🚀 go-pugleaf

Perhaps you should tell people what happens of after you leasing period and 
it is time to buy your home, then you are unable to get financing due to 
poor credit. What happens then?
"JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message 
news:1148677767.187047.104550@g10g2000cwb.googlegroups.com...
> sp wrote:
>> Is going thro' this "rent to own" program makes a renter easier to get a
>> mortgage?  Any fianancial insttitude backing this program?
>>
>> Susan
>
> It should help. First, if you make all your payments on time, you will
> start to build a good credit history. A bank should take this into
> consideration. Second, the portion of the rent you pay which is
> credited toward the purchase price of the house, in essence, increases
> your down payment (read the article again). The bigger your down
> payment, the less you have to borrow. This means you have more equity
> in the property. Banks like that.
>
> However, if you do not make all your payments on time, your landlord
> will probably report that to the credit bureau, and the bank will find
> out. This will further damage your credit. As I said before, understand
> and follow the terms of your contract.
>
> To my knowledge, there are no financial institutions backing this sort
> of program. This type of program exists primarily because prospective
> tenant/buyers have damaged credit and are unable to qualify for a bank
> loan at the present time. There are property owners who are willing to
> take a risk FOR A POTENTIAL PROFIT, and they offer their properties on
> a rent to own basis. Every deal, every contract is different. Just like
> every other facet of life, there are honest and dishonest people (both
> tenant/buyers and landlord/owners) in the rent to own arena.
>
> Everyone, please understand, THIS AIN'T CHARITY. There is risk involved
> for both sides. If anyone is looking for for a handout, you're setting
> yourself up for a fall. If you are a person with damaged credit and
> unable to get a mortgage, ask yourself this question; "If I owned a
> house as an investor, would I be willing to let me have possesion of
> that house?" If you can honestly answer that question with a yes
> because you are taking tough, positive steps toward repairing your
> credit, then pursue the rent to own path. If you are just looking for a
> "break" without taking any positive steps on your own, keep renting
> because an honest and smart tenant/landlord will turn you down just
> like a bank. Then, what are you left with?
>