Hello, I am assuming that your rent to own agreement does not include a portion of your rent building up towards this down payment, or if so, it is not enough. There may be options for you through several avenues. If you qualify for any closing cost or down payment govt. grants in your area this is one option. A gift from a relative is another. There also may be a way to structure the sales agreement with you and the owner to make your funds work somehow. I can help you figure out whether you may qualify for any of these options if you wish. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson
Have you been renting there for a while? Does your rent/lease agreement state that any portion of the rent goes toward the down payment? linda yourloanpartnerforlife@live.com
As others have noted the primary ways of assistance would be:1. Locating a down payment assistance provider, please just contact a local lender/broker and they should be able to provide a list of approved DPA providers. These many times are lender/broker specific.2. Many programs allow for a gift from a relative (i.e. FHA, certain Conventional programs, USDA)3. You could take a cash advance on a credit card, take out an auto title loan etc. These routes could be utilized for a downpayment if you acquired the money, deposited it into your bank account and then waited over 60 days. It is an expensive route and most likely not preferable, but it would accomplish what you are looking at doing. Once the money has been in your account for 60 days, lenders and the government consider it seasoned. Virtually all lenders only require the two most recent months worth of bank statements. Some lenders only require 30 days.4. You could also sell anything you own, and provide proof of the sale. This money could be used for a downpayment immediately, just remember that you will need to provide proof of where the money came from (i.e. bill of sale, copy of check, etc).Hopefully this helps
you will not find any down payment assistance to help you "rent to own" a property.. and in realty, the only reason anyone would offer their property up for rent to own is because they have a property that's hard to sell or they are selling it for more than it's worth.. Also understand that you're not actually purchasing the home.. your paying a fee that enables you to purchase it within a given period (usually 2 - 3 years), and at a set price.. but technically your leasing/renting.. In Arizona, if your late on the rent and don't pay within the first 5 days, the owner can evict you, and you forfeit your down payment.. best advice is to find a property to rent, save your money, fix your credit and use conventional financing once you get everything straight.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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