RentToOwn-HouseFinder.com

Are those ads in the paper about "rent to own" homes usually trailers?

Is the "rent to own" option available if you buy directly from the seller? *I want this house now and won't have the money for a few months.

Public Comments

1. no
2. No, not at all.
3. Noo to both your questions. I know condominiums are usually rent-to-own. You could super-leverage, and talk to a banker <preferably not from the same place you're going to get your mortgage> for a personal loan, but this may ruin your credit rating. Also you could ask your friends. family for a temporary loan. That wont affect your credit rating unless if you dont pay, and the person decides to sue.But i think your best beet would be not to get into the housing market so close to the US Federal Reserve's recent interest rate-tightening, a crash could be imminent if American middle-class stops considering real estate as its safest investment, or finds an equivalent alternative <stocks, bonds, etc>
4. No - but what they are is a "contract" to agree to purchase the house at the end of the deal and they are contingent on being able to qualify for the mortgage when your term is up. If you can't then you loose all the money you put into it. If you are sure you want that house, and that you will qualify for the mortgage, it is one way to save up your down-payment while still having a place to live, but be careful and be reasonable with your financial reality. Talk to a mortgage broker / your bank to see how close you are to qualifying...