Real estate is a vast and often complicated industry that individuals have the chance to explore countless possibilities and privileges. For instance, you have the choice if you want to purchase your own home as long as you have the right resources to begin with. There are also rental options where you can lease the house or property in a certain period where you can dwell and stay, specifically if you do not have the capacity to have your own. You may also opt for rent to own alternatives which is in fact becoming a trend in terms of home purchase.

CAN YOU QUALIFY FOR RENT TO OWN?  CLICK TO FIND OUT

The other term for this is lease to own which is another type of house purchase which operates and functions as a combination of lease and home purchase. Renters are primarily given the option to buy the house within a specified time that usually takes three years or less. The unit or property owner and the renter who opted for lease to own setting agreed upon a specific price at which the purchase is based and completed.

In most rent to own transactions, the renter is required to pay an amount that will be credited to the price of the property to be purchased. Price rates and payment actually range from 1% to 5% of the regular purchase price. The borrower then pays the rent with an additional amount known as the rent premium which is also credited to the price of the property.

The sale price and rental amount is entirely determined by the current real estate market however negotiations may be geared towards making a fixed cash or payment agreement between the two parties. Most buyers or renters opt for a longer period for their lease to own deals since it allows a longer period to build their home equity and repair credit.

Rent to own options are very much necessary and perfectly suitable for those who want to buy a house however cannot afford the home purchase. It is also a wise alternative if you are not qualified or approved for any mortgage loan that will help for the financial assistance of their pursuits.

There are definitely plenty of options you can choose from in real estate and all you need is the creativity to make the right decision. If you do not have the resources and capacity to buy your own home, then you can always benefit from rent to own options to materialize your dreams.

Call Anzar Homes today and let us show you how to begin home ownership.

We are  still surprised how many new homebuyers still don’t understand that they can get an $8,000 first time homebuyers tax credit. In fact, just this week one of our clients closed on a home and it was the fact that she would get an $8,000 credit that actually sealed the deal during the negotiations.

Not only that, but first time homebuyers can actually apply for down payment assistance through the state of Florida before they close on their home and then repay the amount when they get their tax refund.

However, these homebuyers need to act fast. Buyers have until December 1, 2009 to close on a new home in order to receive the credit or any down payment assistance.  Fortunately, many industry experts expect this deadline to be extended.

Here are some other answers to frequently asked questions about the first time homebuyers tax credit:

1. To qualify as a “first time homebuyer” the buyer and his/her spouse may not have owned a home during the three years prior to the purchase.

2. The tax credit may be applied to primary residences only.

3. The maximum allowable tax credit is 10% of the purchase price of the home up to $8,000.

4. Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum $8,000.

5. The money does not need to be paid back to the government as long as the buyer occupies the home for three years or more.

When you combine this first time homebuyers tax credit with interest rates that are still low and home prices at rock bottom, there has never been a better time to buy your first home.

Financial difficulty is not new to almost everybody but it causes tremendous difficulty when one wants by buy a home.  Unless you have boatloads of cash to buy a home, then you will need to convince a lender to loan money to you.  These days, almost all lending decisions are credit score based so that if your credit score is too low, then you cannot get a loan…….

Unless you go through a credit repair process.

Achieving a good credit score is very important as it will determine your credit standing. If you have a good credit score, you have higher chances of being able to borrow a good amount of money for good interest rates. This means that the higher your score, the better chance you will have on getting a house or a car loan. Having or maintaining a good credit score is the first tip when it comes to credit repairs. Check your credit score from Equifax, Experian and TransUnion, the three consumer credit reporting agencies that maintain credit histories. You can ask one copy from these three credit agencies every year for free, as mandated by law.

Aside from achieving good credit standing, maintaining it is another thing. What you should do is monitor your credit history. After asking for your credit reports, check and double check the information on the printouts. Information that you should watch out for include credits that are more than seven years old, interest rates and payment debts. Report any irregularities and discrepancies that you noted to your creditors for immediate correction and action. Your credit limit also plays an important role in your credit score, so make sure that it is updated and accurate. And most importantly, pay off your debts. Make payments on time to avoid higher interest rates. On time payments also help you have a good credit score as it will appear in your credit reports.

One good way to manage your finances is through credit repair.  They offer services like credit consultation for free, analyze your credit report and have a dialogue with the three credit bureaus for credit concerns. The online credit repair guide also tells you to beware of the credit scam that is the modus operandi of cyber criminals. In addition, your credit repair technician will also advise on how to avoid harassment from your creditors. Having a good credit standing if not debt-free is the first step in managing your finances.

Call Anzar Homes today and let us show you have we can make credit repair an integral part of your home ownership solution.

There are definitely some pros of rent to own offers but there are some cons to be aware of as well. Don’t make a decision about such a process until you have carefully evaluated both sides of this coin. Being well informed is the best way to ensure that you are able to get the most from it. If you don’t find that you are able to agree to the terms of it then look for an alterative to getting what you want.

One of the main pros of rent to own is that you don’t need to have any credit or good credit to do it. This can be a way to build up some credit in fact and show that you can be responsible when it comes to paying what you owe. This method of obtaining things you really need such as a laptop for school or something you want such as a big screen TV means you don’t have to wait until you have another way to pay for it.

On the con side, some fly by night operators  make it seem very affordable. They often advertise the low monthly payments or even how much it breaks down to weekly. It is up to you though to determine what the overall cost will be. Based on the number of payments and the payment amounts you can determine what you will pay for an item when you fully own it. If that amount is much higher than what you would be able to buy the same item for outright then rent to own my not be the best way to go.

Rent to own allows you to get into a home when you would otherwise would simply have to rent. All of us are aware that people simply throw their money away by renting so having an option to own is very attractive for many people.

Let Anzar Homes show you just how affordable our Rent-To-Own homes can be as well as our New Home selection, even for buyers with bruised credit.