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Looking For Homes For Rent to Own? Here Are Things to Consider!

If you are looking for homes for rent to own, chances are you are not in a situation currently that allows you to qualify for traditional financing. Perhaps you are self-employed and unable to provide the underwriters with two years of tax returns that verify your income. Even more likely is that your credit score is not strong enough to get a mortgage now that the guidelines have tightened up so much.

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Whatever your reasoning, getting a rent-to-own home can be a great step towards a positive future. But, there are some things you should consider as you go through the process.

First – make sure you are really motivated. Statistics show that most tenant buyers who enter into rent-to-own contracts never actually end up purchasing the home. Most often, the reason is that they were not serious enough and therefore did not take action to immediately begin fixing their financial situation.

Let's face it – credit repair isn't a fun process. Very often, you need cash to pay off old collections and pay down credit card debt. This takes disciple and hard work and, unfortunately, most of us are more interested in pleasure today. If you doubt your resolve to correct your financial situation, then you should probably consider renting until a time in which you feel more motivated. It simply doesn't make sense to pay an upfront option fee of between 2% and 5% of the home's value if it is not going to help you in achieving your goals.

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