By Dave Peniuk
Home ownership seems like an impossible dream for so many people. A lovely back yard where the kids can play or the dog can explore is a simple desire yet it's out of reach... or seems to be for people who own their own small business, have beat up credit or don't have a large down payment.
Often home ownership is a very real possibility though - it's just a matter of finding the right rent to own program (also known as a lease to own). A program where the payment terms are within your budget and the timeframe is feasible given your current credit, financial situation and employment.
If you do not make any money or if you don't have a dollar in savings, then rent to own isn't the answer, but in the following four situations, you may be the perfect candidate to own your home sooner through a good rent to own or lease to own program:
1 - You have some savings, but you do not have a large enough down payment today to qualify for the mortgage
2 - Your credit is a bit damaged and you need some time to correct it to ensure you can get the best rates and terms available (why pay 10% interest with bad credit today when you can build up down payment credits in a lease to own, improve your credit and obtain 5% interest tomorrow?)
3 - You want to get into the home ownership market today because you think houses will be too expensive for you a year or two from now but again, you may not quite have the down payment, credit, or even income to obtain ideal financing today
4 - You may want to "test" being a homeowner. Perhaps you've never bought your own home and aren't sure how much work/costs/time being a homeowner can consume versus being a renter. The rent to own strategy gives you a feel for being a homeowner, without having to come up with a ton of cash (for the down payment and closing costs) to buy today.
Just remember, home ownership really isn't for everyone. Sometimes you should spend some time saving money and getting your finances in order before you take on the responsibility of home ownership. But if you feel you are ready and you fit the descriptions here, then a good rent to own or lease to own program may just be the perfect solution to start building equity and begin living in your dream home now!
Learn more about lease to own homes in Canada at Dave's website: http://www.leasetoownhomes.ca
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