"Rent-to-own homes can be purchased using a Lease Option. This means the buyer rents the home for a set period of time, sets aside a portion of monthly rent payments during this time, and then has an option to purchase the home later, using the accumulated savings toward the down payment. Rent-To-Own properties offer home ownership opportunities to those who have poor credit or can't afford the down payment. It gives buyers time to rebuild their credit and accumulate purchase credits while living in the house."
It also has FSBO houses shown, with owner financing offered. This would usually be at higher loan rates, considerably higher rates at times, and with conditions not seen in traditional contracts. So be careful and have an attorney along side to protect your interests, as always.
Rent to own is usually offered to buyers/tenants who have no ability to buy now due to credit issues. Often the property might be desperately looking to for a buyer, meaning in less than move-in condition. In the towns you mention, these seldom if ever exist. You might Google "rent to own" and look for anecdotes from people who have experiences. And then be careful if you proceed. Lastly, such "opportunities" are more common in Florida and elsewhere where builders use rent-to-own as a marketing strategy, again when buyers cannot obtain market rate loans.
I urge you to please consider the established community of North Caldwell, NJ. Just 17 miles from mid town Manhattan, the township provides exceptional education, recreation, community and saftey. Ranking Top 20 within the state; the Borough of North Caldwell provides Public Pre K to 6th grade schooling with a regional 7th to 12th grade middle/high school which ranked 16 in the state.
Please visit my website http://www.judithamorimdias.com and contact me directly (973-444-5643). There are a number of resident families which work in Manhattan and live in the North Caldwell community. With a number of nearby Midtown direct express buses and trains, local residents attest to the quality, happiness, privacy and comfort in their selection of home in North Caldwell, NJ.
Judith Amorim Dias
NJ Licensed Real Estate Agent
Prudential New Jersey Properties
50 E. Mt. Pleasant Avenue, Livingston, NJ 07039 &
14 Forest Avenue, Caldwell, NJ 07006
My recommendation is to focus on finding a rental that suits your needs, and then from there, save up to become a buyer.
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