Buying a House Rent-To-Own

A rent-to-own or lease/purchase is a great way to get into the house you want NOW even if you do not currently qualify for traditional financing.

Traditional financing typically requires 3 things.

1. Good to Excellent Credit
2. A low debt/income ratio
3. A substantial (typically 20%) down payment

With these three hurdles to jump, there are many Americans who do not qualify for traditional financing. Some do not have a good credit history. Maybe they have had some recent events in their lives such as divorce, injury, or the company that they worked for decided to downsize, or perhaps they have not yet established much long term credit. Other people simply have a high debt/income ratio due to student loans, credit cards, or even a house that they own, but haven’t been able to sell. And even with good credit and low debt, there is still the issue of a 20% down payment.

In recent years, the government (through programs like Fannie Mae and Freddie Mac) as well as many lending institutions have made provisions to help more of these people to be able to buy their own home. Today, there are programs that provide loans with lower down payments and some that even provide 100% financing. However even with these programs, there are still many who do not qualify due to the first two hurdles.

By purchasing a home under a lease/purchase, it allows you to move into a house now and gives you time to correct whatever may be holding you back from obtaining financing. And what many do not realize is that your credit score can be improved and often is just a few short months. Here at www.butlerhomesolutions.com, not only do we have many houses available on a rent-to-own basis, we have resources to help you repair your credit so that you too may be able to obtain financing and buy the house of your dreams.

To join our buyers list and learn about the homes available on a rent-to-own basis, click here.