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I am currently in a rent-to-own agreement. Do I still need to provide a down payment and pay closing costs out of pocket in order to payoff the agreement and buy the home?

April 26, 2017Agreement closing costs Currently down payment pay payoff pocket rent-to-own

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I am currently in a rent-to-own agreement. Do I still need to provide a down payment and pay closing costs out of pocket in order to payoff the agreement and buy the home?

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NO, there are many programs available that allow you to treat this type of transaction as a refinance thereby allowing you to use the equity in the property (based upon a current appraisal) as the down payment AND the closing costs can be rolled into the mortgage.