From my experience and interactions, rent-to-own does not exist.
Yeah, I know a whole bunch of agents are going to post here and say it does.. I do it all the time.. blah blah.
I think it kinda works in Montana and Wyoming.. but really have not heard of any that are "any good" in New Jersey.
O.k.. I heard of 1 and the seller wanted 2006 pricing for the house, wanted a high rent plus an additional $500 per month towards the "down payment" if you decided not to buy the house after the 1 year rental.. he kept all the money.. deposit and all. NOT a good deal.
Realtors here are going to ahve you contact them so they can sell you a house. Period.
If you DO get a rent to own at a good rate and it works out for you ( which I truly hope it does) please let us know!
Focus on fixing your credit first and don't be distracted with a rent to own. Find a stable, long term rental that's affordable so you can afford to pay off creditors if needed.... THEN once your credit is better, you can find a nice home BUY and live in long term. Sacrifice today so you'll have something tomorrow.
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
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Folks with poor credit and insufficient financial standing who purchased homes during the BOOM got easy mortgage money, but look at what happened after the fact. The mortgage is your responsibility; prepare yourself with strong credit, sufficient savings, and consistent, reliable income before you consider buying a home.
Sure, there are zillions of mortgage people who'll offer to help you with financing now. Based on my real world experience of 22+ years in this industry, I'd suggest those mortgage people aren't offering valuable assistance, only leading you to a potential financial disaster.
Call me, 856-575-1818.
Keller Williams Realty, Cherry Hill
them. They are out there and they do work. Me and my team do them in New Jersey, Ohio, Louisiana,
Missouri, and California. In my experience, when they do not go through it is when the tenant/buyer
does not get their credit score high enough to get a mortgage, or they do not keep up with the payments.
Make sure that you work with a lender and a credit restoration company so you will know if you will be able
to get a mortgage in 1-3 years. Also, make sure you do what they say and make your payments on time so
that the transaction goes nice and smooth. If you do not, you will more than likely lose your lease option
You yourself know that it makes more sense to buy than to rent. Why let your low credit score hold you back if
there is a viable alternative. Again, just make sure that you do not put yourself into a situation where that payments will cause you to default.
You should focus on getting your credit score improved. If you're interested you can call me at 609-417-1086 because I work with a mortgage company that participates in a program that works with you, hand-in-hand, to increase your credit score. They usually can improve your score in a couple of months where you can qualify for a mortgage to buy a home. They are NOT a debt consolidation company or credit repair, but a credit restoration program/company.
Thanks for your question.
Have you gotten the copy of your credit report? Why do you say is so low? Is it medical bills or collections?
If your explanation make sense a Landlord may consider you but you have to be able to pay the security deposit and first month's rent and regular monthly rent on time.
Do you have any other monthly bills showing proof you paid on time (PSE&G, phone bills, other bills? Have you paid your current Landlord on time?
If all you have is in collection you will have to convince the Landlord that you will pay the rent on time.
Good luck in your search,
Ines De La Cruz, Realtor, ABR