A home will be the biggest, life changing purchase most of us ever make. Rent to own (technically known as lease/option) has become popular, due to the nature of our twenty first century economy. Banks have qualifying standards designed to refuse the majority of Americans a mortgage and the traditional path toward owning home ownership.
We have learned that good people can have credit issues. The credit standing of too many Americans was hurt during the recession. There are many people who have faced bumps in the road, who still deserve a chance own their home. Rent to Own programs emerged to fill that void and have become very popular with today’s home shoppers.
Let’s look at the benefits Rent to Own can offer you:
- Sellers offering Rent to Own are actively seeking potential buyers to move into their properties. If you had late payments, a bankruptcy or simply haven’t had enough time to build up your credit, a Rent to Own home can enable you to build equity and repair credit while renting to own your home.
- The timing for moving into a Rent to Own home can be much shorter than the application and approval process for a mortgage. In most cases we can make a decision on your application overnight.
- Lake Weir Homes charges NO APPLICATION OR CLOSING COSTS to prospective home owners. There are no bankers trying to skim additional profits by charging you closing costs or points. There are no brokers commissions, adding to your upfront and total costs.
- You will still have to make a downpayment (known as the option fee). The amount of front money in a Rent to Own agreement is negotiable and usually considerably less than the twenty percent, minimum down demanded by bankers. Many people find their dream home but need time to make their purchase. The Rent to Own purchase not only allows you to have that time, but also allows you to live in your home before you decide on exercising the option to purchase.
- Rent to Own enables you to build equity in a home, but also gives you the flexibility to walk away from the property at the end of your lease term, without impacting your credit standing. If you decide you need to relocate, for better employment or simply because you desire a different living situation you may lose the front rent credit money BUT that amount will be much less than if the you had bought the house outright and tried to leave it later.
- The purchase price is fixed in the beginning and is not negotiable after a Rent to Own agreement is signed. In the current recovering housing markets Rent to Own may enable you to enjoy extra equity gains, as the price of homes continue to go up.
If you desire to own your home but are unable to secure conventional financing, or are unwilling to go through the banks applicaiton process, a Rent to Own home (lease/option) may be your best choice. When you Rent to Own your money is working for your future instead of just dropping into your landlord’s pocket .
Browse our available inventory of Rent to Own homes . Each listing has a full address and a Google Map included. We encourage you to drive by any of our homes to see what we are offering.
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Lake Weir Homes NEVER charges an application fee)
If you would like to see inside any of our homes or to learn more about our Rent to Own program. phone David at 352-288-2328 (9AM – 9PM) – After hours submit the form near the top, right side of this page,