That's how a lot of slumloard (ahem) landlords get started.
If you're going to live there yourself, you would need income from other sources to service the debt incurred for the purchase loan, if it is debt financed. There are many creative ways to structure the purchase of a home. If you can afford a million-dollar home, you can afford a lawyer and accountant to figure it out for you.
No one who owns a million dollar home is going to sell it rent to own. So you need a $300K a year job to borrow the other $800K
Rent is rent. It has nothing to do with buying a house.
You would need a loan (mortgage) for the remainder.
Sorry, NO ONE is going to "loan" you $800,000 on a "rent to own" basis... too much risk involved. A 30 year fixed mortgage for $800,000 at 5% interest will run you $4295 per month. Since you put up 20%, a bank is likely to loan you the rest since the house itself is collateral for the loan. If you default, they can sell the house to get their money back, but you lose your $200,000. MOST people are not willing to just walk away from that much money.
IF the owner accepts the risk of being party of a rent-to-own deal, then sure. Almost no chance of that happening though.
No one is doing rent to own on a million dollar property.
If I were to buy a one million dollar house and had 200 thousand for the down payment will is still need to borrow from the bank and have mortgage or can I pay the rest of the house by rent
