Rent To Own Homes In MN – A Viable Option

Desiring to move into a spanking new home can be because of a number of reasons. People choose to move because their current home no longer meets the needs of their family, or because the area in which they are residing is not suitable for whatever reason. Choosing somewhere to live is the prerogative of each individual, and the area chosen is based on a number of criteria that are sometimes shared by others, and are sometimes unique to the individual or family. When it comes to rent to own homes in MN the question is whether rent to own homes are a better option than purchasing a home.

Renting a home is sometimes the most feasible option for many people and families. Unfortunately, in so doing, they end up spending a lot of money that really only secures them a home in the interim. There could come a time when they are forced to move. Because of that, many choose the lease to own option, because they are essentially investing in their future. They are ensuring that they will have something to show for the money they have spent over the years. That said, there are some issues that you do need to take into consideration and sort out before you make the move. Obviously, the matter of cost will factor into the situation. It is a fact of life that many people are forced to choose rent to own homes in MN rather than purchasing a home simply because they cannot afford to buy a property. Naturally rent to own homes do come with terms and conditions that you would do well to familiarize yourself with. However, the fact that a potential buyer can choose not to purchase the property when the lease term comes to an end is very alluring and provides them with a sense of security, especially if they are unsure about whether they can make the commitment for the long term.

Remember that just because rent to own homes are a more convenient alternative it does not mean that you have to necessarily settle for something below standard. There are many rent to own homes in MN, and elsewhere, that are available, provided by the owner of the property that would otherwise never be considered because they would be priced too high. That said, there are also rent to own homes that are part and parcel of a support system instituted by government as well. These are options that are particularly beneficial for those who desire to own their own property but who do not qualify for bank loans and home loans. A distinct advantage is that it is possible to own the home of your dreams even if you cannot afford to purchase it outright.

There are some great online websites that will help you source rent to own homes in MN. You can check out what is on offer and even view the properties that you fancy prior to physically visiting the site. When you decide to choose rent to own homes over purchasing a property for you and your family, you will have the opportunity to reside in the home until such time as the option to purchase becomes available, allowing you to experience the area and amenities that are available. During the renting period, the renter is responsible for the general upkeep and maintenance of the property for the duration of their occupancy, providing a distinct advantage for the landlord or property owner. Part of the rental you pay to reside there will be set aside as a deposit on the home. When the agreement calls for it, you will then have the option to purchase or not.

Four Reasons to Investigate Rent to Own Homes in Michigan

If you live in Michigan and haven’t heard about the benefits of rent to own houses, you could be missing out on a great opportunity for home ownership. After all, Michigan was among the hardest-hit states during the late 2000s. Severe job losses and an increase in foreclosures damaged many potential buyers’ credit, making it hard to buy via normal means.

While Michigan has begun to recover, the housing market remains sluggish as of 2013. Banks simply aren’t willing to approve many new buyers, and many prospective sellers have become discouraged. If you want to buy your own home, checking out rent to own homes in Michigan could be an excellent way to get started. Here are five reasons that this state is especially good for people who want to buy via the rent to own process.

1. Rent to Own Homes are Perfect for Existing Homeowners

Many people in Michigan would love to buy a new house if they could only sell their current one. Unfortunately, the market is still poor, and homes can stay unsold for a very long time. Rent to own homes in Michigan allow you to get into a new house and begin working toward ownership, even if your old property is still on the market. Since the owners of rent to own homes are capable of adjusting their contracts in ways that conventional lenders won’t, you may be able to get very favorable terms.

2. Rent to Own Provides Flexibility

Some people don’t know if they’re ready to sign up for a mortgage. After all, if you aren’t sure about your income over the course of the next decade or you might be moving, you may not want to commit to a 30 year loan. While you will need to pay a little extra in rent to retain the option of buying your home, the rent to own process lets you stay flexible. If you decide to stay, the money you’ve paid in rent will be put toward the value of the home. If you encounter a better opportunity elsewhere, however, you lose nothing.

3. These Rentals Don’t Stay Empty

Because so many people know about the benefits of rent to own homes in Michigan, they don’t spend much time empty. Sellers and landlords like this benefit because it helps them receive a regular income, but prospective home buyers can benefit, too. A continuously-occupied home is more likely to get regular maintenance and the right kind of upkeep. It’ll also need less work before you can move in. According to Builder Magazine, rent to own homes in Michigan rent within one to two months of being listed.

4. The Benefits of Both Worlds

Rent to own homes in Michigan offer many of the benefits associated with both renting and buying. For the duration of your rental period, your landlord remains responsible for the upkeep of your house. If you have specific preferences, however, most sellers will be happy to allow you to take over as though you already owned the property. You’ll usually have more latitude when it comes to remodeling the property, and you’ll be able to get used to owning before you make any serious commitments. That can be a great benefit for anyone who isn’t sure they’re ready to own outright.

Anyone who wants to own a home but feels as though the current Michigan market or economy won’t allow them to sign a mortgage should check out rent to own homes. These surprisingly flexible home buying agreements could be the perfect choice for you.

HUD Reverse Mortgage Suit Revived to Proceed

Remember the case filed by two widowers against the US Department of Housing and Urban Development (HUD) under the Housing Equity Conversion Mortgage (HECM) program? Well, it was recently revived by an appeals court within Washington. The case was given the green-light by three judges of the aforesaid court who argued that HECM regulations seem to be in conflict with the governing statute on which they are based. As you might already know, when you purchase a FHA-insured home under the HUD homes program, ownership reverts to HUD when you default on the loan.

In their 13-page opinion, the judges wrote that “We admit to being somewhat puzzled as to how HUD can justify a regulation that seems contrary to the governing statute”. In other words, the appeals court was particularly confounded by the regulations of the HECM program that appear to offer no protection to surviving spouses of borrowers yet the statute approving the same HECM program categorically affords them protection.

The lawsuit, filed on March 8, 2011, was previously dismissed by a lower court judge who ruled that the complainants were not the borrowers and that the lender had the right to foreclose the mortgage when defaulted on, as in death of the borrower.

In the suit, the widowers argue that as surviving spouses, they are protected against foreclosure by a provision in the National Housing Act that approves the HECM program. The provision, according to the applicants, defines the term ‘homeowner’ on the HECM loan as encompassing the spouse of the borrower. The HECM loan matures upon borrower’s death, according to the same statute.

The appeals court, however, stated that there are a couple of remedies that HUD could come up with, such as accepting the mortgage obligation, clearing the loan balance and eschewing the foreclosure.

The HUD homes program offers cheap homes for sale to prospective homeowners insured by the FHA. The suit against HUD will now proceed in the District Court of Washington, D.C.

The full news article can be read here.