Rent to Own Homes in Covington
As of the 2010 census, Covington, Louisiana had a population of 8,463. This smaller population makes it a great choice for those who are looking to live in a smaller town. With New Orleans just under an hour drive away, residents of Covington, Louisiana can easily get to big city excitement while living in a peaceful setting. The below results are primarily rent to own homes in St. Tammany Parish, LA:
As of the 2010 census, Covington, Louisiana had a population of 8,463. This smaller population makes it a great choice for those who are looking to live in a smaller town. With New Orleans just under an hour drive away, residents of Covington, Louisiana can easily get to big city excitement while living in a peaceful setting. The below results are primarily rent to own homes in St. Tammany Parish, LA:
Buying a home in Covington?
Homes in Covington have a median listing price of $240,000 and the listing price has been trending upward steadily over the last three years making purchasing a home in Covington a solid investment. For those who are buying their first home, residents of Covington might qualify for a first time home purchase program. The St. Tammany Parish Soft Second Program offers 100% financing and a soft second loan for up to $30,000 for the downpayment on a home for a first-time home buyer. The program also offers a grant of up to $5,000 for closing costs. The program has requirements for minimum credit scores and financial need, so not everyone will qualify, but for those who do qualify, the program can alleviate the financial burden of buying a new home.
Buying vs. Rent to Own Homes?
For those who might not have the required credit for financing or the savings for the down payment on a home in Covington, Louisiana, potential homebuyers may find that a rent to own property is the solution they need. Those in a rent-to-own agreement will rent the home for a predetermined period of time with an agreed upon down payment. Part of the monthly rent will go towards the purchase of the home after the lease period which is different from a traditional lease. A positive to this agreement is the fact that residents can secure the property to buy when they are ready. This allows residents to move into a property immediately as they continue to save for their home purchase.
Residents living in Covington, Louisiana will enjoy living in a smaller town while having the benefit of convenient access to New Orleans nightlife just under an hour away. The highly-rated school system and low crime rate makes Covington an excellent choice for those looking to raise or start a family, and residents wanting to stay active can take advantage of the 31 mile trail that connects Covington to several other cities in the area. With a steady home value that is increasing slowly, residents can be certain that a home in Covington, Louisiana is a solid investment.
Summary
Residents living in Covington, Louisiana will enjoy living in a smaller town while having the benefit of convenient access to New Orleans nightlife just under an hour away. The highly-rated school system and low crime rate makes Covington an excellent choice for those looking to raise or start a family, and residents wanting to stay active can take advantage of the 31 mile trail that connects Covington to several other cities in the area. With a steady home value that is increasing slowly, residents can be certain that a home in Covington, Louisiana is a solid investment.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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