With the real estate market coming back and Detroit being a hot spot to pick up some real estate finding a rent to own property near you.
Tons of rent to own properties in Detroit MI
There are a ton of homes that are up for sale in the Detroit area. If you can’t get approved for a home loan no worries. There are options like rent to own that work to help your credit score bounce back and get you back on the right path.
Here are a few things you want to make sure you work out with the rent to own property before you do anything.
- Talk to a lawyer and have them draft up a contract
- Do a walk through of the house
- Have a down payment for the home
- Look at the different loan options you have available
Know that over the years that the 20% down you needed for a home to make a mortgage that much easier is now at a low of 10% but 3% with the PMI is more common for most home buyers.
Now rent to own works in the similar fashion but you still want to talk it out with a real estate agent so that you can pick the loan option that makes sense to you.
Dealing with low income down payments in Detroit
If you are low on income for a down payment you might want to look at some of the down payment assistance programs that our usable. You don’t want to be tapping your retirement fund to soon.
If you’re a teacher, firefighter, or any other public service this assistance can come to you easily. There are more than 2,100 funding programs and some of them cover closing costs and you don’t have to pay them back.
What we encourage you to do in Detroit
But we do encourage you to start saving as soon as possible. If you are having trouble saving for the down payment for your rent to own home in Detroit you might want to open up what they call a rain day account and start stuffing money that you can’t spend in there.
Hope these are good rent to own down payment options for you and you can move in the right direction now knowing what your down payment needs to be.