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Rent, Rent with Option or Owner Finance?

There are many options available for people who would like to rent homes:

  • Rent (Traditional): The typical lease you are used to. When the lease term is up you move out.
  • Rent with Option: You have the option to purchase at the end of the lease. Usually the purchase price is determined at or near the end of the lease term.
  • Lease Purchase: Requires a down payment that is applied towards the purchase often along with a small portion of the monthly rent. Usually a price is determined up front.
  • Owner Finance: The best way to finance a purchase if you ‘just miss’ qualifying for a loan. The price is set now. It requires a small down payment and the owner finances you 12-24 months. You own it! No need for a bank! Bonus: you get all the tax breaks! Note, with Owner Finance you need good credit (630+) and approximately 3% down payment.

Landlords have become very selective with their future tenants. If you are looking to move up to a house or town home your credit scores need to be 620+ and you must have good employment. If you are prepared, we can help get you a great place at a great price!

Here is what you need:

  • Current Credit Report (Must show FICO scores: or
  • Letter of explanation (if scores are <650)
  • Lease Application
  • Proof of Income
  • Copies of 2 paychecks
  • Background Check: