Rent or Own? Why not RENT to OWN.

How does the rent to own process work? Simply explained; it's a long escrow.  It's almost the same process of buying house, except several reasons may require new buyers to need longer to get fully qualified.  These could include bad credit or not enough credit. Credit issues such as false claims or unresolved disputes.  

The process usually includes a non-refundable deposit (based on the purchase price of the home), credit check, loan application, job and references check.  During the process you will be part renter, part homeowner.  

You will move in the house once you agree to the terms and sign a lease option to buy contract, you will live in the house and maintain it.  Each monthly "rent" payment will have a portion set aside towards buying down the loan.  [Example:  Purchase Price $200,000;  Monthly "rent" payment of $1,300;  $500 of the rent applied towards the loan so each month $500 is deducted from the $200,000]  At the end of 24 months (rent to own are usually 12-24 months)  the loan amount needed to close the deal is now $188,000.  During this time, credit issues are resolved and the loan amount is less, all while living in your new home.  No need to move more than once.

This process is a win-win for many new buyers. 

Your questions are always welcomed email to GoodNewsCarsonCity@gmail.com.