Is rent to own a good deal?

Buyer beware... Rent to own is just that.. Rent... The way it works is that you pay an "Option Fee", say $2500 to $10,000. And you have a rent payment of $xxx.xx per month.. Because you are renting, if you are late on the payment, they don't have to foreclose which can take months... they just evict you.. you don't get any of your "option fee" back, and you get booted.. also most rent to own have a 2 to 3 year period where you must get your financing... if you don't get your financing, you are out your "option fee".. Rarely does a rent to own ever work out in favor of the borrower... it almost always favors the seller... you're better off renting until you get your credit fixed enough to qualify.. which if you're at 605, then you're not far off... there are actually lenders out there that will finance down to 580, so The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

I agree completely with the other answer already provided. Contact a local small broker to help you obtain a loan that offers payment within your current budget.

i HAVE A VERY GOOD CONTACT .. 5% DOWN, AND only about very good with the monthly payments ,and it is very secure email me at yourloanpartnerforlife@live.com or phone me at 602-330-1598 i ONLY RECOMMEND THIS COMPANY, and I have over 25 years as a mortgage professional, and i even have worked at the state banking dept ... linda

I would also check with a mortgage broker to make sure you will be able to qualify for a mortgage when the time comes or at leas know what you will need to do to e able to qualify. I can help you with that if you are interested. Good luck.