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Rent to Own or also known as Lease to Purchase. Click for available homes |
| This is a program for certain individuals that are
serious about credit repair. We usually have a few homes each year, that we do a
"Lease to Purchase on". If you can not qualify at present time,
and you are serious about buying a home, maybe we can help. Because of
recent problems with quite a few "Sub prime" Mortgage companies,
all the others have tightened up their belts and quit the sub-prime loans.
This makes it impossible for a lot of people to qualify. Honestly
speaking, there are some people who will never qualify because of lack of
finance managing. There are others who are willing to do what it takes to
qualify for a mortgage. The key is time! There are things
that can be done to help bring your credit up to par, but it takes time to
do it. Normally you would have to wait until you have it up before
you get to move into a new home. If you have down payment, and a
willingness to work to get your credit up to where it needs to be, we may
can help you and actually place into a new home with out having to wait!
During this process of renting it for a year, it will also create an additional credit line, thereby increasing you overall score. Every little bit helps. Click for available homes We collect a down payment upfront, plus first month lease payment, and then set the payments up for a year. During that year period, you must bring up your credit score to a point that you can qualify for normal financing. At the end of the year, or as soon as you can qualify, we convert it to a normal purchase. In most cases, it takes a year or less. Also, after you have lived in a home for a year, you can do a Re-finance instead of a regular purchase. In this way, the closing cost are less and down payments are less. Minimum down payment is $5000, plus first month payment of $1,000 to $1,250. Your down payment goes towards your closing cost the end of the term when you qualify. In the case where it takes less money for closing, then that money is returned to you at closing. On the other hand, if you walk away during this time period, or if you fail to bring up your credit score to qualify, you loose this money. If you fail to qualify or walk, we end up with a home that is not new, and have to go through the process again. Your $$ investment in up-front down helps to keep you on the right pathway to qualifying, and helps a lot in qualifying for the loan. It is sometimes easier to qualify for a home after you have lived in it for a year. If you are interested in this program, and have the money for
down payment, then the first step is to try and get qualified for the
loan. You can do that through one of the lenders we have on the site on
our finance page (we recommend Teresa Favors on this ). She can
guide you to a successful credit score attainment over the upcoming year.
Once you have gotten your score up, then she will take care of the
financing. |