housing assistance

Rent To Own: Learn How to Afford Your Own House!

Everyone dreams about owning a house! A house that has their name on the board, a house that they could adore and love. But the biggest checkpoint in making this dream come true is ‘the financial condition’ of any individual.

Here is a secret!! Even if you’re financially unstable or have a bad credit history — know that there are ways to own a house. YES! If you haven’t heard of the ‘rent-to-own program’ yet, this is your sign to take step towards buying a house for yourself and your family! Find a rent-own-home today!

What is rent-to-own?

Rent-to-own is a program that allows an individual to buy a house through a rent-to-own agreement where the buyers invest in their house by paying a set amount each month to live in it and gain ownership over a specific period.

Who can prefer rent-to-own?

  • Renters who are willing to test a home and neighborhood amenities before committing to purchase
  • Renters who look towards homeownership instead of paying rent for life
  • An individual who wants to improve his/her financial credit and save additional funds to go towards a down payment

What is the process of rent-to-own home buying?

  • Explore houses: A rent-to-own agreement has two types of leases: lease option and lease-purchase. A lease option gives a choice to buy or not to buy a house at the end of the lease whereas, a lease purchase legally forces you to buy the house by the end of the lease. As a first step, make sure to look for choices of houses available for rent-to-own on the market with multiple lease-option.
  • Create a draft: When you opt to rent-to-own, you will need to negotiate to own the contract. As a second step, create a draft of an offer that best suits you and the seller. While negotiating prices remember that they will be fixed until the end of the agreed lease term.
  • Compile the agreements: The best thing about a rent-to-own deal is it is more flexible and personalized. So when putting together the final agreements, look at lease options that command you to put in as little money as possible. The final agreements include the Rental Agreement, Sales contract, and Option Agreement.
  • Maintain credit: You might find a rent-to-own house even with bad credit, but make sure to maintain or repair your credit to successfully own your home at the end of the lease period.

 Find your eligibility!

What if finding a rent-to-own home at your favorite location can be easier than ever?  To experience the ease of searching for a home with the rent-to-own option and to know your eligibility, visit eligibilityassistance.org. Here you can apply to get a free guide and learn all about housing assistance and the requirements to qualify.

Get guidance from the above sites to find and buy your dream home through monthly rental payments!