RENT-TO-OWN / REGARDLESS OF CREDIT / SPECIAL REPORT

You found your dream home. You check your finances and see that your credit score is low for getting a mortgage or you're a little short of money for the down payment. There may still be a solution. It's called Rent-to-Own, a program that allows families to move in immediately in spite of this situation. You lease the property while you work on your credit score and increase your down payment. Here's how it works:

• Instead of a security deposit, you make a payment called an option deposit. This secures the property for you - only you can purchase it while under the agreement. This money is put towards the down payment when you purchase the property.
• The purchase price is set for the property. Once this is agreed upon it won't change even as the value of the property increases.
• Your monthly lease payments will consist of 2 parts - an amount considered your rent and an agreed upon amount that goes towards your down payment. Increasing your down payment will help you qualify for a mortgage and provide the best terms possible.
• While leasing the property, you work on increasing your credit score. You'll work with a credit expert who knows how to do it in the shortest time possible.
• You'll also work with a mortgage specialist to get a mortgage that will make that house yours.

The goal of the Rent-to-Own is to make you a homeowner as fast as possible. Days of throwing away your money as rent will be over. There are no realtor commissions. The price of your home is fixed in the beginning making any increases in equity yours. Both the portion of your monthly payment and the entire amount of the option deposit are put towards the purchase of the house. This program allows you to work on your credit score and live in the house as you do. It's a great program if you are serious about buying a home and doing what is needed to get a mortgage. Rent-to-Own is another option to bridge the gap between renting and owning the home of your dreams.