Locate Rent to Own Houses in MN

Rent To Own Houses

2009-01-29T14:07:00.003-06:00

Looking for a rent to own home or a lease with option to buy house in seattle or washington state you have come to the right place we specialize in rent to own homes and houses. Easy to own homes hitchcock homes offers chicago a premiere program for rent to own homes we help home owners stop foreclosure and bring their mortgage current we buy houses, condominiums, and. Seattle washington rent to own homes & lease option houses rent-to-own-homes info this site will help you make conscious decisions in your personal development and courageously follow through on them this means having the maturity to. Easy to own homes this blog is about giving you information about rent to own homes how the process works, how to negotiate a favorable agreement, how to make sure you can purchase the home at. Howstuffworks "how rent-to-own homes work" free list of "rent to own homes" please register as a buyer to receive our list of "rent to own " homes.

Rental homes and rent to own in minneapolis st paul twin cities finding rent to own homes lee keadle level: platinum i grew up in clinton, south carolina, a small town located northwest of columbia. Live search: rent to own houses understanding how rent-to-own homes work is similar to understanding a car lease learn more about how rent-to-own homes work at howstuffworks. Rent to own homes - learn how to get your own rent to own home search results. Rent to own real estate homes columbus ohio lease option houses understanding how rent-to-own homes work is similar to understanding a car lease learn more about how rent-to-own homes work at howstuffworks.

Rent to own in atlanta many people trying to sell their home will tell you it's not the best time to sell and for potential buyers, it's not an easy time to get a loan but now the rent-to-own concept. Rent-to-own-homes info - rent-to-own-homes info rent to own 168 south roys, $109,900, $899 rent to own 168 south roys columbus, oh, 43204 bedrooms: 3 bath: 1 basement: yes garage: 2 car. Rent to own homes - home rent to own homes in florida our homes are available for rent sale, lease, or rent to own. Rent to own homes--get into your own home today find houses for rent and rent to own homes in the twin cities of minneapolis and st paul, minnesota we specialize in homes for rent to own (also known as option to buy or lease. Fort wayne rent-to-own rent to own homes, houses for rent to own, lease homes with an option to buy in the greater fort wayne, indiana area all at fortwaynerenttoowncom.

Rent to own houses easy to own homes rent to own fire your landlord" rent to own homes "don't miss out on your dream home, qualify today". Rental homes and rent to own homes in florida easy to own homes rent to own fire your landlord" rent to own homes "don't miss out on your dream home, qualify today". Rent to own houses there are a great deal of benefits that can be realized through selling rent to own homes selling rent to own homes has never been easier to understand than on sellrenttoownhomes. Rent to own homes learn how to buy a rent to own home never call ads for rent to own homes you can't buy a home you are not alone thousands of people can no longer buy a home. Howstuffworks "how rent-to-own homes work" local company offers lease purchase and owner financed homes for sale.

Rent-to-Own Program Helps Women Rebuild Credit

2007-09-09T17:03:00.000-05:00

Condo program helps women rebuild credit
Christina Stolarz / The Detroit News

Because of a niece's problem, developer Joe Monteleone and his partner have transformed a condemned home into a six-unit condo complex that is available for women in need because of bad credit and other problems.

Partners Joe Monteleone and Paul VanDeVelde of the Chesterfield Township-based Maplewood Development transformed a 1,400-square-foot condemned home on Martin into a six-unit luxury condo complex targeted at women in financial need.

"Things are coming together. I'm happy we finally found a place to call our home," said Aurand, whose previous home was foreclosed on after she filed for bankruptcy four years ago. "It's not easy once you file bankruptcy to get somebody to help you buy a house or even rent a house."

Monteleone said he was inspired to offer affordable housing to women after watching his niece go through a divorce while taking care of three children. "I'm happy that I went this route," he said. "It's the right thing to do."...

Somebody help my FICO score

2007-07-13T08:24:00.000-05:00

Somebody help my FICO score

Published Wed, 20 Jun 2007 12:00:00 GMT

Millions of U.S. homeowners have purchased homes "subject to" an existing mortgage. If they fail to make the payments, they can lose their property by foreclosure. That is your son's situation.

What matters is he must be on the title and be legally obligated to make the payments or risk losing the property. When you added his name to the title, he became eligible to claim the income-tax mortgage interest and property-tax deductions.

Other than improving his FICO score, I see no advantage for him paying $3,600 to assume that mortgage obligation.

