Rent To Own
Many of us don’t explore our options when it comes to buying a home. It’s either buy or rent no in between. However, there are programs out there that allow you to rent-to-own a property.
When looking for those type of programs I strongly suggest you reach out to a relator. There are so many rental scams going on, you just never know. Its best that when you do find a home you do your basic research on when was the last time it was sold. Also, make sure it isn’t listed on any funny sites and also make sure there aren’t any leans on the home.
One of the most common rent-to-own programs out there is called “Home Partners of America”. This program requires a minimum income of $45k a year, no history of evictions, pending bankruptcy’s and your credit score can be in the low 600s. Home Partners of America will purchase the home for you and you have up to 5 years to buy it back. Each year your rent will go up $100+, so it’s best to buy within the first couple of years if possible. If you want to find out what areas qualify, you can put in the zip code of whatever location you are looking it and it’ll advise if that area qualifies or not. To begin this program, you must be invited by a realtor or even give them a call. I encourage you all who aren’t ready to buy a home, look into rent-to-own programs like this that will help you in the long run.