Rent-to-own (lease option, lease purchase) program in Columbus, Ohio, seller financing

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Featured homes for rent or rent to own in Columbus, Ohio:

(All are newly re-modeled to our high standard.)

Newly remodeled 3 bedroom / 1.5 bath Single Family house with den and basement, Featuring new windows, 1st floor hardwood, 2nd floor carpet

In Hilltop, Columbus Ohio
Photos of 3br/2ba single-family on flickr.com

Rent: Available.

Rent-to-own: Available.

Newly remodeled 2 bedroom / 1 bath single family ranch house

Featuring new paint, carpet, doors, New lights, plumbing furnace
in East of Columbus, Ohio
Rent: Available.
Rent-to-own (lease option, lease purchase): Available
More Info by e-mail

To find more newly renovated single-family houses for rent or rent to own (lease option, lease purchase) homes in Columbus Ohio and surround central Ohio areas, see Our Listings of newly renovated houses.

Useful links for homebuyers:

Property Listings:

Property Valuation:

Mortgage lender:

* Chase

* Pentagon Federal Credit Union

* Northpointe Bank

* Fifth/Third

*Advantage Bank

* First Federal Savings

County records:

* Franklin County Auditor

* Franklin County Recorder

Map & aerial photo:

Local news media:

Rent-to-own (lease option, lease purchase) maybe the best way to achieve your American Dream

Rent to own, also known as lease option, lease purchase, is a type of residential lease/purchase agreement between a tenant-buyer and the landlord. The rent-to-own (lease option, lease purchase) agreement contains all conditions that are in a normal lease contract, plus an addition clause that gives the tenant-buyer the right to purchase the house at an agreed-upon price after a certain time, mostly 1-3 years. The idea of rent-to-own (lease option, lease purchase) is that the tenant-buyer would build a solid financial footing during the lease term. At the end of the lease term or any time before that, the tenant-buyer would obtain conventional financing through normal channel that may not be available otherwise. At the lease signing, the tenant-buyer pays the seller a small amount of option fee (normally around 5%). During the lease term, there is normally a small extra amount each month that is credited to the purchase price. Therefore, at the end of the lease, the buyer not only have improved his/her financial situation, (s)he would also have accumulated a sizeable equity in the house, which would qualify as part of the down payment.

There are many benefits to do rent-to-own (lease-option) when purchasing a house. At www.sunskitehomes.com, we work with our tenant-buyer to make sure the entire process is smooth:

Know the house before buying. Rent to own (lease option, lease purchase) gives the chance to know the ins-and-outs of the house before plunging in. While a normal buyer may spend anywhere between 2-10 hours of time in his/her dream house before making an offer, and that is after multiple visits, you get to stay in your dream house for a year or two. Every little detail will be clear to you.

Build equity before buying. With a small initial option fee and a small extra monthly rent that will be applied to the purchase price, rent-to-own (lease option, lease purchase) is a good way to build up the much-needed down payment before getting a conventional loan. This is especially useful for people who love shopping (like yours truly).

Build credit. With regular on-time payment of rent, rent-to-own (lease option, lease purchase) may also help to build a solid credit, as we report, for a fee, on-time payment of rental to the credit reporting agencies. With longer history of on-time rental payment, the tenant’s credit score will improve. A high enough credit score is the first step to get a loan, and also an efficient way to lower the cost of such a loan.

Assistance from Section 8. Columbus Metropolitan Housing Authority, the administrator of Section 8 program in Columbus, OH, has a Family Self-Sufficiency Program, which provides assistance to home buyers. We at www.sunskitehomes.com work closely with Section 8 program in providing housing opportunities. Please check Section 8’s Homeownership Program for more info.

With these benefits and a good house that you already know, you will enjoy a head start in achieving your American Dream.

At www.sunskitehomes.com, we prepare each home to the finest condition. For our currently available home for rent-to-own (lease option, lease purchase) in Columbus, Ohio, check out the current listings page.

For more information about our rent-to-own (lease option, lease purchase) program and how to qualify, please contact us by e-mail for prompt reply.

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How to get a loan in today’s tough lending environment?

(As of 06/16/2008, it takes work to find a good loan, but when you do, it pays off handsomely)

Without a doubt, the world has become much tougher these days in term of finding a suitable mortgage. This is especially true for first-time homebuyers, who have to deal first with the anxiety to determine to buy a house, the down payment, the search for a dream house, and negotiating the price. And after you’ve gone through all these, you find that it’s almost impossible to qualify for a good term mortgage. At www.sunskitehomes.com, we are dedicated to help you in getting your home. Below is basic info that each homebuyer should know before even looking for a house.

· Get pre-approved or pre-qualified before looking. Pre-approved is when you supply all documents and the bank has promised (more or less) to give you a mortgage, while pre-qualified is when you tell the bank your financial info, and the bank will give you a mortgage upon confirmation of all financial information.

· Credit score is critical in your search for a mortgage. For homebuyers with a credit score higher than 700, or preferably >720, today maybe the best time to buy a house. The price has come down significantly, some 10-30% depending on the area. Houses are staying on the market for much longer, and this has forced sellers to negotiate more. With fewer others vying for a house, a buyer has more control to negotiate better price and better terms. See following section for latest trend and headline news of the housing market.

· Local banks in Columbus, Ohio that take conventional mortgage applications include national banks: Bank of America, Wells Fargo, Chase, Citi Group, Pentagon Federal Credit Union, and regional banks serving Columbus and central Ohio: Fifth/Third, BMI Federal Credit Union, Advantage Bank, First Federal Savings, Northpointe Bank, Huntington Bank, Benchmark Bank, United Midwest Savings Bank, First Bexley Bank, Heartland Bank. The conventional mortgage requires up to 20% of down payment, documentation of stable employment, hence income, and good credit history.

· If your credit score is below 670, it is going to be hard to find a willing conventional lender. In fact, rent to own (a.k.a. lease option, lease purchase, among other names) and seller financing might be the only two practical ways. In rent to own, the tenant-buyer rent for a short time, say one year, and after the lease, the buyer has the right to buy the house at a pre-determined price. For a small amount of option fee, the tenant-buyer gets to live in the house, and gets time to improve her financial situation. At the end of the lease, the buyer gets either conventional mortgage, or seller financing. In seller financing, the seller either act as the first mortgage lender, or carries the second loan to complete the transaction. Since the seller carries the mortgage, the qualification will be less stringent than what the banks do in today’s lending environment. Word on the street is that currently the banks are looking for reasons not to do a loan instead of reasons to, hence the credit crunch we hear everyday. Check out the headline news in the following section for latest development in rent, rent to own, or purchase a house.

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Last updated Feb. 11, 2010.