Rent to Own Homes in Frankfort
Other notable locales in the city include the Frankfort Community Public Library (a former subscription library opened in 1879 that was moved between law offices until it was finally given to Frankfort and given a permanent home in 1906), the Frankfort Municipal Airport (founded in 1960), the South Frankfort Historical District (with over 151 historic sites), and the Frankfort Commercial Historic District (with over 57 historic sites). Frankfort is a hub of historic relevance spread out over 7.43 square miles of land.The below results are primarily rent to own homes in :
Other notable locales in the city include the Frankfort Community Public Library (a former subscription library opened in 1879 that was moved between law offices until it was finally given to Frankfort and given a permanent home in 1906), the Frankfort Municipal Airport (founded in 1960), the South Frankfort Historical District (with over 151 historic sites), and the Frankfort Commercial Historic District (with over 57 historic sites). Frankfort is a hub of historic relevance spread out over 7.43 square miles of land.The below results are primarily rent to own homes in :
The population of Frankfort, Indiana, was marked at a little under sixteen thousand in 2016, and oversees the Community Schools of Frankfort which has a strong emphasis on technology in the classroom. In 2013, Ivy Tech Community College opened a campus in the city, offering more educational opportunities to its residents. Frankfort, Indiana, is a homey small town with a great deal of historic background that its residents proudly display and keep updated to preserve their unique past. Originally settled in 1829 by a pair of brothers from Ohio and named in honor of their German ancestors' home of Frankfurt, Frankfort has grown into a bustling city primarily made up of family homes. This town is perfect for the family in search of a cozy home in an historical locale with plenty of public amenities to support a healthy, happy lifestyle.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
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
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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