There is now a program that will allow people to rent a property for up to five years with the right at any point within those five years to purchase the property outright.
This program is ideal for people that for some reason or other are currently unable to buy a home right now but will be able to in the coming years. This allows homebuyers to rent their dream/forever home with the intent of buying it outright once they are ready and able to do so.
However, you only enter into a 12-month lease term and after that you are free to leave the home without buying or renting it further. You do, however, have the right to buy should you wish to do so, for up to five years after commencement of the lease.
The rent and the right to buy price are pre-determined and set out at the start of the transaction so that you can see what your rent or option to buy prices are in years' one through five. This way there are no surprises down the road.
There is a $70 application fee per household and the main concern here is not so much the credit rating but more so any criminal history.
Once the application is approved you will be given a monthly rental ceiling at which you can apply and this will tie in exactly with properties currently for sale in your area.
To find out more and to see if this program is available in your zip code email Mark on markberry@cbintouch.com or text your zip code to 443-852-5685.
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