| If you are looking for homes for rent to own, | | | | should probably consider renting until a time in which |
| chances are you are not in a situation currently that | | | | you feel more motivation. It simply doesn't make |
| allows you to qualify for traditional financing. Perhaps | | | | sense to pay an upfront option fee of between 2% |
| you are self employed and unable to provide the | | | | and 5% of the home's value if it is not going to help |
| underwriters with two years tax returns that verifies | | | | you in achieving your goals. |
| your income. Even more likely is that your credit | | | | You also need to make sure that the current home |
| score is not strong enough to get a mortgage now | | | | owner is really serious about selling you the home |
| that the guidelines have tightened up so much. | | | | and not just more interested in having a renter who |
| Whatever your reasoning, getting a rent to own | | | | is willing to pay them an upfront fee. |
| home can be a great step towards a positive future. | | | | While most home owners do want to eventually sell, |
| But, there are some things you should consider as | | | | there are some who advertise their homes for rent |
| you go through the process. | | | | to own simply because they like collecting option |
| First - make sure you are really motivated. Statistics | | | | fees. They then structure the contract in a manner |
| show that most tenant buyers who enter into rent | | | | that does not give you the opportunity to purchase |
| to own contracts never actually end up purchasing | | | | the home. Typically, this involves a very short term |
| the home. Most often, the reason is that they were | | | | (less than two years) so that you do not have the |
| not serious enough and therefore did not take action | | | | opportunity to repair your credit. Alternatively, they |
| to immediately begin fixing their financial situation. | | | | may set the purchase price so high that you are not |
| Let's face it - credit repair isn't a fun process. Very | | | | able to get a loan because the appraisal will not be |
| often, you need cash to pay off old collections and | | | | accepted by the bank. |
| pay down credit card debt. This takes disciple and | | | | By making sure that everyone has the same goals, a |
| hard work and, unfortunately, most of us are more | | | | rent to own contract can create a win-win for both |
| interested in pleasure today. If you doubt your | | | | the tenant buyer and the home seller. |
| resolve to correct your financial situation, then you | | | | |