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.
They have newly renovated homes available for purchase or rent-to-own.
They also offer free credit repair and financial counseling services.
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.
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 firstname.lastname@example.org or call me at 215-852-4469.