How This Works For Tenant/Buyers
Benefits of rent to own a home through a lease purchase:
Sounds great! But what are the next steps?
The first step is to position your application for rent to own, to be as desirable as possible for any landlord/seller. The cornerstone to your application is your credit score. If your score is below minimum guidelines (640 for most loans and 620 for FHA) you will need to develop a documentable plan to raise your score. The person who you are working with on obtaining your property has an affiliate relationship with www.mycreditteam.com. They are experts in the credit restoration and enhancement industry who not only will work on your behalf to raise your score but will also keep the landlord/seller up to date as to the progress of your credit enhancement process.
If you have not enrolled in credit restoration and your score is below 640 your application for a rent to own property may not be taken seriously since there is no plan in place to position your credit score to be in the range acceptable for a mortgage loan.
What is required to qualify for a lease purchase property?
Great question!! When you apply for a lease purchase property, there are some main items that are being reviewed and that are being looked for:
The total amount required for move in is the Option Fee plus the first month's payment. It's that easy! The first step to accomplishing your goal of home ownership begins by talking with Screen The Tenant. They will be calling you 24 - 48 hours after the completion of your on-line application at www.screenthetenant.com.
(Audio file) In this episode of Not Just A Transaction, hosts Nick and Zachary speak with special guest and credit repair expert Paul Ritter. Paul discusses how he works with tenant buyers to get credit issues straightened out so that they can qualify for a loan at the end of the lease period, and he explains what huge differences set his services apart from other competitors that aren’t as invested in the success of the buyers.
What you’ll learn:
(Audio file) What you’ll learn in this episode:
(Audio file) Gain insight from a renown Real Estate Investor Jeffrey Richman as to how to structure a rent-to-own transaction.
Endorsement from Chris Prefontaine of http://originalre.com/ . During the course of the lease, you can use a credit consulting service that we will refer you to and, whether you end up purchasing or not, you can decide which course of action to take with them.
Education for the do it your selfer!