rent to own program near Charlotte

Rent to own program

If your credit is preventing you from qualifying for a mortgage, but you have a good income and are interested in leasing a home you could eventually purchase in the near future, a rent to own program might be a good option for you.  

For many years, rent to own programs were simply flawed and many participants were unfortunately taken advantage of. Known issues with rent to own programs are that they lacked legal structure and had vague terms. For example, what happened if the property you are leasing to own forecloses because the owner has failed to make mortgage payments and misappropriated your funds?  The lack of choices and having a very small pool of homes to choose from to rent to own has also been an issue. It’s not because your credit is currently preventing you to get a mortgage that you should settle for a home to rent to own that does not fit your requirements.

Rent to own program features

Fortunately times have changed and there is now a better option when it comes to leasing to own. Below are some of the features of the rent to own program Cornerstone Realty of the Carolinas works with:

  • The maximum purchase price is $550,000
  • There is no minimum purchase price, but there are minimum quality standards and specifications a property must meet to be eligible for for the rent to own program
  • You get to pick the home you would like to rent to own from properties that are currently listed for sale in and near Charlotte. Many properties qualify for this program. Once you have been pre-approved for the rent to own program and have identified a property that qualifies for the program, the program will step in make an all cash offer to purchase the property you selected. If the home is awarded to you and the program, the program would then lease back to home to you for a period of one year up to 5 years.
  • Cornerstone Realty of the Carolinas would assist in showing you properties and submitting an offer to purchase the property.
  • All monthly rent payments are determined ahead of time so you know what you are investing in