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Keep in mind that a rent-to-own contract between a buyer and a seller can work a variety of different ways. But one of the most common is that the renter agrees to purchase the home by a certain date. They move in and make monthly payments higher than what the normal rent would be. That additional money is applied towards the down payment. But if for any reason you do not purchase the home by that agreed to date you could forfeit all that extra money you have been paying as a penalty. Many people enter into a rent-to-own and fall out of love with the home, or change their minds for whatever reason. The point I'm trying to make is that rent-to-own isn't always as great as it sounds. You are still just renting. You do not have the deed. And you are potentially putting extra money at risk. So unless you positively absolutely love that particular home... why not just try and save that extra money on your own and keep all your options open when you are finally ready to buy. Talk to a mortgage professional and find exactly what you need to do to clean up your credit.
Let me suggest contacting a local pro by clicking on the button above. They are the pros there and can better serve your real estate needs. Thanks
Hello Anonymous, I admire your desire to own a home. However, I suggest that you read as much as possible about rent-to-own so that you can make an INFORMED decision. The truth is that most sellers who agree to rent-to-own OVERPRICE their homes which is probably the reason in itself why most rent-to-own buyers do NOT purchase the homes they contracted to purchase. The reason sellers do overprice their homes is that they want to be compensated for the RISK they are taking and any shifts in the market. Most sellers cannot afford to agree to rent-to-own as they need the money to purchase their NEXT home - this is why inventory of rent-to-own is rather slim. Therefore, whatever you decide to do make sure that you made an INFORMED decision. Let me know if have any questions. Best Regards, Vivianne Rutkowski, KELLER WILLIAMS REALTY
That option has become popular,I have completed 2 lease purchase options.
I recommend that you are very careful with Rent-To-Own programs. I would you advise that you contact a local Realtor regarding Seller-Financing programs instead.
Yes you can. If you have not connected with a good Realtor, I know a couple great ones in the area and can link you with them. There may be a chance you could do a VHDA loan and not need any money down. Contact me and i will link you with a good lender and agent.
Yes, renting to own is often times an option. This option would be dependant upon the owner of the home and their willingness to exercise thatoption. Please contact me if you would like assistance seeking out properties that owners are willing to do a lease option.
I would be happy to help you explore all options including the rent to own (or lease option). Your decision to rent to own may be based upon several factors (credit, downpayment, personal preference, etc...) and it is important that your choice is respected. That being said, several of these conditions can be cleared by utilizing assorted loan programs, etc. With rates as low as they are today...and pricing still attractive, you may have other options available. However, if a rent to own option is the choice that you feel most comfortable with, I'd be happy to assist with that as well. Please contact me directly and we can get started!
As the loan expert shared, there are several loan options and it's always advisable to discuss your options with a reputable lender prior to any housing decisions. Often people are harder on themselves than they need to be and it doesn't take too much time to get yourself ready to purchase. The lender will be able to share with you where you stand and what you need to do to get you where you need to be. You may be pleasantly surprised.
There are several loan options that do not require a down payment. I will be happy to prequalify you for a home loan - even if due to your credit we can not get you a loan now - I will be happy to counsel you on how to improve your credit score so you can buy a home in the near future. If this sounds interesting please contact me.
Not on the listing you sent the inquiry on.
I have opersonally helped people buy property w/ the rent to own option.