If you are like many families today, you may have had trouble with your credit lately. You may even have experienced a bankruptcy or a foreclosure. That may make it seem as though you’ll not be able to own your own home again, at least for quite some years.
What Is Rent To Own Homes All About?
The recent real estate bubble burst has actually had some silver linings to it, if that’s even possible. Investors have found a source for homes that they can buy at a reasonable price, allowing them to offer rentals to those who have lost their houses and now need a nice place to live.
Renting VS Rent To Own
More than that, though, is the rent to own homes concept that is taking the country by storm. If you have less than perfect credit and would still like to work toward owning your home once again, you can try the rent to own situation. While it’s not the same as straight out buying a house, it does make it possible for you to do better than just renting. Renting, as you know, just gives you a place to live for now, while you are paying the mortgage for the landlord. After several years, he’ll own the property, not you.
Rent to own is a middle option that gives you some equity as you are paying your rent. Get comfortable in your rental, knowing that someday you just may be buying it if you keep up the payments. Part of your rent payment every month will go toward your down payment on the house, or in some cases it even pays for a portion of the principal. It will depend on the rent to own agreement you make with the seller.
Rent To Own Financing
Flexible and creative financing is out there if you find investors that are willing to work with you. In fact, all you need to do is look around you and you’ll find advertisements by investors that offer you the rent to own option on their real estate holdings.
You’ll both win here because they need to turn over their inventory and you need a house to live in with the hope of someday owning it. Win win situation is evident here. This is a great option for you if you are just getting back into the job scene after losing a job, if you have some financial issues, or if you are a self employed worker with books you keep, but no pay stub.
