RentToOwn-HouseFinder.com
What are good companies to do a rent to own home loan from in Illinois?
Does anyone rent to own? What kindof house did you get? Are you happy overall? Is this good for single parents with credit blemishes, but college degree making good money?
Public Comments
- I am a licensed loan officer in IL. I have helped a few folks out with these. A rent-to-own program is usually done by the seller. You enter into a land contract or contract for deed. Here's how it works: You both sign a legal agreement to rent the house a specific price for a specified length of time (usually a year). After that year, you arrange your own financing and "buy" the home from the owner at a pre-determined market price (It will be included in the original contract.) The people who have done this before all have enjoyed it, you can get into the house now, while you rebuild your credit and look toward official ownership. They all started with condos or townhouses in the suburbs of Chicago.
