Lease to own homes are an exciting opportunity for those who have sought out financing through traditional banking avenues only to find that their finances and credit history make them ineligible.
In many places, rent prices continue to rise while sale prices have leveled off, affording good borrowers a strong motive to become homeowners. Buying in this type of housing market not only makes financial sense, but helps foster a sense of community and confidence in neighborhoods.
It is common knowledge that good credit is crucial when buying a home and, for the year 2014, according to QualifiedMortgage.org, "a credit score of 620 or higher is typically what's needed to buy a house with a mortgage loan."
Credit Concerns? No Problem.
Some aspiring homeowners fall short of this requirement and, fortunately, renting to own allows them the time to work on their credit, while still being able to live in the home of their choice.