If you’re like most home buyers, you’ll need a loan or a mortgage to purchase of a new house you want to buy. To qualify, you must have excellent credit score and cash for a down payment. Without these, the traditional route to home ownership may not be an option.
If you are going to purchase a home thru a rent to own program you should visit companies that have a Cash back Rebate program to assist you with deposit or down payment. This is free money that you do not have to pay back.
Cash Back Rebate can save you up to $2000.00.
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There is an alternative, however: a rent to own program or lease purchase program, in which you rent a home, with the option to buy it. You are not obligated to purchase the house, in some cases as much as 10% of your rent goes towards purchasing the house. Once you are ready to purchase the house you can apply for a mortgage and become the keeper of the house.
With as little as 550 credit score
you can be on your way to home ownership.
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With most program once you fill out there application and approval is granted, you pick any home available for sale in your community within your budget, the company will buy the house and lease it back to you.
You pay rent throughout the lease, and in some cases, a percentage of the rent payment is applied towards your down payment or deposit. Always ask if a percentage of the payment will be applied to purchasing the house and request to see it in writing.
Rent to Own Homes in Henry County Ga.
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Some of these companies are now allowing you to acquire brand new homes that have never been lived in as a Rent with Option to Buy.
Rent to Own brand new homes.
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With some rent to own programs, you may have to maintain the property and pay for repairs. Be sure that maintenance and repair requirements are clearly stated in the agreement.
Most rent to own companies will get the home inspected and repair any damages that are needed before renting the home to you.
Once you have taken ownership of the home thru the rent to own program, it is wise to purchase a Home Warranty Protection. Repairs are part of living in a home, regardless if you own or rent one. Appliances break down, faucets leaks, HVAC units stop working, etc. Rather than depleting your savings for these repairs, some people purchase Home Warranty Protection to alleviate the cost. The companies will fix, repair or replace the concerned item. Make sure to get a Home Warranty Protection when you rent or buy a home. Most Home Warranty Protection cost between $25.00 to $60.00 a month. Do your research before purchasing a Home Warranty Protection. Home Warranty Protection is like purchasing car insurance.
Atlanta Ga rent to own homes is a melting pot. Many homes are available in the metro Atlanta Ga area.
Rent to own homes in Atlanta, Ga.
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Below you will find a few glossary of terminologies
Credit Score
A number assigned by each of the three credit reporting agencies that reflects the credit history of the consumer and changes according to the current financial situation of the consumer; also known as a “FICO” score, a trademark of the Fair Isaac Corporation.
Federal Housing Administration (FHA)
Government agency that provides lenders insurance on low down payment loans so borrowers have easier access to homeownership.
Conventional Mortgage
A mortgage offered by a lender that is likely to be purchased on the secondary loan market by Fannie Mae or Freddie Mac. The U.S. Congress establishes limits for these loans annually.
Home Warranty Program
A program that provides insurance for repairing appliances and systems in the home.
Homeowners’ Association aka HOA
An association to which homeowners are required to belong if they own a home within the boundaries of the association; members must pay dues and follow the rules of the association.
Preapproval
A qualification for a mortgage by a lender based on proof of the buyer’s income, assets, and credit score that states the maximum loan that the buyer can qualify for; final loan approval also requires an appraisal on the property to demonstrate that the value of the property is more than the loan amount.
Prequalification
An estimate of the amount of money a person can borrow based on his or her stated income, assets, and creditworthiness without complete verification.
Property Survey
A survey to determine the boundaries of a person’s land.
Title
The document that proves ownership of property.
Fannie Mae
Government-sponsored organization that buys mortgages from lenders to make loans more available and affordable.
Real Estate Agent
An agent is a person who legally represents another, called a principal, and from whom they derive express or implied authority. For example, real estate agent acts on behalf of the homeowner or homebuyer.
Department of housing and Urban Development ( HUD).
.HUD is a governmental entity responsible for the implementation and administration of housing and urban development programs.
Earnest Money
Earnest money is a deposit you pay to the seller of real property to show your good faith and intentions of getting a mortgage to buy the property. Depending on circumstances.
Foreclosure
A foreclosure is a legal proceeding that allows your creditor to sell your house to pay off your unpaid mortgage. Your house can be foreclosed on if you don’t make your required house payments.
Interest Rate
An interest rate is the percentage of the outstanding balance of a loan that you are charged for borrowing money, usually expressed as an annual percentage rate.
Affordable Housing
Housing governed by a federal or state agency with an aim to help people and control their rent when they meet certain criteria.
Squatter
The action of occupying an abandoned or unoccupied area of land, building or a house that the swatter does not own, rent or otherwise have lawful permission to use.
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