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Rent to own looks to be on the climb recently because of the economy's downturn. People across the country have had their personal credit take a hit due to foreclosures and bankruptcy. The only option for buying a home seems to be to hang around until the damage gets removed from their credit. Most people are driven to rent homes, but leasing just throws their hard earned money away.
So a better way to get back into the buying arena is to get into a rent to own home. Financially it makes more sense because while you are working on fixing your credit, you will be also paying a portion of the closing costs of purchasing a house each month through your rental payments. So you won't be entirely throwing your rent money away, it's actually being invested in your future of home ownership.
The only disadvantage to lease to own is there are a lot of scams where the owner of the home could be in financial trouble and still lease out the home. It's vital to get the appropriate paperwork backed up early to avoid this. There's not many businesses that legitimately give this to consumers so it's important that new lease to own seekers do their homework.
Thegreat news is that it only takes about a couple years to create a great credit profile to buy a home. Negative items on the credit report can be identified and taken care of early on and a stable income can be developed. Then building positive credit lines is easy with a few months of on-time minimum monthly payments.
After a couple years of leasing, the credit and income has the chance for a comeback to homeownership again. Lenders typically use 2 years as a rule of thumb in determining a probable homeowners credit worthiness. Lenders need 2 years solid employment history, 2 years maturity until they will work with a prior foreclosure/bankruptcy and 2 years of credit lines established. So this is a great rule to remember when preparing for your future.
Below is a website where you can organize your future exclusively in one place that has trusted rent to own resources and information to rebuild your credit the correct way! Many times people try to fix their credit on their own and usually get themselves into a bigger mess by not doing it the right way. There are a lot of ways to become a homeowner but it seems lease to own is the fastest and best way if it is done the correct way.
So a better way to get back into the buying arena is to get into a rent to own home. Financially it makes more sense because while you are working on fixing your credit, you will be also paying a portion of the closing costs of purchasing a house each month through your rental payments. So you won't be entirely throwing your rent money away, it's actually being invested in your future of home ownership.
The only disadvantage to lease to own is there are a lot of scams where the owner of the home could be in financial trouble and still lease out the home. It's vital to get the appropriate paperwork backed up early to avoid this. There's not many businesses that legitimately give this to consumers so it's important that new lease to own seekers do their homework.
Thegreat news is that it only takes about a couple years to create a great credit profile to buy a home. Negative items on the credit report can be identified and taken care of early on and a stable income can be developed. Then building positive credit lines is easy with a few months of on-time minimum monthly payments.
After a couple years of leasing, the credit and income has the chance for a comeback to homeownership again. Lenders typically use 2 years as a rule of thumb in determining a probable homeowners credit worthiness. Lenders need 2 years solid employment history, 2 years maturity until they will work with a prior foreclosure/bankruptcy and 2 years of credit lines established. So this is a great rule to remember when preparing for your future.
Below is a website where you can organize your future exclusively in one place that has trusted rent to own resources and information to rebuild your credit the correct way! Many times people try to fix their credit on their own and usually get themselves into a bigger mess by not doing it the right way. There are a lot of ways to become a homeowner but it seems lease to own is the fastest and best way if it is done the correct way.
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