|
How Our Rent-to-Own Program Works
A rent-to-own agreement is a standard lease coupled with an option-to-purchase contract. Although you are not obligated to go through with the
purchase, you shouldn't enter into this agreement unless you are committed to it.
You rent from us and have the option to
purchase within two years - preferably sooner. A non-refundable deposit is required on the front end. The
entire deposit will be applied to your future purchase.
You are obligated to make on-time monthly rent
payments. A percentage of each rent payment is applied to the
eventual purchase. You can overcome just about any credit issue within 18
months by simply paying off past collections, making on-time payments on
all credit accounts, and paying down credit balances. When you
qualify for a home loan, you exercise your option to purchase and you
own the house.
Not everyone qualifies for this program. You
must have sufficient income and up-front deposit money. If you
want to apply for a house being offered under the Rent-to-Own program,
or want to be put on a waiting list, please contact Jon at (540)
908-4962 for email Jon@jonsaah.biz
Repairing Your Credit
DO NOT PAY
SOMEONE, who claims they can
provide you a quick fix. That's a scam. There's no easy
short cut to improve your credit scores. Basically, to improve
your credit scores you must:
 |
pay off past defaulted
accounts - judgments, collections, ect. |
|
use
the credit accounts you have open and pay your bills on time -
this is necessary to demonstrate a good history of credit
worthiness |
|
Do
NOT close out old credit accounts like old credit cards - even if
you no longer use the account - the older the better. |
|
Reduce
your debt load - you must be able to easily make your future
mortgage payment. |
| If you got rid of all
your credit accounts, you MUST go out and establish credit again. For
example, use two credit cards to buy essential things like food and
gas. Pay them down to at least below $20 each month.
|
Some people need to do nothing more than stop running up
credit card debt buying "wants" instead of "needs."
To
clean up your credit history, first find out what what is on your report. Get a copy of you credit report from each of
the three credit reporting agencies. Congress made this easy to do
by establishing the Credit Report Request Service. Contact this
agency at:
online
www.Annualcreditreport.com
phone
877-322-8228
mail
PO Box 105281
Atlanta GA 30348-5281
The next step is to start
removing every negative item on the report by paying it off, or disputing
items that should have been removed. Credit file often
contain legitimate mistakes.
Lastly, you
improve your score by using credit properly. Refer to the list
above for how to greatly improve your credit scores.
More
information:
This guide shows how five different areas are weighted to produce your
score:
|
Payment
history - 35%
|
|
Amounts
owed - 30%
|
|
Length
of credit history - 15%
|
|
New
credit - 10%
|
|
Types
of credit used - 10%
|
You don't really need the following file, but if you
just love to study, there is a detailed report on credit scoring
here: download
this FREE report.
Put
yourself on a mission toward home ownership. Do it for yourself, your
family, and your future! What do you say?
|
