Good prices and housing has always been an issue with those people who find themselves in the middle income bracket. Not since the Great Depression have things of this nature been as apparent as they are now. Truthfully, when you compare current statistics to those in the past, a great many economists will insist what we are experiencing now is far worse.
One city is doing something about that. In Grand Rapids, where new homes are currently being built for those who were victims of floods, the city has committed to building 38 rent to own homes which will help those who can't get a traditional mortgage to also become home owners.
In a rent-to-own system, a new resident will lease a house and put some of the monthly rental payment towards an eventual downpayment on the outright purchase of the home. This rent-to-own or lease program delivers the potential to be rolled over into a monthly mortgage payment after an extended period of making good payments has been performed or the rent-to-own option will continue for a certain time space and then the whole venture will be converted into a private mortgage held by the municipality.
Enhanced thanks to an injection of funding for the Obama administration's neighborhood revitalization program, a great many more communities are helping to make the choice to promote this form of housing to residents that may have lost a lot due to the virtue of the poor economy.
You'd have to meet income guidelines in order to qualify for one of these lease-option homes. Good credit, steady employment are all criteria that are checked. Still, this type of creatie solution to the housing problem has become more and more common in communities across the U.S. ever since the Recession affected the housing market. A great resource to learn more about lease options and rent-to-own properties is RealtyStore.com - a website with lots of information about rent-to-own agreements and other affordable housing. RealtyStore.com also boasts a nationwide database of over a million homes, which can be searched by house type, sale type, price range, etc.
One city is doing something about that. In Grand Rapids, where new homes are currently being built for those who were victims of floods, the city has committed to building 38 rent to own homes which will help those who can't get a traditional mortgage to also become home owners.
In a rent-to-own system, a new resident will lease a house and put some of the monthly rental payment towards an eventual downpayment on the outright purchase of the home. This rent-to-own or lease program delivers the potential to be rolled over into a monthly mortgage payment after an extended period of making good payments has been performed or the rent-to-own option will continue for a certain time space and then the whole venture will be converted into a private mortgage held by the municipality.
Enhanced thanks to an injection of funding for the Obama administration's neighborhood revitalization program, a great many more communities are helping to make the choice to promote this form of housing to residents that may have lost a lot due to the virtue of the poor economy.
You'd have to meet income guidelines in order to qualify for one of these lease-option homes. Good credit, steady employment are all criteria that are checked. Still, this type of creatie solution to the housing problem has become more and more common in communities across the U.S. ever since the Recession affected the housing market. A great resource to learn more about lease options and rent-to-own properties is RealtyStore.com - a website with lots of information about rent-to-own agreements and other affordable housing. RealtyStore.com also boasts a nationwide database of over a million homes, which can be searched by house type, sale type, price range, etc.
No comments:
Post a Comment