Rent To Own Houses

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Rent-to-Own Program Helps Women Rebuild Credit

Condo program helps women rebuild credit
Christina Stolarz / The Detroit News

Because of a niece's problem, developer Joe Monteleone and his partner have transformed a condemned home into a six-unit condo complex that is available for women in need because of bad credit and other problems.

Partners Joe Monteleone and Paul VanDeVelde of the Chesterfield Township-based Maplewood Development transformed a 1,400-square-foot condemned home on Martin into a six-unit luxury condo complex targeted at women in financial need.

"Things are coming together. I'm happy we finally found a place to call our home," said Aurand, whose previous home was foreclosed on after she filed for bankruptcy four years ago. "It's not easy once you file bankruptcy to get somebody to help you buy a house or even rent a house."

Monteleone said he was inspired to offer affordable housing to women after watching his niece go through a divorce while taking care of three children. "I'm happy that I went this route," he said. "It's the right thing to do."...

Somebody help my FICO score

Somebody help my FICO score

Published Wed, 20 Jun 2007 12:00:00 GMT

Millions of U.S. homeowners have purchased homes "subject to" an existing mortgage. If they fail to make the payments, they can lose their property by foreclosure. That is your son's situation.

What matters is he must be on the title and be legally obligated to make the payments or risk losing the property. When you added his name to the title, he became eligible to claim the income-tax mortgage interest and property-tax deductions.

Other than improving his FICO score, I see no advantage for him paying $3,600 to assume that mortgage obligation.

EACH MORTGAGE LENDER LOOKS AT LEASE-OPTIONS DIFFERENTLY

DEAR BOB: When a tenant-buyer goes to a mortgage lender to get a loan to exercise a lease-option, does the bank look at the option consideration money and the rent credit earned during the tenancy as part of the down payment? I am told the loan-to-value ratio will be based on the option purchase price rather than the current fair market value --Joel D.

DEAR JOEL: Having been involved in many home lease-option purchases and sales, my experience has been that each mortgage lender treats lease-options differently.

When a lease-option buyer obtains an adjustable-rate mortgage, I've found the mortgage lenders are the most flexible, giving full down-payment credit for the buyer's option money and the rent credit earned during the tenancy period.

The buyer should consult at least a half-dozen mortgage lenders to obtain their specific mortgage terms for exercising a lease-option. This is a situation where I highly recommend consulting an experienced mortgage broker who should know which lenders are the most flexible in such situations....

Business Upturn Expected in Rent-to-Own Industry

As the economy gets tighter, the rent-to-own industry begins an upturn. Because of rough economic times, all too many people have destroyed their credit. With rent-to-own, credit is often not a factor. Buying anything from furniture to houses rent-to-own is the only way for many people to put their households back in order.

While many see the rent-to-own industry as an aid to the cash-strapped, others accuse the 6.6 billion dollar industry of profiting off the poor.

The Citizens Voice quotes Jarrett Frankevich, sales manager at Aaron’s, a rent-to-own store at 340 S. Washington Ave., Scranton;

“There’s so many different reasons for it. The car breaks down, loss of job, got your hours cut. If we’re not collecting our monthly payment, we’re not making money,” Frankevich said. “The last thing we ever want to do is pick up an account, so there’s lots of different ways we try to work with people. Unfortunately, sometimes you just can’t get it done.”...

Whether you are thinking of purchasing a rent-to-own house or a rent-to-own TV, you should be aware of both arguments. do your homework and make wise, prudent decisions.

GREAT NEWS! Rent-to-Own Payment History Now Included in FICO Score!

Here is some great news for rent-to-own home buyers or anyone contemplating a lease purchase home. Now, with changes to the way one of the "big three" credit reporting agencies records payments, a lease option is not only a good program, it will help improve your credit!

According to the Association of Progressive Rental Organizations, come September, Fair Isaac Corp., will add rent-to-own payment histories as part of its credit scoring formula. This is really big news for rent-to-own home buyers. Pay on time and you could qualify for an even better mortgage rate on your rent-to-own house.

One of the downfalls of a "Lease with Option to Purchase" has been qualifying for a good rate. Generally people that are in a rent to own program are doing so because of bad credit. Now, after a year or two of on-time house payments, their credit score will improve.

Here is part of the article:

Rent-to-own payment histories to be figured in FICO scoring
By APRO staff
- - - - -

[05-17-2007]

ne of the nation’s most popular credit scoring companies, Fair Isaac Corp., will add rent-to-own payment histories as part of its credit scoring formula beginning in September. FICO has been developing credit scoring systems since the late 1950s and helps rank the credit standings of approximate of 165 million Americans. The company’s new system is designed to improve the accuracy of the credit scoring system to give banks more confidence in lending...

Lease Option Terminolgy - Learn About Lease Options

Although geared towards the commercial leasing market, this is a very handy article to help you understand the terms associated with leases and lease options.

The meaning of it all

Staying on top of the real estate terms

Do the mere words "triple net lease" make you sweat? Eyes glaze over each time you confront your office space issues? Then consult our handy guide to common commercial real estate terms:...

...

Lease option: A lease in which the lessee (tenant) has the right to purchase real property under certain conditions such as a stipulated price or within a stipulated time frame either during or at the end of the lease term.

Lease-purchase: An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the property within a specified period of time. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down payment and closing costs...

Credit Repair and Rent-to-Own Programs

Consider purchasing a rent-to-own home to help you with credit repair.

While nothing is true all the time, owning a rent-to-own home usually will improve your credit. Here are a few ways:

• The owner will help you with a letter of on-time payments.
• Lower monthly payments will help you catch up on other bills.
• Time is on your side.
• Qualifying for a loan is usually easier because of accumulated equity.
• When you get a loan on rent-to-own home, your credit jumps.