Do you want rental payments applied towards owing a home?
How can you make ends meet by just throwing your money away on rent and
getting nothing in return?
You're making your lanlord rich while you're paying his mortgage!!
You've probably seen that banks only lend money to those who don't need
it. When you have the cash, they tell you your credit score is not good
enough. When you have a good credit score, you don't need the cash!!
Just look at some benefits:
- You could earn equity each month, simply by paying rent.
- There is no bank qualifying required to get started.
- You need only a 2 to 4% total down payment in most instances.
- You get to "test drive" the home and check out the neighborhood
before you commit to buying.
That is a good question. The good news is that it probably is the
easiest way in today's loan marketplace to get into a home of your
choice with no bank financing, no points or harsh fees with your loan
and best of all, just a minimal down payment (usually between 2 to 4%
of purchase price).
Price of 3 bed, 2 bath doublewide mobile on large lot...$85,000.
Down payment if you borrowed from a bank, 10 to 20% down...$8,500 to
Credit history on all purchasers will be checked thoroughly along with
income, job history, etc.
Past life problems could be held against you such as medical bills,
loss of job causing delay in your payments, sickness of family member
causing late payments, or any lifestyle change that banks are
Down payment on rent to own, called option consideration, is just about
$2,000 total. Not the large down payments banks want.
Credit history is not checked by a bank so there are fewer criteria
upon which you will be evaluated.
You get to move into your dream home for minimal outlay and no bank
qualifying. Best of all, your initial payment is applied to the down
payment when the option is exercised (when you purchase the home).
Also, depending on the figures of your actual deal, you are also
entitled to a rent credit each month. This is applied to the purchase
price of the home. Now you are building equity with each rent payment.
This option can be for as long as 3 years if you wish, until permanent
financing can be obtained.
Let's get started with the nuts and bolts of Rent to Own!