EACH MORTGAGE LENDER LOOKS AT LEASE-OPTIONS DIFFERENTLY

DEAR BOB: When a tenant-buyer goes to a mortgage lender to get a loan to exercise a lease-option, does the bank look at the option consideration money and the rent credit earned during the tenancy as part of the down payment? I am told the loan-to-value ratio will be based on the option purchase price rather than the current fair market value --Joel D.

DEAR JOEL: Having been involved in many home lease-option purchases and sales, my experience has been that each mortgage lender treats lease-options differently.

When a lease-option buyer obtains an adjustable-rate mortgage, I've found the mortgage lenders are the most flexible, giving full down-payment credit for the buyer's option money and the rent credit earned during the tenancy period.

The buyer should consult at least a half-dozen mortgage lenders to obtain their specific mortgage terms for exercising a lease-option. This is a situation where I highly recommend consulting an experienced mortgage broker who should know which lenders are the most flexible in such situations....

Business Upturn Expected in Rent-to-Own Industry

2007-05-22T23:53:00.000-05:00

As the economy gets tighter, the rent-to-own industry begins an upturn. Because of rough economic times, all too many people have destroyed their credit. With rent-to-own, credit is often not a factor. Buying anything from furniture to houses rent-to-own is the only way for many people to put their households back in order.

While many see the rent-to-own industry as an aid to the cash-strapped, others accuse the 6.6 billion dollar industry of profiting off the poor.

The Citizens Voice quotes Jarrett Frankevich, sales manager at Aaron’s, a rent-to-own store at 340 S. Washington Ave., Scranton;

“There’s so many different reasons for it. The car breaks down, loss of job, got your hours cut. If we’re not collecting our monthly payment, we’re not making money,” Frankevich said. “The last thing we ever want to do is pick up an account, so there’s lots of different ways we try to work with people. Unfortunately, sometimes you just can’t get it done.”...

Whether you are thinking of purchasing a rent-to-own house or a rent-to-own TV, you should be aware of both arguments. do your homework and make wise, prudent decisions.

GREAT NEWS! Rent-to-Own Payment History Now Included in FICO Score!

2007-05-18T07:49:00.000-05:00

Here is some great news for rent-to-own home buyers or anyone contemplating a lease purchase home. Now, with changes to the way one of the "big three" credit reporting agencies records payments, a lease option is not only a good program, it will help improve your credit!

According to the Association of Progressive Rental Organizations, come September, Fair Isaac Corp., will add rent-to-own payment histories as part of its credit scoring formula. This is really big news for rent-to-own home buyers. Pay on time and you could qualify for an even better mortgage rate on your rent-to-own house.

One of the downfalls of a "Lease with Option to Purchase" has been qualifying for a good rate. Generally people that are in a rent to own program are doing so because of bad credit. Now, after a year or two of on-time house payments, their credit score will improve.

Here is part of the article:

Rent-to-own payment histories to be figured in FICO scoring
By APRO staff
- - - - -

[05-17-2007]

ne of the nation’s most popular credit scoring companies, Fair Isaac Corp., will add rent-to-own payment histories as part of its credit scoring formula beginning in September. FICO has been developing credit scoring systems since the late 1950s and helps rank the credit standings of approximate of 165 million Americans. The company’s new system is designed to improve the accuracy of the credit scoring system to give banks more confidence in lending...

Lease Option Terminolgy - Learn About Lease Options

2007-04-26T23:07:00.000-05:00

Although geared towards the commercial leasing market, this is a very handy article to help you understand the terms associated with leases and lease options.

The meaning of it all

Staying on top of the real estate terms

Do the mere words "triple net lease" make you sweat? Eyes glaze over each time you confront your office space issues? Then consult our handy guide to common commercial real estate terms:...

...

Lease option: A lease in which the lessee (tenant) has the right to purchase real property under certain conditions such as a stipulated price or within a stipulated time frame either during or at the end of the lease term.

Lease-purchase: An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the property within a specified period of time. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down payment and closing costs...

Credit Repair and Rent-to-Own Programs

2007-04-17T00:26:00.000-05:00

Consider purchasing a rent-to-own home to help you with credit repair.

While nothing is true all the time, owning a rent-to-own home usually will improve your credit. Here are a few ways:

• The owner will help you with a letter of on-time payments.
• Lower monthly payments will help you catch up on other bills.
• Time is on your side.
• Qualifying for a loan is usually easier because of accumulated equity.
• When you get a loan on rent-to-own home, your credit jumps.

