Profile picture for user397271

i need a loan for a down payment

We need $3,000 to move into a rent to own home, which is $500 a month but the down payment is $3,000. and i was wondering if yo guys gave those loans and would make like monthly payment plans with you.
  • July 29 2012 - Clarksville
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Answers (2)

Best Answer

Profile picture for wetdawgs
This is most likely a personal loan, so visiting your local bank where you've established a banking relationship is the best bet.

Rent to own tends to be a huge money losing proposition for the potential buyer. 

  • July 29 2012
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Be careful - be very careful before entering into any kind of rent to own transaction.....if you can't qualify for a loan now........make sure you will be able to qualify when the time comes.......or you can wave goodbye to that non-refundable upfront money.

Don't sign anything unless you have a FULL understanding of what you are getting, and what the pitfalls are.
it might not be a bad idea to have a real estate attorney look over the agreement.

If you don't have $3000 for this upfront deposit........just how will you be able to afford maintaining a home?
It will take more than just paying the mortgage, insurance  and taxes (if you even get that far) to maintain a home.

Good luck with whatever you decide.
  • July 29 2012
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