Low credit can be a hassle when your targeting in on a house you want to purchase. But this thing that some might call evil as in bad credit can do you in.
But lucky for a lot of folks in Detroit the real estate is heavy and there are a ton of options on the market. So not all is lost with owning a home.
What happens with rent to own homes in Detroit MI
Yes you still have to have decent credit and a job to own a house. But there is a land contract option for homes in Detroit MI.
It’s the same as rent to own so don’t let any lenders fool you in thinking there is a difference because there isn’t.
What rent to own allows you to do is pay rent for a period of time than after that period of time you will be paying the mortgage in a nutshell.
The good thing is before you do a rent to own option or land contract option on a home in Detroit all the paper work needs to be set in stone.
What does rent to own in Detroit MI mean
So what does that mean? You will have to sit down with the seller of the home and make an agreement that works out for the home.
Now if the buyer backs out after lets say three years, they lose out on the three years of paid rent. Not the best of moves but it does happen.
Do you have rent to own options in the Detroit MI area
Rent to own options for Detroit MI homes are usually practiced once you have exhausted all your resources with lenders for a conventional mortgage.
But you can step right into it if you know your credit needs some work before hand. Some people say its not a good idea. But if you need to rent a house in Detroit MI fast it can be the only option at times.