One Familie's Struggle to Keep Their Home

2007-04-15T22:18:00.000-05:00

Here is a typical example of a family in crisis. The difference is, this York, PA family was able to keep their home.

Families struggle to keep their homes
By SEAN ADKINS
Daily Record/Sunday News
Article Launched: 04/15/2007 01:25:00 AM EDT

Barry and Lisa stopped when they reached a house with a black garage door.

Their 8-year-old son, Clay, paused a few steps behind to pick up a stick, oblivious to why his parents halted.

"Hey, you see that?" Barry Cameron, 36, said to his wife, Lisa, 30. "They put a rocking chair on the porch."

When the Camerons lived there, they would stand on that very porch.

But it's not the Camerons' house any more.

The couple moved from their three-bedroom home on Solar Drive in January after they could no longer afford the mortgage payments.

"I had two boys," Barry Cameron said. "I mean, I didn't know what do. I was a nervous wreck."

The family used its 2006 income tax return to put a payment on the mobile home and signed a contract to pay the rest of the cash once its house was sold.

"We thought about putting the money into the house," Barry Cameron said, "but I thought we should just loosen our load and make it easier. We put it into something we could afford."

Soon after the Camerons moved into a mobile home within sight of Solar Drive, their delinquent home loan fell into foreclosure.

Other residents have faced similar struggles.

The Camerons were among 1,813 York County residents who defaulted on their mortgage loans last year - a 112 percent jump in foreclosures from 2005. Experts, locally and nationally, have been tracking the foreclosure trend that's affecting homeowners and lenders.

As a result, lenders have tightened their income guidelines, making it more difficult for people with less-than-perfect credit to score a loan, said E. Robert Levy, executive director and legislative council for the Mortgage Bankers Association of Pennsylvania.

The lack of loan repayments by people who are in foreclosure have tightened the available money that banks have to dole out to prospective homebuyers, he said.

Economic factors such as the loss of a job, divorce and medical problems stand as the main reasons for foreclosures, said Ed Petrie, owner of IPower Source Inc. in York Township. His company is a foreclosure prevention and real estate investment firm. Those factors blend together, Petrie said.

But subprime home loans - which is what the Camerons had - are pushing the rise in foreclosures, experts say.

Potential homeowners with poor credit records or other financial difficulties will not qualify for the best, or prime, mortgage interest rate. The lender might offer that person a subprime mortgage in which the interest rate could be a full percentage point higher than a conventional loan, Petrie said.

In some cases, subprime loan holders take an adjustable rate mortgage to lower their interest rate.

Two years later, when the rate is set to adjust to a higher percentage, those people who still have poor credit records find that they have trouble refinancing their mortgage to try to get a lower interest rate.

"The subprime foreclosure rate is driving the rising foreclosure rates within the county," Petrie said.

Roughly 70 to 80 percent of Petrie's clients are living with subprime mortgages.

When the Camerons inked their loan in August 2005, their monthly payment was $732.

Nearly two years later, a letter from their lender told them that their rate was set to increase and could balloon their loan payment to between $900 and $1,000 per month.

A poor credit score prevented the couple from refinancing their loan.

"The mortgage company kept calling us, and we didn't answer the phone," Lisa Cameron said. "We were already two months behind. I was stressed."

Experts say that many lenders offered a variety of products, including subprime mortgages, as a way to increase their number of accounts.

Low expectations

About 18 months ago, the average prime interest rate for a 30-year fixed mortgage sat at 5.94 percent.

The low rates gave many lenders incentive to cash in on the high number of people then interested in buying a home.

But some of those people had poor credit histories or other financial difficulties that would have prevented them from clutching the keys to a new house.

So, many lenders did away with strict loan underwriting standards to allow those people to at least apply for a mortgage.

"Over the course of the last couple of years," Petrie said, "the underwriting guidelines have become so loose and lax that lenders were giving out money to just about anybody."

For example, some lenders subscribed to a Renter's Express program in which the applicant didn't need to verify a payment history, said Christi Heffelfinger of Comfort Home Mortgage in York Township.

As a rule, lenders take into account credit scores, mortgage history and debt-to-income ratios when qualifying a person for a loan, Heffelfinger said. Lenders also agreed to swap income for credit scores to help residents secure a loan.

Sometimes it played out like this:

A couple applies for a loan and the husband makes more money but sports a lower credit score. The lender could place the wife, the one with the good credit score, as the primary name on the loan and claim that the husband makes just $1 less than his wife, Heffelfinger said.

