Rent to Own Florida::–:: Understanding the Rent To Own Advantage
Rent to Own Florida:::: Understanding the Rent To Own Advantage
Rent to Own Florida:::: Understanding the Rent To Own Advantage
Rent to own Florida homes are becoming more and more popular thanks to the implosion of the Florida mortgage market. If you are serious about owning a Florida home, but cannot get a Florida mortgage right now, a rent to own Florida home can be a great decision for you. Let's look at some of the key buyer benefits!
Build Cash towards The Purchase of Your Florida Home
Are you tired of throwing money on rent and making your landlord rich? Then it may be time to start looking at Florida rent to own homes for sale! With Florida homes for rent to own, a portion of each monthly payment that you make will be credited to you towards the purchase price of your rental home. This is called your monthly rent credit. With our rent to own program, most homes offer a 3% rent credit.
Potential for Low or No Cash Out of Pocket at Closing
As a result of your monthly rent credits there is the chance that you will not have to put any additional cash down when it comes time to get a mortgage. Also, many Florida mortgage lenders will count this transaction as a refinance as long as you have been in the Florida home for more than a year. This also helps reduce the amount of additional cash out of pocket at closing time.
Of course, mortgage guidelines change all the time. To be safe, you should plan on saving for a down within your option period just in case.
Less Cash out of Pocket To Buy a Florida home Today!
With Florida rent to own homes you are looking at putting between 3% and 7% down in most cases. If you were to go get a mortgage with damaged credit, you would be required to come up with 5% down plus closing costs and that is if you could even qualify!
Quick Approval and Move In Today!
Have you ever applied for a Florida mortgage and waited to hear back to see if you were approved? And then days after you were told that you were approved the underwriter came back with a whole list of additional documentation requested! A real pain isn't it?
With a rent to own Florida home, you know right away if you are going to qualify. And, once you find the Florida home of your dreams chances are you can move in right away. No waiting nervously for weeks for a closing that may or may not happen!
Bad Credit Issues In Your Way? No Problem!
Few things are more humbling than searching for a Florida rental home and being told over and over that your credit just isn't good enough. (It's bad enough being turned down for a Florida mortgage but a rental home?)
Rent to own Florida homes are a great solution if you have credit challenges. Most programs, like ours, have NO CREDIT QUALIFYING!
You Profit from Appreciation while your Rent!
Now, granted, appreciation is not something you hear a lot about in the current Florida real estate environment. But slight as it may be it does exist in most Florida markets.
When you execute a rent to own Florida contract, the eventual purchase price is agreed upon up front. This means that any appreciation over and above this amount increases your net worth when you finally close on a Florida mortgage.
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