Buy a House with Little or No Down Payment

Houses for Rent to Own in Charleston SC: You want to buy a house but you’ve heard that it is almost impossible to get a loan these days. Since the foreclosure boom the lenders have done much to tighten up their lending practices so only those that seem most able to repay the loans are granted the money to purchase a home.

That’s no reason to give up hope of ever owning your own home, though. The possibility is still there if you want to go in a less traditional way. Investors have homes just waiting for those that would like to buy a house beginning with a rent to own situation.

The alternative route to home ownership includes a way for you to put money away for a down payment while renting the house you will eventually buy. While you live in a home and settle into it, a portion of your rent money can be put into an account. This gives you time to fix up your credit as well. If your credit isn’t so great, you can repair it and get things paid off, increasing your credit score along the way.

The purpose of this kind of home ownership deal is to get you into a house, paying rent at first, until you have built up enough of a down payment and brought your credit to a worthy point. You’ll then apply for a mortgage with which to pay off your house. It will be the same house you are already living in.

That’s a far better situation to be in than simply throwing rent money away month after month. In fact, when you rent a house, you have to come up with a deposit. That may be equal to a full month’s rent. Then it is not unusual for you to be asked to pay a cleaning deposit as well. If your monthly rent amount is $1,000 you are looking at giving the landlord anywhere from $2000 to $3000 just to get in the door.

Once you are renting, you’ll be throwing another thousand per month away. You will be helping the landlord to pay the mortgage for the property; his mortgage, not your own. It might make more sense to explore your other options. Try rent to own or lease option by buying from an investor. They are prepared to help you with creative solutions to help you avoid renting indefinitely.

SCHomeSellers.com Rent to Own and Lease Options on Homes For Sale in South Carolina!

You can view all our available properties at Available Homes for Sale and Rent to Own and if you would like to pre-qualify for one of our rent to own homes please complete our online confidential Home Buyer Questionnaire and start to enjoying a home owning by renting to own or lease option!

When renting to own one of our homes in the Charleston SC area, even those with less than perfect credit can qualify!