As virtually any homeowner or Real Estate professional can tell you, the real estate market has been suffering a bit in the past year. There are many homeowners feeling the pinch of rising interest rates on their adjustable rate mortgages, as well as increases in taxes and insurance.
So, how has this impacted the rental market? Laissez faire economics applies, and rental prices are also on the rise--and what does that mean to the average consumer? Any way you slice it, you're going to be paying more for housing.
Thus was born the idea for forming a "Rent-To-Own Co-Op"--kind of a go-between for renters not quite ready to buy, where they can at least access some of the benefits of homeownership, while working toward the American Dream of owning their own home. It's an exciting idea, and one who's time has come.
The way it works is basically the same as a Rent-to-Own, where a portion of your rent and half the security deposit go into a fund to be applied to the down payment on a purchase of the home. The difference in the Co-Op is that this money can be applied to ANY home, not just the one being rented--it's down payment assistance with portability!
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Thanks for your interest, and best wishes in your home search.
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Loretta J. Buckner
Your "Real" Estate Consultant for Life