A question we commonly get from mortgage brokers on rent to own is “what sort of documentation is required?”
Again this will depend on the rent to own provider, but at Ownership Solutions we can get the ball rolling once you forward the client’s mortgage application and a copy of their credit bureau.
If the client qualifies for our rent to own program we’ll issue a pre-approval which is very similar to a commitment letter from any mortgage lender. On this we outline the documentation required from the client to verify down payment and income. We also require photo ID, and all required documentation is to be provided before we start the process of house hunting with a Realtor.