Rent-To-Own Mobile Homes: Pros And Con
Owning a home is the cornerstone of the “American Dream,” and many people aspire to one day turn the key in a home of their own. Mobile homes offer a great alternative to traditional “stick-built” homes, and buyers can enjoy fully customized affordable housing.
What Is Rent-to-Own?
Rent-to-own is essentially a program in which a portion of your monthly rental payments goes toward the eventual purchase of the home. This is especially helpful for people who have trouble saving for a down payment, which on many loans can be as much as 20 percent of the home’s purchase price.
Rent-to-Own Mobile Homes – How It Works
There are some mobile home communities that offer existing homes that you can rent before you buy. These communities typically do their own in-house financing, and the park owner will allow you to apply a portion of the rental payment toward the down payment on the home.
Is It Hard To Get Approved For A Mobile Home Loan?
Mobile home loans are slightly more difficult to get approved for than traditional home loans, but lenders work with almost all borrowers. Because mobile homes typically decrease, it is harder to qualify for a loan instead of traditional homes that usually increase in value.
Things To Consider When Renting To Own
One of the major benefits of renting to own your new home is that you get to lock in the price of the property while still renting. This means that instead of renting for years while you save up for a down payment, you can take advantage of today’s pricing rent-to-own contract and lock it in until you are ready to buy.
Is Rent-to-Own Ever A Good Idea?
Rent to Own is an excellent idea for anyone who is looking to get into the mobile home of their dreams without having to worry about the time it takes to improve credit or save for a down payment. Rent-to-own allows you to use your rent payments to finance the purchase of a home.
What Is Great About Rent-to-Own Mobile Homes?
Another advantage of rent-to-own mobile homes is that renting one gives you the benefit of living in your home full-time before committing to a mortgage.
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