First Time Home Buyers With Bad Credit Favor Lease To Own Home Programs
Released on = October 2, 2006, 5:10 pm
Press Release Author = Camelot Marketing
Industry = Financial
Press Release Summary = First time home buyers with bad credit favor lease to own home programs where they can live in a home they will eventually own.
Press Release Body = With lease option programs, first time home buyers with bad credit are only weeks away from moving into a home they will eventually own.
Lease options to buy home programs are becoming increasing popular with first time home buyers because they offer a way to get into the real estate market without the need tp qualify for a home mortgage loan.
Many first time home buyers with bad credit believe that buying a home will overcome or fix their bad credit situation! Home buyers go from mortgage broker to mortgage broker looking for a loan that does not exist, rather than try and remedy the problem.
To qualify for a home mortgage loan the bad credit situation has to be fixed first, and not the other way around. Lease option to buy home programs provide that solution.
Single parents who are recently divorced, the self employed, anybody that had suffered bankruptcy, or those with low FICO credit scores can all benefit from a lease option to buy home program.
Lease option to buy home programs, also know as rent to own programs, are unlike regular mortgages because the applicant does not have to qualify for a loan.
The first focus is on the ability to make monthly lease payments. As most are making rental payments already this is not much of an issue. The second focus is on the future potential for purchasing the home.
If there are bad credit issues to overcome, this can be worked on, while living in the new home. Over time, most credit issues can be corrected.
The lease option to buy home program original agreement states the purchase price the day the tenant moves in, and doesn\'t change. Any increase in the value of the home belongs to the tenant when the loan is closed.
Typically, with a lease option monthly payments are less than it would cost to own the same home. These monthly savings can be put away, and used to increase the down payment at the time of actual purchase.
Depending on the situation, a tenant can occupy the new home in just a few days or a move-in date can be scheduled around any current living situations.
A minimal down payment is required, or down payment assistance is available if needed. The down payment, and a monthly rent credit, will be deducted from the purchase price of the new home, reducing the amount of money needed at closing.
Lease option to buy home programs help tenants by improving their FICO score and they can look forward to home ownership in a relatively short period of time.
For more information please call 866 398 4664 or go to http://www.goldmedalmortgage.com/Lease_Option_To_Buy_Home
Web Site = http://www.goldmedalmortgage.com/Lease_Option_To_Buy_Home
Contact Details = Keith Hunt 8190 Orchard Street Alta Loma , 91701 $$country
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