That particular option is no longer available to mortgage applicants, she said.

"Think about how low the interest rates were for such a long period of time," Heffelfinger said. "People were buying houses that they would not necessarily be able to afford in this marketplace."

Residents who had good credit at the time of their mortgage also remain in danger of foreclosure.

A resident who agreed to a 15-year fixed loan in 2005, when the interest rate was about 5.77 percent, may opt to consolidate debt by refinancing.

"Their interest rate might be double from what it was back at that time, which would make their payments significantly higher and may keep them from qualifying for that loan now," Heffelfinger said. "Just because a person has good credit doesn't mean that they don't have debt."

More foreclosures mean more people having to leave their homes.

The trend means that, for anyone looking to buy a house now, the high number of foreclosures have forced some lenders to scale back the number of loans they award.

For example, a year ago, some subprime lenders offered a 100-percent financed loan to people with a 575 credit score, considered low by most loan standards.

Today, few lenders would agree to a 100-percent financed mortgage for anyone with a credit score less than 620, Heffelfinger said.

But the rise in subprime mortgages is not the principal factor for the increase in foreclosures, Levy said.

Many lenders are willing to work with borrowers who run into various financial difficulties to avoid foreclosure, he said.

Lenders lose money on foreclosed properties. Aside from not receiving monthly payments, banks are the ones who have to pay for attorney fees and repairs to maintain the property.

Loss of a dream

Barry Cameron couldn't tell you what his credit score was before his wife, Lisa, spotted an advertisement in a local newspaper informing residents that they could rent-to-own.

"Our credit wasn't the greatest," he said.

Still, they responded and soon scored a mortgage.

The couple had never owned a home before and wanted to stop renting.

Barry Cameron, a baker at Giant Food Stores in Dover Township, cashed in his life insurance policy and his retirement plan to secure a $13,000 down payment for his $102,000 house.

Hours before settlement, the owner of the Camerons' soon-to-be home told them to bring more money to the table.

"They fumbled around with words we didn't understand," Barry Cameron said. "We only had $100 left in our account."

Ultimately, the Camerons paid an extra $5,000 for the house, money that covered back taxes and other expenses. Those extra funds were folded into their loan.

After getting into the house, the couple's luck didn't improve.

"A majority of my clients will have two or more triggers that will push them over the edge," Petrie said.

Lisa Cameron had a car accident, which cost the family a $500 insurance deductible, cash that Barry Cameron had to borrow.

The Camerons then fell three months behind on their mortgage and needed to come up with $3,000 to save their house.

"The mortgage company threatened to put a lock on our door if we didn't come up with the money," Barry Cameron said.

The family used its 2005 tax refund to avert foreclosure.

But problems continued.

"In late 2006, we ran into the same situation again," Barry Cameron said. "I felt kind of defeated."

Lisa Cameron had another car wreck and eventually lost her job at Wal-Mart.

"We just weren't able to keep up with everything, prices just kept going up," Barry Cameron said. "It was getting to the holidays and with the higher gas bills, we were broke. We didn't have anything."

The Camerons faced foreclosure on their home and no prospects on where or how they would live.

Instead of losing their home and walking away with no money, the couple turned to IPower Source Inc.

A helping hand

Petrie recommended to the Camerons a deal in which the couple could sell their home and still make money for a fresh start.

By the time the Camerons contacted Petrie, the family was about two mortgage payments behind and was coming up fast on the third month.

Typically, a bank issues a notice of default when a person becomes three months delinquent on a loan.

Petrie negotiated a deal and called a short sale, in which the lender agreed to forgive a portion of the loan.

The property sold, and the Camerons got enough from the sale to pay back bills.

A foreclosure on the family's record would have followed them for seven years and would have dropped their credit score by 100 to 200 points, Petrie said.

"Foreclosure sucks the life out of people," Petrie said. "It's dramatic and the most damaging event your credit status can encounter. It's worse to have a foreclosure on your credit than a bankruptcy."

At times, the Camerons drive the less than a mile it takes to get from their mobile home to Solar Drive just to check out their former home.

Lisa Cameron said she is more comfortable in her mobile home than her house.

The family has more disposable income and does not have a mortgage payment.

The rent for the lot their mobile home sits is $360 per month.

"At least when we moved, we didn't have far to go," Barry Cameron said.

