Rent to Own Homes in Leitchfield
Named for Major David Leitch, the city of Leitchfield, Kentucky, is the county seat of Grayson County located in the western part of the state. The city sits on 10.8 square miles and its residents have a median income of around $26,108. The total population of the area sits near 6.6 thousand people.The below results are primarily rent to own homes in :
Named for Major David Leitch, the city of Leitchfield, Kentucky, is the county seat of Grayson County located in the western part of the state. The city sits on 10.8 square miles and its residents have a median income of around $26,108. The total population of the area sits near 6.6 thousand people.The below results are primarily rent to own homes in :
There are two major newspapers that operate out of Leitchfield, including the Grayson County News Gazette and The Record. The Grayson County News Gazette prints every Wednesday and Saturday, and has an e-print version available online. The newspaper was originally owned by Heartland Publications before it was sold to Paxton Media Group in 2017. The first publication from this news company was printed in 1881, giving the media center a claim to a long history in western Kentucky. Grayson County High School is the only primary high school in Leitchfield, and is home to around 1300 students every year. The high school was founded in 1974, resulting from the consolidation of three local high schools throughout Grayson County into one, singular educational hall. Recently, Grayson County High School had a technology center built on its campus so that students could learn a vocational form of education, and is well known overall for its successful sports teams.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
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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