Step 1: Enter the Road – Evaluate Your Current Situation
We want you to know that home ownership is possible through MN Rent to Own. Before you begin your search for the perfect home you’ll want to take a close look at your finances. This will help you determine what you can afford. By examining your income and monthly expenses you will get a better idea of what is realistic for you and your household.
When you qualify for a Rent to Own you are not qualifying with a bank, though eventually you will have to get approved for financing. This is why step 1 is important for you to understand and complete.
There are three primary things that are important on the Road to Home Ownership program. First is the amount of down payment you have to work with. This should typically be 2-3% of the purchase price of the property. Second, as a general rule of thumb, your household’s monthly income should be 2.5 – 3 times the monthly rent. Third is your current credit situation, do you have to establish credit, maintain credit or vastly improve your credit?
to learn more about the Road to Home Ownership Program visit MN Rent to Own
Tags: home ownership, mn rent to own, rent, rent to own
December 27, 2007 at 5:07 am |
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