Rent to Own Homes in Mishawaka
Affectionately known as the Princess City, Mishawaka is a charming town adjacent to bustling South Bend. The small Indiana city is known for excellent Mishawaka public schools, the scenic St. Joseph River and prime recreation facilities. For all of its superb neighborhoods, schools and entertainment, the city earned a spot on Businessweek’s 2010 list of the “Best Places to Raise Your Kids.”
Mishawaka began as an iron works enterprise that drew many people to the area, prompting the establishment of the Mishawaka post office in 1833. With this influx of residents, more industries sprang up, including local 19th-century legends Mishawaka Woolen and Ball Band and, later, the car industry in 1906. Today, Mishawaka cars are varied, thanks to AM General’s Mishawaka plant. The plant manufactures vehicles such as the Hummer, Mercedes models and the MV-1 taxicab. Mishawaka’s business sector also includes dozens of transportation and logistics companies, advanced manufacturing, life science and international organizations.
From plentiful employment and schools to lively parks and entertainment, Mishawaka offers all the necessities for a fulfilling life. The below results are primarily rent to own homes in St. Joseph County, IN:
Affectionately known as the Princess City, Mishawaka is a charming town adjacent to bustling South Bend. The small Indiana city is known for excellent Mishawaka public schools, the scenic St. Joseph River and prime recreation facilities. For all of its superb neighborhoods, schools and entertainment, the city earned a spot on Businessweek’s 2010 list of the “Best Places to Raise Your Kids.”
Mishawaka began as an iron works enterprise that drew many people to the area, prompting the establishment of the Mishawaka post office in 1833. With this influx of residents, more industries sprang up, including local 19th-century legends Mishawaka Woolen and Ball Band and, later, the car industry in 1906. Today, Mishawaka cars are varied, thanks to AM General’s Mishawaka plant. The plant manufactures vehicles such as the Hummer, Mercedes models and the MV-1 taxicab. Mishawaka’s business sector also includes dozens of transportation and logistics companies, advanced manufacturing, life science and international organizations.
From plentiful employment and schools to lively parks and entertainment, Mishawaka offers all the necessities for a fulfilling life.
Buying a Home in Mishawaka
Good value and variety are the hallmarks of Mishawaka homes. There are about 150 homes on the market at any given time in the area, ranging from 1930s bungalows to new construction. With this variety and a median price of $103,000 for a three-bedroom home, house hunters find many affordable options in the area. More than half of the area’s homes are owned, but 42 percent are rentals. This gives homebuyers many opportunities to explore rent-to-own options.
Buying a home here is made easier with several local, state and federal homebuyer assistance programs. The city administers its own lease-to-own program for eligible residents, providing downpayment assistance and generous terms. There are also regular FHA downpayment assistance programs for first-time homebuyers and up to $5,000 in grants for other homebuyers.
Popular Neighborhoods in Mishawaka
The Winding Brook neighborhood is a perennial local favorite for its family-friendly atmosphere, active association and beautiful traditional homes. The community is known for its elaborate neighborhood holiday light displays and picturesque streets. Househunters looking for vintage, turn-of-the-century homes with plenty of character enjoy The Oaks neighborhood. Homes in this neighborhood are close to Battell Park and the River Walk Trail, so recreation is plentiful. If you’re looking for newer construction, several recent subdivisions like Rosetta Place provide ample options.
Buying vs. Rent to Own Homes
Renting to own a home eliminates many of the financial, timing and credit stresses of buying a home. Unlike a conventional home purchase, rent to own homes give you time to correct poor credit records and build up a sufficient downpayment. These flexible arrangements also allow you to move into the home right away, making monthly rent and rental premium payments that contribute to your final purchase. Also, credit requirements are generally more relaxed with rent-to-own properties. These arrangements are especially helpful to first-time homebuyers and those with less-than-perfect credit histories.
Summary
Mishawaka is the quintessential hometown. In the north, it boasts a bustling business and lifestyle district. In the center of town, the picturesque St. Joseph River flows east to west, surrounded by some of the city’s most popular neighborhoods. These neighborhoods are filled with craftsman bungalows, traditional two-story homes and contemporary houses. Half of the homes on the market cost less than $100,000, making homeownership reachable for many Mishawaka residents.
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
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
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