Phillip Nazareth

Today's turbulent times are making it even tougher for potential home buyers to qualify for a loan. Home buyers are finding that mortgage lenders have made their credit requirements so tight that even those with strong financial profiles are unable to secure a loan. It is in times like this that the Rent To Own transaction offers a great solution to both buyers and sellers.
The Rent To Own transaction has been utilized for many years, but until this recent economic crisis has stayed mostly out of main stream realty. Rent To Own is becoming an increasingly popular transaction in today's market. It offers buyers and sellers the flexibility of a lease, but the feeling of having completed a sale and purchased a home.
The advantage to buyers is the ability to lock in a purchase price on a home after they have been given the time to improve their financial situation. During the lease the buyer earns rent credit that is credited to the down payment at purchase. When compared to a traditional lease, the advantageous are clear - rent is no longer "thrown away" and the potential home owner is able to settle into a new home, as opposed to just a temporary apartment. Renting to own can be attractive for both sides of a real estate transaction. Buyers lacking adequate down payments, struggling with poor credit, or even recovering from a recent foreclosure, can build up savings and rebuild creditworthiness in order to get a mortgage.
The Rent To Own transaction is a win for both buyers and sellers and is picking up strong momentum in today's market.