4/1 Rent to Own. Needs some TLC-- REDUCED TO $700/MO.
4/1 Rent to Own. Needs some lovin, but great way to own your VERY OWN HOME!!! Specifics of House: Bedrooms: 4 Baths: 1 Garage: Carport Lot: 4339 sq ft.) School District: Wharton ISD Description: 1262 sq ft single story, single family home located in a great location in the heart of Wharton. Corner lot with decent size yare, and directly across the street from elementary school. Needs some lovinÃ¢ÂÂ but will make someone a very nice home. Our Terms: Credit is irrelevantÃ¢ÂÂ¦..it will be checked, but not a major deciding factor. Income is the key with us. You must have 4 times of verifiable, stable income of the expected monthly note. In this property, you must make at least $2800 per month. We will lease to you for a monthly lease rate of $700 per month, for a 24 month lease. An option fee of $700 is required to give you an option to purchase the house at a locked in purchase price of $70K (Seventy Thousand Dollars), good at any time in the next 24 months. Security Deposit required is $500 - $1500, depending upon application strength. At any time in the next 2 years, you can exercise your option to purchase. The down payment required is 10% of the purchase price, or $7,000 (Seven Thousand Dollars). You will be responsible for any and all repairs and maintenance to the property, all taxes, hoaÃ¢ÂÂs, and insurance from day 1. As long as the rent payments are made on time, without having to Ã¢ÂÂchaseÃ¢ÂÂ any rent, we will be willing to owner finance you once you have the required 10% down payment saved. This can happen at any time during the 24 month periodÃ¢ÂÂ¦it could be the 1st, 6th, or even the 24th month. We just need a 30 day notice prior to closing in order to have time to get the documents drafted for closing. We will give you your choice of length of loan, ranging from 5 years all the way up to 40 years. The corresponding Principal and Interest payments for a mortgage of $63,000 ($70,000 purchase price - $7,000 down payment) are as follows: For 40 year term, the monthly payment would be $584.83. For 35 year term, the monthly payment would be $590.28. For 30 year term, the monthly payment would be $599.96. For 25 year term, the monthly payment would be $617.47. For 20 year term, the monthly payment would be $650.28. For 15 year term, the monthly payment would be $716.06. For 10 year term, the monthly payment would be $867.83. For 5 year term, the monthly payment would be $1,369.77. These payments are principal and interest only. There will be escrow requirements to account for taxes and insurance, which should equate to about 150-250 per month, so please factor that in when considering a payment plan. Please note, once we go to closing, the lease becomes null and void and there are no further obligations as a tenant, as you now become the official home owner. Total Move In Dollars Required: $1,900 (oNE Thousand NINE Hundred Dollars) = $700 1st Month Rent + $500 Security Deposit (Minimum, may increase depending upon application) + $700 Option fee Contact Info: 832-574-4969