Rent to Own Basics... |
Here are the steps... |
A rent-to-own agreement can be an excellent option if you’re an aspiring homeowner but aren’t quite ready, financially speaking. These agreements give you the chance to get your finances in order, improve your credit score and save money for a down payment while “locking in” the house you’d like to own. A rent-to-own agreement allows you to rent a home for a certain amount of time, with the option to buy it at a pre-determined price before the lease expires. Rent-to-own agreements consist of two separate parts: a standard lease agreement and an option to buy. Our goal is to find qualified candidates that are on their way to home ownership and help them along that path. We strongly encourage you to visit with our mortgage lender, they can work miracles and its seems all too common that they are able to get people qualified for our rent to own properties that previously felt it was nothing more than a longshot. Remember its not as important what your credit score, income or income to debt ratio is today, what's important is if the lender feels they can work with you and get you up to the qualifying criteria within an 18 month period...Really that's it, the rest is simply up to you to follow through with the plan the bank sets forth. Once the lease period has concluded, you will have the option to finalize the purchase of the home. This works like any traditional home purchase. Typically the option money collected is sufficient to cover your down payment and closing costs. Assuming you have made your rent/option payments on time and have completed the plan put forth by the bank closing should be fairly easy. |
Some Advice...
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Please feel free to contact us directly at (815) 499-7746 with any questions. Please text us first if you can, we are always running from jobsite to jobsite, meeting with customers etc. It can be hard to answer the phone at times but we will get back with you, thank you. Email us at info@madelineraeproperties.com
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