First-Time Home Buyer Credit : Rent To Own/Lease Option Methode

First-time home buyer credit usually have a many re-thinking or 2nd opinion, so this is another option, a rent-to-own arrangement, this arragement also called a lease option, lease to own or lease to buy, allows a homebuyer to rent a property for a specified initial term with an option to buy the property at the end of that term. Many payments scheme on this arragnement, usually do on monthly, you must know that monthly rent payments are generally higher than market price, with the surplus going toward a future down payment. If the buyer options not to purchase the property, the extra rent is forfeited, simply arrangement.

According to investopedia, renting to own can be a good option for homeowners who aren't quite financially ready to buy but expect to be within the next three years or maybe the next five years. Perhaps they need time to amass savings and/or improve their credit score enough to qualify for a loan. Renting to own can also be attractive to individuals who are not sure if they will be moving in the next few years and want to keep their options open. (For more on this topic, read Rent-To-Own; Own-To-Rent and Rent-To-Own Real Estate Full Of Pitfalls.)

This is the opinion from Mary Pittman of Vero Beach, Florida, that reported from investopedia, she did with her house rental agreement. She explains, "The fact that it wasn't for sale really didn't matter to me. At the end of the lease, I told my landlord that I was looking to buy a place." She asked if he would consider selling her the property, and they were able to reach an agreement that included seller financing based on her track record of making timely rent payments for a year. The rent she had already paid didn't go toward the purchase price like it would have in a typical rent-to-own arrangement, but the deal made sense for her.There are many ways to get a new home for first-time home buyer.