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Jeff Zacker, Other/Just Looking in Philadelphia County,...

Are there any worthwhile "rent to own" programs in Philadelphia? I will be a first time homeowner.

Asked by Jeff Zacker, Philadelphia County, PA Tue Mar 3, 2009

I just went through a fire where I was a renter, and through the Red Cross and Osha have about $1250 in grant money available to me towards "a deposit"; apparently, if it is a rent to own situation, I can use the money towards a down payment as well. I have heard mixed things about these sorts of programs, but maybe there are good things available now.

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There are plenty of worthwhile rent-to-own programs in Philadelphia, including mine! You can get information at http://renttoown.raquelmangual.com

Many people who have inquired about rent-to-own have actually been able to qualify for a mortgage without having to do rent-to-own, thereby saving money.

If you have any questions, you can always call me directly at 215-961-3603.
2 votes Thank Flag Link Thu Jan 21, 2010
Take a look at http://www.PhillyHomeOwner.com/

They have newly renovated homes available for purchase or rent-to-own.

They also offer free credit repair and financial counseling services.
Web Reference: http://PhillyHomeOwner.com/
1 vote Thank Flag Link Wed Jan 25, 2012
http://www.AlternativeDecision.com is a brokerage company specializing in Rent to Own programs in Philadelphia, Delaware, Montgomery, & Bucks County.
This brokerage will apparently also purchase your home directly or list your property for sale traditionally or rent to own. They offer financial education to assist the "tenant buyer" as they refer to a tenant in the process of buying a home, in repairing their credit and preparing for the "rebuy" or refinance and actual taking of deed in your own name.

Their site states that their mission statement is to promote home ownership in the neighborhoods they serve.

If you are in Philadelphia and are looking for a plan to follow to "test drive" a home while completing the process of purchasing, then you should probably check them out.
1 vote Thank Flag Link Wed Oct 27, 2010
It my first time I want to buy a home but credit is poor and I been living in my apartment for 12yr and I want to buy the house any rent to own house I'm interested pls contact me at 267-234-1773 THANK YOU HOPE YOU COULD HELP ME OUT
0 votes Thank Flag Link Wed Jun 4, 2014
Dear Zack,

Rent to Own is a situation that usually never results in the renter buying.

The reason? The lenders will only allow the difference between the market rent and what is paid to end up being used as a down payment.

So, as an example, if the market rent for a house is $800 and you pay $1000, the difference of $200 will be credited towards your down payment and or closings costs.

Also, with mortgages getting tighter, there will be at least a 3-5% down payment and most people will have a hard time coming up with it.

To top it off, how do set the price? If you set a price today and it does not appraise for that in a year or two, then what?

The City of Philadelphia actually has an employer match program that can be used towards down payments.

I can get you more info you you'd like. Email me fred@fredglick.com or call me at 215-852-4469.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Tue Mar 3, 2009
I strongly agree with this!
The Owner/Landlord normally makes a very one-sided Contract that isn't in the Tenant/Buyer's benefit.
Flag Mon Dec 30, 2013
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