Tuesday, December 10, 2013

Rent to Owns becoming harder to finance

Fewer banks are entering into Rent to Own situations. A Rent to Own is an agreement between the landlord and the tenant. There is typically a contract in place for a set number of years that takes a portion of the tenants monthly payments to be used toward a 5% down payment on the eventual purchase of the home, which is financed through a bank (they give the other 95%).

We still have a handful of banks that are available for Rent to Own purchases - please call us if you are presently in this situation and have any questions regarding financing.

Have a terrific week everyone!