If you are considering buying a new home in Maryland, you may want to consider renting-to-own. This is a great option for people who don’t have perfect credit scores and need some time to repair their credit before applying for a mortgage loan.
The Benefits of Rent To Own Homes in Maryland
Flexible Options – You can choose from fixed rent payments or month-to-month leases.
No Credit Check Required – There is no need to worry about your credit score when applying for this type of financing.
Rent With Option To Buy – This allows you to move into the property without being burdened by a long-term lease obligation while still allowing you time to get approved for financing.
Make Payments While Home Flips – You can continue making payments on your current home while it is being repaired or renovated while making monthly payments on your new home as well.
Enjoy the Benefits of Homeownership – You have the ability to maintain control over your property and manage repairs and maintenance. You can also take advantage of tax benefits and potential capital gains if you decide to sell your new home in a few years.
No Pre-Approval or Down Payment – You do not need to have a pre-approval letter or down payment in order to qualify for the program.
How To Search For Rent To Own Homes in Maryland?
Start your search online. There are many sites with Maryland rent to own homes listings. Look for homes that are listed as “rent to own”. The listing should include the phrase “lease option,” which is another way of saying rent-to-own. The first step is to find a rent-to-own property that meets your needs. Next, contact the seller or developer to discuss the program and how it works. Finally, complete an application and submit it along with other required documents.