Looking for homes to rent
looking for rent to own homes?
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!
Good luck and May God bless
That is one option. Some areas are USDA Home Loan eligible (you will need to be too and speak with a mortgage broker and agent about it) which means 0% Down financing. Add to that a Seller Concession for several thousand dollars and buying now may be possible. I just placed a wonderful couple in their first home doing this. There are other mortgage products out there and if you are a veteran, you are also eligible for 0% down. A good agent and mortgage broker can help you to see if these are possibilities for you.
Many homeowners don’t advertise “lease purchase” in their listings but it doesn’t mean they wouldn’t be open to the option. However most people do need the proceeds from their home when it sells to move on to the next home, and a lease purchase does not allow for that which is why we don’t see a lot of sellers offering that option.
Have you spoken to a mortgage professional? There are programs available that require no money down. I think that would be the smartest first step for you, then to work with your Realtor to see what is available in your area that fits your criteria.