We have the largest inventory of rent to own homes in Northwest Indiana.
Rent to own housing is a popular choice for home buyers who may not qualify for a traditional mortgage. Rent to own properties help to overcome this issue for those who are ready to commit to a purchase. Buying a rent to own home can provide an easier approach to purchasing a home because it starts with a familiar lease agreement. Buyers of rent to own homes will rent, or lease, the home for a designated period of time. The great benefit for renter-buyers is that over time, a portion of the monthly rent payments are applied toward the ultimate purchase of the home. Plus, the final purchase price is determined up front in a lease option agreement, so there is no risk that the purchase price will rise later.
For those with less than perfect credit, a "rent to buy" arrangement can allow the time needed to maintain or repair past credit issues. Doing so can help you qualify for the home loan you want and deserve in the near future. Our credit councilors, who are mortgage brokers, will provide you with a road map to home ownership. You will get credit repair advice and a timeline as to how long it will take you to qualify for a home loan.
Here is a typical example:
The house is worth $200,000, and the typical rent would be $1000 a month. Someone who's renting to own might pay $1,200 a month in rent and then receive a $200 rent credit each month. Add the option fee, in this case $5,000. On a three-year lease, the rent to own buyer would earn $7,200 in rent credits. Adding the earned rental credits to the option fee, the rent to own buyer has accumulated $12,200 for a down payment!