Getting Acquainted With Lease To Own Programs

Buying a home can be a complicated and expensive endeavor. If you don’t have thousands of dollars for a down payment or other closing costs, you may believe that your only choice is to rent for now. However, there is a way that you can rent a home while also having an option to buy it when your current lease expires.

lease to own program

Improve Your Credit by Making Timely Payments

You can improve your credit score and history by making timely rent payments while also making timely credit, auto or other loan payments that you have. Typically, lenders are most interested in how you have handled debt over the past 12-24 months. Therefore, a lease that covers a year or two should be long enough to smooth over most prior blemishes on your credit report.

Part of the Rent Acts Is Used for a Down Payment

In a rent-to-own plan, a portion of your monthly rent is put aside each month and earmarked for your down payment. Therefore, such a program provides a sort of down payment assistance component as well. Your landlord may also offer sellers concessions or other assistance to make it easier to complete the purchase in a timely manner. It is important to note that you are free to walk away from the home if you don’t want to complete the purchase for any reason. (Read more on the things to look out for in a mortgage.)

Don’t Forget to Find a Lender That Meets Your Needs

The best loan officer in Las Vegas is the one that can meet your needs and budget. Whether you are ready to buy today or want to put a purchase off for a year or two, there are many options to help you find an affordable property that you will want to live in for years to come.