Rent to Own - Cleveland Ohio Mortgage
Why Rent To Own?
Most people choose the rent-to-own route if they do not currently qualify for a purchase loan. Bad credit tends to be the biggest reason why people choose to rent-to-own. You will have time to rebuild your credit this way. Typically, when you buy a home, you need a strong credit history to achieve "no money down." Even then, you would probably have to pay some closing costs. If you have a below average or lower credit history, you would need to put a percentage down (plus closing costs) to purchase your home. If you do a land contract or a rent-to-own, you can build equity in the home over the few years you are renting and use this equity for closing costs so there is no money out of your pocket. You can just refinance into the home after 12 months if you have paid by check and can show 12 months cancelled checks paid on time.