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Denise, Home Buyer in Durant, OK

do you rent to own?

Asked by Denise, Durant, OK Wed Apr 27, 2011

rent to own houses. so i wouldn have to get a loan?

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Denise:

If you are looking to "Rent to Own" or "Lease Purchase", you will almost always at some point in the agreement, have to obtain a loan on the home in your name eventually. You also almost always have to put a substantial amount of money down. If you cannot obtain a loan because traditional banks won't loan to you, perhaps "renting to own" or "lease purchase" is for you. But, be careful, because most ususally, the seller ends up on top... in a big way!
0 votes Thank Flag Link Sun May 1, 2011
The problem with Rent to Own houses is that they almost universally suck. The reason why is that 98% of the home that go up as rent to own never get to the own part. A seller trying to get rid of a house that is decent is just going to sell. You should be looking for a good loan and possibly a down payment grant that helps with that. A mortgage is just like a rent and generally cheaper.
Web Reference: http://sellearth.com
0 votes Thank Flag Link Wed Apr 27, 2011
If you plan to use some of your rent payments toward purchasing a home be sure to follow FannieMae guidelines so your lender can allow the credit provided in your lease agreement,
0 votes Thank Flag Link Wed Apr 27, 2011
Various sources feed into this site, therefore consider working with an agent of your own, he/she will be your best guide....
0 votes Thank Flag Link Wed Apr 27, 2011
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