Are you tired of waiting 3-5 years to buy a Minnesota rent to own home when you can just skip to qualifying today?
Back in 2003 I remember as a Minnesota investor working with many rent to own buyers and landlords.
We found many ways to do sandwhich lease options or facilitating the transaction for the rent to own buyer and landlord for a commission.
I realized not everyone had the option money they promised and Appreciation and who fixes up the home is an important discussion.
Most people chose rent to own because of their bad credit history, or their perception that they can’t easily get bank financing.
It turns out most weren’t committed to work on their credit or focus on buying the house, just renting the home.
Maybe they never wanted to buy, but said that just to get a place.
Background checks are another reason people have had issues renting in the past by getting denied with other landlords.
Today I’m here to say that let’s look past the background Checks, forget about the $10,000 option payment, and focusing on 3-5 years to someday buy a home, maybe possibly if you get around to it.
Lending these days are pretty easy for most, so I’d prefer to just have you skip 3-5 years. If you have a recent bankruptcy, foreclosure, or short sale then you will likely he waiting 2-3 more years for bank financing. Although you can ask about a contract for deed program with 10%+ down.
Here is why I think string a Minnesota home loan today is pretty easy and not worth waiting 3-5 years on a rent to own.
We are seeing people here in Minnesota become homeowners with credit scores in the 400’s, but I’d advise not to have any recent 60 day lates, and a good reason why your credit is so bad. This is a 100% loan program. Many just don’t know that they can apply for this program. This includes: Air Force, National Guard, Marines, Army, and the Navy
Many have been in any of these services, so they deserve to be rewarded with easy qualifying.
Another popular program with over a 550 credit score is the USDA 100% program
The USDA program WILL require having NO collections or for you to PAY off your past collections to get approved
(Excluding medical collections).
The USDA program is for living just outside the Twin Cities like:
Buffalo, Big Lake, Monticello, Zimmerman, Delano, Isanti, Cambridge, North Branch, Lidstrom, Annandale, Stacy, North of East Bethel, West of Mound, South of Lakeville.
So as you can see low amount upfront and a low credit score are easy to get approved these days. When your score is 580, 620, 650, 680 you have even more savings or options typically.
To learn more click the motivated buyer link on my website and review the programs and message me when you are ready.
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