| Rent to own home can be very advantageous to a | | | | yourself as it is about the seller their house. |
| renter who desperately want to own a home but is | | | | Most sellers willing to offer a lease with option to buy |
| short of qualifying for a home loan. Most in this case | | | | their home are wise to the game and want to make |
| don't have good enough credit to qualify and/or too | | | | sure that if they do offer you a contract that you will |
| much debt. In most instances they have ready cash to | | | | be able to qualify for a normal home loan. Often times |
| cover move in costs. Rent to own homes come from | | | | before giving the final OK they will make you qualify |
| private home sellers offering a lease with option to buy | | | | through a loan officer to determine if you will be able |
| as a way to sell their house and get fast cash when | | | | to meet loan qualifications by the time the option to |
| their home may not be selling fast enough. The idea of | | | | buy comes around. If you're not doing anything about |
| this type of purchase is that the buyer leases the | | | | your credit or debt then expect to have a miracle |
| property for a set period of time until the end of the | | | | happen in order to get you into a rent to own home. A |
| lease period the buyer has the option of buying the | | | | work around for this is to find a good credit repair and |
| property via a loan or other way of financing the | | | | debt counseling company to help you. This will also |
| purchase. The draw back of offering a lease option is | | | | strike a very positive note with sellers considering |
| the buyer may get used to just paying the rent and | | | | whether or not to even offer a lease option deal. It |
| never want to exercise the option to buy or worse by | | | | might be a good idea to consult with a loan officer |
| the end of the lease period the buyer still cannot | | | | yourself as to what exactly it would take for you to |
| qualify for conventional financing. This has made | | | | qualify for a loan based on your financial |
| private sellers less open to doing lease option deals to | | | | documentation that you were supposed to be |
| get their homes sold but they are still out there and | | | | gathering in the last paragraph. If the loan officer is nice |
| renters looking to buy a home this way just have to | | | | enough (and thinks he'll have a client when you're |
| be more diligent and better armed to find these deals. | | | | ready to get a loan) he'll write you a letter of |
| If you are still on the quest to find rent to own homes | | | | recommendation which can only help your case. |
| than you'd better get yourself in a position to take full | | | | Where does one look when trying to find rent to own |
| advantage should you locate an opportunity. The first | | | | homes? The best place is FSBOs (For Sale By |
| place to start is your own finances by gathering up all | | | | Owner signs). The reason is you are able to deal |
| the available cash you have for a deposit/ down | | | | direct with the owner who has the final say and can |
| payment. Then you'll want to gather up your income | | | | start the ball rolling instantly once he/she gives the OK |
| documents like recent pay stubs, recent bank | | | | to do a lease with option to buy. Before you call or |
| statements, and the last 2 years of tax returns with | | | | knock you should have all of your paperwork ready to |
| W-2's to show your income. Next you'll want to pull | | | | go in case the owner asks to see something in writing |
| your credit scores and reports. This will be a good | | | | or your documentation. You can also do yourself a |
| indicator of how close to obtaining a home loan you | | | | favor by knowing the average home prices in the area |
| are which could also sway a decision your way when | | | | you are looking in to make sure 1. you're getting a good |
| approaching a home seller about the possibility of | | | | deal on the price and 2. you can afford the loan terms |
| selling to you on a lease option basis. As you can see | | | | once you enter into a deal. |
| finding rent to own homes is as much about selling | | | | |