Rent To Own: How to Buy a Home in the Inland Empire Area… Even if You Have Poor Credit

Buying a home is now becoming harder than ever…

Banks today are getting more and more strict regarding who they’ll give financing to, and many people (even with pretty good credit) are discovering that they just don’t quality. Even those who do qualify are faced with a daunting task of saving up a considerable down payment in order to afford their next home.

This leaves people in a “catch-22” situation: They can’t afford to buy and renting is expensive as well, and getting more expensive everyday.

Fortunately, there’s a great option for prospective homeowners and this option can put you into a home even if:

  • … you have bad credit or the banks have said “no”
  • … you don’t have enough money for a down payment
  • … you just want to try out a home before you buy it
  • … you don’t want to deal with the banks
  • … you want access to a wider selection of potential homes to buy

If any of these describe you then you’ll love this next concept…

Rent to own a home in the Inland Empire!

That’s right. Rather than saving up a huge down payment and using your credit to buy a home, simply rent that home until you own it. It’s the perfect hybrid approach to home ownership that is accessible to so many people!

Rent to own homes are perfect for people with poor credit because it allows you to get into a home and eventually own that home regardless of your poor credit score.

Rent to own. Information you need to buy a home with poor credit

If you’re interested in a rent to own home here in Southern California, here’s the information you need:

Choice: There are rent to own homes for every size family and every income level in our area. Therefore, you can choose the home that fits your needs without having to give anything up. Be sure to choose a home that fits your needs now as well as a few years down the road (since your intention is to stay in the home for a few years).

Flexibility: There are many different ways to configure a rent to own agreement. In some cases, you pay the market rent plus a premium and that premium goes towards the purchase of the home. In other cases, you simply pay market rent and then you need to get a mortgage at the end of the lease period to purchase the home. Fortunately, there are many ways that the agreement can be structured so that you can work out the best solution for you.

Long-term: Unlike renting (which is has short-term leases of month-to-month or year-to-year), rent to own homes are often longer – perhaps three to five years or more – in which you’ll rent the home until you decide to buy it.

Proof of income: Often, your credit score plays a much smaller role in determining whether or not you can get into the property; what is often more important is proof of your regular income. If you have a job that gives you a steady paycheck, that’s your best option for securing a rent to own home.

Time: One of the most important aspects of rent to own is the time factor. Since many people choose the rent to own home because of poor credit, the time you have in the property can actually contribute to improving your credit: You’ll have the same address for that period, plus your steady income, and if you use that time to pay off debt and keep up your payments then you’ll enjoy clean credit when it comes time to get a mortgage.

Looking for more rent to own information to buy Inland Empire homes with poor credit? We can help! At RTO Properties, we’re focused on helping rent to own tenant-buyers connect with homes that they love. Contact us today at (951) 226-5056 or by filling out the form to learn more.

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