dential housing crash. During the housing boom years, sellers were able to move their homes at asking price; they often sold their homes within days of putting them on the market.A Busy Rent to Own MarketThis has changed. Today, sellers are struggling to obtain any good offers. Many of their homes have plummeted in value since they purchased them. In fact, research firm First American CoreLogic estimates that more than 22 percent of homeowners today are underwater, meaning that they owe more on their mortgage loans than what their homes are worth.Many of these homeowners have decided to offer their homes on a rent to own basis today rather than sell them for a loss. Under such an arrangement, you'd sign what looks like a typical apartment lease. But after a set period of time, often three years, you'd have the chance to make an offer to buy the house that you are renting. While you are paying rent, your landlord will withhold a portion of your monthly payment that will be used as a down payment should you decide to purchase the house.Rent to own homes give you the opportunity to decide whether the life of a homeowner is the right one for you. You might discover that you hate weeding the backyard or that you cringe whenever it's time to shovel the walk. If that's the case, you can happily remain a renter.Avoiding the Credit Score CurseRent to own homes also give you the opportunity to move into a house without needing the high credit score that most lenders require today. If your score is under 620, for a conventional loan, or 580 for a loan backed by the Federal Housing Administration, you'll struggle to obtain mortgage financing from a conventional lender. But when you enter a rent to own agreement, your credit scores don't matter. While you're living in purchase). The lessor grants the lessee the right to rent the house and eventually acquire ownership when the terms and conditions are arrived at. These conditions include but do not limit to the lessee paying a monthly rental fee for given period and an "option" fee, initially. This option fee is the amount that you pay for the right to buy the house (in the event you decide to do so). Normally, this will not be refunded but when the period of rent expires, the lessee reserves the "option" to purchase the house at period and price determined by the seller and agreed by both parties. However depending on current market values, they can agree to change the purchase price. At this point, the lessee may obtain a loan or mortgage or a third party financing. In a typical rent arrangement, you don't gain anything but with rent-to-own homes, part of your monthly rent will go to credit which will be utilized in the event that you decide to purchase the house in the future. Thus, the amount of rent you will be paying is slightly higher in this case. Rent-to-own homes are best solutions if no don't have any credit history or have a bad credit history;