Reach Sean Adkins at 771-2047 or sadkins@ydr.com.

A new rent-to-own project in Metcalfe Park will give low- to moderate-income families a chance at homeownership

2007-04-12T06:17:00.000-05:00

This article describing a new rent-to-own housing project, comes from Wisconsin. I wish all the success to the new program which city officials and local business people have started there. If more communities had the foresight that this city does, well housing would be more affordable.

From the Journal Sentinel
Milwaukee, WI
Posted: April 10, 2007

A new rent-to-own project in Metcalfe Park will give low- to moderate-income families a chance at homeownership. That's a key to stable neighborhoods.

A Madison-based developer is launching a new rent-to-own project in Milwaukee's Metcalfe Park neighborhood that is the first of its kind in southeastern Wisconsin. It should provide a needed boost for this inner city area.

Gorman & Co., in a partnership with the Milwaukee Urban League, hopes to build 30 homes in an area bordered by W. Meinecke Ave., W. Center, N. 27th and N. 39th streets. The homes will be leased to families that qualify for below-market rents of $675 to $825 a month. In 15 years, the homes will be available for purchase at discounted prices.

It's a strategy that has been used successfully in other urban areas and could help spark more activity in Metcalfe Park. "It's a good model for an area that needs catalytic activity," Christopher Laurent, Gorman's Wisconsin market president, told the Journal Sentinel's Tom Daykin. "Clearly, Metcalfe Park has seen a lot of challenges."

Indeed. It's located in one of the city's most impoverished areas. But the bonds of homeownership can help shore up urban neighborhoods. In fact, no neighborhood thrives without those bonds.

"That's absolutely huge," Urban League President Ralph Hollmon told Daykin. "Home ownership is a way for people to invest in something that will appreciate in value."

The $5.2 million project includes $2.3 million in federal affordable housing tax credits, which are given to developers who agree to lease apartments or houses at below-market rents.

Coupled with other city projects to renew Milwaukee's housing stock, the Metcalfe Park project is a welcome development.

Should You Consider a Lease-to-Buy Plan For Your Next Office Space?

2007-04-10T22:45:00.000-05:00

I found this post about Lease-to-Buy office space and thought you might find the article very interesting.

3 options for occupying your office space

Lease-to-buy options offer more flexibility

When choosing an office location, business owners are faced with a myriad of decisions - not the least of which is whether to buy or lease the property. Potential buyers have another option: a lease-to-buy plan, which gives tenants the flexibility to decide later on if they want to buy.

"Considerations for the user of commercial property would allow tenants to occupy the building without the initial capital investment of down payments and closing costs," Lavista Associates President Tom Davenport says. "The consideration for the owner of property would be to expect income quickly to cover its investment costs and any associated and applicable debt service expenses."

According to Davenport, there are two choices associated with lease-to-buy options:

Arrange a purchase option, in which the tenant will be able to purchase the property at either a negotiated price up front, or at a third-party term and price
Have a purchase agreement written into the lease, with a set price and terms for the tenant.

"The advantages of this agreement for the user would allow it to, in essence, grow into the property and decide whether they want to purchase it," Davenport says. "We see this typically when it involves a younger or growing company who would prefer to use their working capital to grow their business, rather than invest in real estate."

But the bigger question, Davenport says, is whether the owner is ready to purchase a building or to simply lease. Typically, the decision is based on three criteria:

If the business is mature enough to accurately predict its growth needs, such as a business outgrowing its office space
Changes in company ownership, where a sale may be required if a business entity or partnership is dissolved
Changes in location, necessitated by the needs of the building's owner

"We typically suggest that if there are any questions by a potential purchaser of real estate on any of these three items, then to stick with leasing as the primary consideration," Davenport says.

And lease-to-buy has benefits for both lessees and owners. "It's desirable to the user because they want to use their equity for a different purpose," Davenport says. "The owner's desire is to typically generate income on the asset earlier than they may under a traditional sale model scenario."

Introducing Our New Rent-to-Own Blog

2007-03-20T06:33:00.000-05:00

Hello everyone, we have just created this blog to help people locate rent to own homes. We have a lot of connections in the industry and when we find a website that we think will help you in your quest to locate rent to own houses, we will post a link here.

For now, check out one of our two websites:
RentToOwn-MN.com
RentToOwn-USA. com (under construction)
Rent2own-HouseFinder.com (under construction)

We expect to have the last 2 rent to own sites finished by spring 2007 and will try to keep you updated.