RENT TO OWN- These Options Are Still Around

RENT TO OWN- These Options Are Still Around

By Marian Garcia-Stevens 

Mortgage and Lending with United Mortgage ,LLC NMLS#239814KS#MC-0001462MO#15-1624CO#239814WA#CL-239814 NMLS#267152KS#0002436MO#12621CO#100503962WA#MLO267152IA#27599Family-leaving-house[1]
July 06, 2016 02:11 PM

RENT TO OWN – This is an available option

Most people did not know this option is still available. Rent Credit for The Option to Purchase is an acceptable source of funds toward the down-payment or minimum borrower contribution. Borrowers are not required to make a minimum borrower contribution from their own funds in order for the rental payments to be credited toward the down-payment. This is good news for renters who would like to become homeowners, and expedite their transaction into ownership. All that is required are: A copy of the rental/purchase agreement evidencing a minimum original term of at least 6 months. Also copies of canceled checks or money orders receipts for the last 12 months showing rent payments. The average rent median or market rent in the area is used to determine the amount established to credit the borrower.

Rent Credit To Buy Option

B3-4.3-12 (4.1.2009) This is in the conventional market.


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