Southfield, MI (PressExposure) March 22, 2009 -- Rent to own is another term for lease option, or lease purchase, because the tenant-buyer is leasing the home but has an option to purchase the house at an agreed upon price or, in the case of the lease purchase, must buy the home.
Rent credits, less cash down, bruised credit, try before you buy are benefits for a buyer of a rent to own home in Michigan.
Rent credits are a portion of your monthly payment that is applied toward your down payment or deducted from the total cost of your rent to own home in Michigan.
Less money down-
Less money down is more money in your pocket. Traditional mortgages usually require 20% to avoid PMI (private mortgage insurance) and costs for closing can total thousands. When you rent to own home in Michigan you'll need a much smaller down payment or option to buy the home. You can get into a really nice house with a smaller down payment than with a traditional loan. This means more house for your money and more money for you and your family.
Good people with bruised credit; where getting a loan from a bank is not possible, may choose to be a buyer of a rent to own home in Michigan. Often rent to own homes are seller financed. As the buyer, you have time to repair your credit during the duration of the rental agreement and you can then get traditional financing later if needed.
Try before you buy-
Try your rent to own home in Michigan before you buy! You get to live in the home to determine if its the one for you. If the home isn't your dream home and you decide not to buy, you can choose not to exercise your option when your rental agreement expires.
When you become a buyer of a rent to own home in Michigan, you feel like you are the owner because you know you can exercise your option at any time and buy the house your living in.