Advantages Of The Rent-To-Own Program

As a person who is looking to take advantage of the rent-to-own program, I believe it is a great way to help people who otherwise would not be able to make such a purchase. I went to a bank, which I will leave un-named, to find out what I would need to do with them in order to get a home loan. It was at that time that I found out that, I do not have a credit score at all. The loan lady told me that I was a first for her, that she had never seen a credit score come back with no number on it. I asked her what I could do to get a good or even any kind of credit score. I was told of all the steps that would need to be taken and about how long it would take me to build my credit up to an acceptable level to receive a home loan. I also found out …show more content…
If you do not have credit how else are you going to be able to buy a house? Of course you could just pay with cash if you had won the lottery, but we are talking about the normal Joe working hard out in the real world. With the rent-to-own program the skittish “foreclosure victims” could use the waiting time limit to build their confidence back up and also build up their collateral package. The way that I understand the way that bank loans work is, the more value in your collateral that you personally have to put forward, the better rate you are going to get on your home loan. I am of a mind that if the rates are better and fixed then the weary buyers will more likely to move forward …show more content…
I truly believe that there would be a lot of people who are right at this moment home owners, who would not be home owners if they had to go through the normal route to becoming a home owner. I also think that another big reason that the rent-to-own program has such a big draw to this group of people is because if they decide that they do not want to buy that house or for any reason can no longer make the payments they can walk away from the house and not have it affect their credit