After 1-3 years, you'll need to acquire a loan for the remaining balance owed.
Purchase price minus
Up-front payment minus
On-time monthly payment credits =
Total owed when mortgage loan aquired
FOR EXAMPLE:
A 2-year Rent To Own of on-time payments is 24 months x $200/mo credits= $4,800.00 in credits to reduce the purchase price of the house if you choose to buy it.
$226,900 Purchase price
-$12,000 Up-front payment
-$4,800 of potential on time potential credits
(If you pay $1,875/mo on-time,
you get $200 credit towards reducing the purchase price.)
=$210,100 Total owed after 2 years of on-time payments:
This is the mortgage you'll need to acquire using a mortgage banker, mortgage broker, etc.
after this 2-year Rent To Own Program EXAMPLE.
Some of our Successful Rent To Own customers have done their due diligence in improving their credit score, paid on time and up-kept the property, and successfully took the steps needed
in acquiring the mortgage after the Rent To Own Program Term.
These Successful Rent To Own customers have had between $25k and $80k in equity after going through our Rent To Own Program. Not bad!!! All situations vary of course.
It's not for everyone!!! This is for those that will pay on time, take good care of the property,
position themselves to get approved for a mortgage and then purchase the home.
This is how we acquired our first house.
24 years ago, we had a bankruptcy, car repoed, 20+ lines of negative credit, and lived with our parents. We had bad credit. But fortunately someone offered us a Rent To Own opportunity, and we never looked back.
2 years later we bought our first home! It was such an incredible feeling!
This program works for the right people willing to take the right steps in owning their own home.
A contract that protects the Seller, as well as the Buyer is also important!!!
We know, because we've been on both sides of it many times.
Once you are chosen & upon a deposit recieved, you'll be given the agreement to look over. We advise you have it checked out by a friend, family, attorney, real estate agent, etc. Once you comfortably understand the terms and your responsibilities, we move forward with the signing of the agreement
and getting the remainder of the up-front payment and first month payment from you.
That's it. And the keys are yours to move in and begin your new Rent To Own Opportunity!!
Again, this is not for everyone!!! Only those serious about homeownership!
We're glad we did it, and we're happy we have been able to assist many other families achieve home ownership!!!
Please let us know if this opportunity is for you and/or if you have any further questions!