Florida
Altamonte Springs Crooked Lake Park Brownville, Florida