Rent to Own Homes in Whitney
Whitney is a small city located east of the Brazos River and Lake Whitney in central Texas. This location is about three miles east of Lake Whitney State Park and approximately 10 miles west of Aquilla Lake. Lake Whitney was the location for the first bass fishing tournament in 1955 and is now central to the local culture. There were approximately 500 people residing within city limits in 1880, and the population grew to more than 2,000 residents by 2010.The below results are primarily rent to own homes in :
Whitney is a small city located east of the Brazos River and Lake Whitney in central Texas. This location is about three miles east of Lake Whitney State Park and approximately 10 miles west of Aquilla Lake. Lake Whitney was the location for the first bass fishing tournament in 1955 and is now central to the local culture. There were approximately 500 people residing within city limits in 1880, and the population grew to more than 2,000 residents by 2010.The below results are primarily rent to own homes in :
Today, the City of Whitney is a part of Hill County. It’s known as the “Getaway Capital of Texas” and is known for its family-friendly environment. There are various community events held throughout the year, and residents can participate in a variety of clubs and social groups year-round. Students attend schools maintained by the Whitney Independent School District. According to the 2000 census, the median income in Whitney is around $25,000 per household or $30,000 per family. There were approximately three people living in each Whitney home in 2000, and more than 30 percent of all families contained children under the age of 18. While there are some small employers within city limits, most residents commute to nearby communities for employment and entertainment opportunities.
Buying vs. Rent to Own Homes
To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house. That’s the basic gist of the traditional home buying process.
All the steps of the traditional home buying process are present in the rent to own process. The difference is that renting to own has an additional step between Step 2 and Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.
During Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing. Once you have financing, you can move on to Step 3.
Rent to own is a good way to prepare for buying a property. Once you do buy, you won’t have to spend money on rent any longer. So, the sooner you can buy, the better.
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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