Tons of Rent to Own Homes in Georgia, Minnesota, and Illinois

Now more than ever it is a great time to find rent to own homes. In doing my search here recently I have found that a few states have a tremendous amount of lease to buy houses currently available.

GARentToOwnNow.com or MNRentToOwn.com or ILRentToOwnNow.com

all have at least 100 or more properties available at any given time.

I recently read an interesting article on rent-to-own. view this here:
Rent-to-own home deals surge in popularity

I thought the author did a great job of explaining the learning curve of a lease to buy:

Lease-option contracts are written for individual homes and situations, so there are few fixed rules. However, both parties usually agree on a few general criteria.

The contract usually states that the buyer has to close on the residence within certain time period, usually a year or two. Homeowners avoid longer contracts, because of the risk of losing too much on the upside should real estate values appreciate quickly.

Also, buyers are required to put down a hefty upfront payment, usually between $3,000 and $5,000 for a typical home. In some cases, that money is put toward the eventual down payment.

The buying party also pays rent, giving the owner a monthly income stream to pay or offset the mortgage. Typically, a portion of each payment is set aside for the down payment.

How to Buy an Owner Financed Home

Learn how to buy an owner financed homes.

In the Book you will Learn

* All about contract for deeds, land contracts, deed for title and other forms of contracts.
* Protect yourself and your family with simple steps you need to take when buying
* details about why contracts work for the buyer and why they work for the seller
* How does obtaining your own financing work on contract type transactions
* All about lease options, what are the pieces, how are most structured, and what does it mean for you.
* The five things you must do before you even consider a rent to own, and then the five things you must do before you decide on a specific home.
* The negative aspects of lease options for both the buyer and seller
* Explanations of the most common clauses you run into in Rental Agreements and Option Agreements
* A whole chapter of its own: How to obtain financing when doing a rent to own.
* Recently Added: What if you have a foreclosure or bankruptcy. What you must do and how this affects your rent to own decision.
* Seller carry backs, what makes it work for you and how to structure a carry back legally.
* The negative aspects of owner carry back
* How to find great deals on seller carry backs
* The five key things you need to know before you sign on a seller carry back note
* Recently Added: Cashing out a seller carry back in the current market conditions

What are some good reasons for a Rent to Own

Situations Why Rent to Own Would Be A Perfect Fit For You.

We have listed a couple very good reasons why Rent to Own will work for you, by no means are these the only situations why our Rent to Own program will work for you, we understand your situation is unique.

Very Little or Challenged Credit

If you have very little or some tarnished credit our Rent to Own program will give you the opportunity to rebuild your credit and give you the time and ability to then get a much better interest rate and payment on a mortgage you might not have been able to get approved for.

Relocation

You might be just moving to the area and you just aren’t sure if you want or where you will buy but you don’t want to just throw away all your rent payments. With our Rent to Own program at least you will have the option to purchase once you realize the home is your perfect home.

New Business Owner

You might just have a unique situation for instance if you just recently started up your own business and you don’t have those full 2 years of tax returns that most lenders require to qualify for a mortgage.

Enter Here Your Own Unique Situation

You might just have a unique situation, we will work with you with this situation and work on a plan to get you on our Rent to Own program so you can enjoy the benefits of your own home and begin the joy of home ownership.

Rent to Own and Foreclosure

A question we get often at MN Rent to Own is:

Can I do a rent to own after a foreclosure in Minnesota?

Yes you absolutely can and you should. A rent to own is actually a perfect solution to get back on your feet and on the road to home ownership. Why go back to the straight renting world for a few years when you can do a rent to own immediately and get the benefits of monthly rent credits and locking in the purchase price on a your new home.

While it is good to do a rent to own with a foreclosure on your credit file there are a couple of things you should keep in mind.

The main item of concern is the end financing solution. As with any rent to own your main end goal is to obtain your own financing. In all my conversations with Lenders and mortgage brokers it is apparent that with a foreclosure on your credit record most lenders want to see at least 18 - 24 months from the foreclosure date (sheriff sale) before they will offer home financing.

The next item should go with out being said but is one of the keys for obtaining financing after a foreclosure. You must pay your bills on time. Lenders want to see that you have been responsible and have been able to pay your bills with little problems.

The final item is that it is critical that you take an active roll in your own credit repair/maintenance or enroll into a credit repair/maintenance program. If you do credit repair/maintenance yourself make sure you stay on top of this diligently. Your other option is to work with a reputable credit maintenance agency such as the ones recommended on this page. This last item is critical to making a rent to own a success.

With all the problems with exotic mortgages such as adjustable rate mortgages (ARMS) we might possibly see lenders in the future relax the 18-24 month time frame a little but it will still come down to your income and credit behaviour since the foreclosure.

So yes it is possible that you will own a home through rent to own after foreclosure. Finding a home on rent to own is one of the best first steps to getting back on track with home ownership after a foreclosure.