PHOENIX RENT TO OWN HOW DOES IT REALLY WORK?
The banks have tightened up their purse strings by making that it more difficult for people to qualify for a conventional home mortgage. People now need a 680 or better credit score to be approved by FHA guidelines. Are you losing hope that you will never own a home? We have created the Just Rent To Own Program for people who wish to obtain a rent to own home.
It will take from 1-3 years to restore one's credit. So, the rent to own program is the best option to restore credit and have the option to purchase a house.
Here's how our rent-to-own program works:
- An investor makes a house available on a lease option. There are times when the renter is able to pick out the home. Then, the investor will purchase that home.
- Lease option candidate puts down 2-3% of the total purchase price as down payment. Yes, this money will be credited back only of lease option is being exercised.
- "Option to Purchase" the house will be given to the lease option candidate.
- Lease option candidate will obtain credit consulting from our network partner-Praxis Credit Consulting. This company will ensure candidate will maintain an acceptable credit score to obtain a conventional mortgage.
- Lease option candidate will be in position to purchase house back from investor any time after the 13th month into this program.
- Finally, we have a new home owner.
Why do people do rent to own programs? The typical person will rent another twelve months throwing money away. The rent to own program will credit part of the monthly rent towards the purchase of the house vs. money is gone when doing a regular rental.
Now, one needs to pay careful attention when it comes to the rent to own contract. It must be a Win-Win for both sides. Please pay careful attention to the purchase language in the contract. One must ensure that the house will appraise for the final purchase price. Also, there must be language in the contract stating what happens if house does not appraise for agreed upon price.
Finally, I would advise that you call Harry F. D'Elia III to be your trusted consultant when doing a lease option. He has been doing lease options for the past several years and has become an expert on this subject. The Real Estate and Beyond Network is ready to put one in position to becoming a home owner. Obtain the American Dream with the Real Estate and Beyond Team on your side every step of the way. Make the Call, Set the Plan and Do the Deal$.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.