What Is Rent to Own?
A rent to own agreement gives the buyer control of a property, not full ownership, with the ‘option’ to purchase the property at the end of the contract period. Essentially it is a contract to buy a property with an extended closing date. That way you, as the buyer, have time to save a down payment, clear up any credit issues, and to line up financing.
Typically, you, the buyer, will put down an option consideration, like a deposit for a rental, to secure your place as the future owner of the home. This is typically 5-10% of the purchase price. Then you’ll make monthly payments, and at any time during the option period, you are authorized to complete the transaction of the home.
What is involved in a rent to own program?
If you are still thinking that you can’t afford to own because you have been turned down for financing before, start the easy home ownership process with Good Day Investments LLC right now! We can help guide you through the process of leasing the home until you qualify for a loan.
Our job is to show you how put that plan in action.
Step 1 - Find the best way to buy and fund your purchase for you.
Step 2 - Look at homes that fit your needs and buying terms.
Step 3 - Seal and close the deal on the home that you love in a neighborhood you desire
Good Day Investments LLC offers a unique financing program to help individuals determine the best financing options for their unique situation. We understand that every situation is unique and provide individual attention to find the best fit for your needs.
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Don't Let Your Credit Hold You Back
Renting to own essentially pushes the purchase date out 12-36 months so that you have the time to save for a down payment, raise your credit, and line up financing. So if you can’t qualify now, what is your plan to qualify in a couple years?
If you need to repair your credit, have you spoken with a credit reparations company to help you with that?
Do you have a savings account set aside for your down payment?
Are you committed to make the necessary changes so that you can own your home in a couple years?
Good Day Investments LLC prioritizes credit as a crucial factor in the home buying process.
Advantages to a rent to own program:
1. In a rent to own agreement, you, as the buyer, freeze the price on the home for a year or two in advance of when you’ve agreed to close on the purchase. Since most markets appreciate, you’re locking in a good deal with built in equity.
2. You also have the ability to test drive the house, the neighborhood, the school system, etc, prior to buying. If it turns out you were wrong about the whole thing, renting to own is a lot less expensive than purchasing the house outright and finding out you’re stuck with it later.
3. The extended closing date allows you the time to clear up any credit issues, save down payment money, and get pre-qualified for a loan. When you meet with a mortgage broker you’ll understand the amount of debt you can shoulder each month and still be approved for a loan.