Home Houses for Sale Homes for Rent 1st Time Buyers Investors Rent to Own Before & After
Rent to Own
Has bank qualifying prevented you from buying a house?
We offer a Rent-to-Own program designed to repair the home-buyer's
credit and build up a savings account toward the purchase of the
house. This program requires a deposit - normally about 5% of the
purchase price, but deposit amount is negotiable depending on other
terms of the agreement.
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) 209-0046 or email.
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 at least some of your credit accounts, make payments on time,
and pay down the balance monthly - following these simple instructions
demonstrate responsible use of credit.
- Do NOT close out old credit accounts - like old credit cards -
even if you no longer use the account - the older the account the
better for your credit history.
- Reduce your debt load - you must be able to easily make your future mortgage payment and other debt obligations.
- Start a savings account and contribute to it monthly - this shows
that you don't spend everything you take in, or in other words you can
properly manage money.
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 dispute any items that should have been removed. Credit files often contain mistakes.
Lastly, you improve your score by using credit properly. Refer to
the list above for how to greatly improve your credit scores.
If you are the analytical type, here's a guide showing how five different catagories are weighted to compute 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
here's a detailed report by a committee chair on credit scoring: FREE REPORT.