Where to find rent to buy houses in Minnesota

First, a rent to buy is just another term for a rent to own or lease option. There are some great resources for rent to buy homes in MN. Here are some of the best known sites out there:

http://www.MNRentToOwn.com -At Mn Rent to Own we have a vast amount of homes available throughout the twin cities on rent to buy (rent to own) basis.

http://www.MNOwnNow.com - MN Own Now is a great resource for owner financing deals located in Minnesota. At MNOwnNow you will mainly find great homes on Contract for deeds and carry back mortgages.

http://www.rentandbuyahome.com - RentandBuyAHome.com is listings from RP Management. It seems they consistently have 4 -5 available properties at any given time.

http://www.helpmebuyahouse.com/ - This is a great site, might be hard to find the listings of properties at first but it seems they consistently have 8 - 10 properties a month.

Rent to Own Minneapolis Deals Week 2 - 2008

MN Rent to Own Nice Homes in Nice Areas
Visit MN Rent to OwnOne of the things we lack here at MN Rent to Own is a solid listing of great rent to own homes in Minneapolis. We have created a list of some great rent to own homes located in Minneapolis. We are not connected with these listings in anyway they just peeked our interest as we were looking for great properties for some of our clients.

$1350 / 3br - http://minneapolis.craigslist.org/apa/531439122.html
$1400 / 3br - http://www.rentals.com/Home-Rentals/Display.aspx?ListingNumber=743315
$1375 / 3br - http://minneapolis.craigslist.org/apa/531436251.html
$1395 / 4br - http://minneapolis.craigslist.org/apa/531111445.html
$1575 / 3br - http://minneapolis.craigslist.org/apa/531380946.html
$1450 / 4br - http://minneapolis.craigslist.org/apa/531272656.html

Can You Do A Rent To Own With Or After Foreclosure?

A question I hear often here at MN Rent to own is:

Can I do a rent to own after a foreclosure?

Yes you absolutely can and you should. A rent to own is actually a perfect solution to get back on your feet and on the road to home ownership. Why go back to the straight renting world for a few years when you can do a rent to own immediately and get the benefits of monthly rent credits and locking in the purchase price on a your new home.

While it is good to do a rent to own with a foreclosure on your credit file there are a couple of things you should keep in mind.

The main item of concern is the end financing solution. As with any rent to own your main end goal is to obtain your own financing. In all my conversations with Lenders and mortgage brokers it is apparent that with a foreclosure on your credit record most lenders want to see at least 18 - 24 months from the foreclosure date (sheriff sale) before they will offer home financing.

The next item should go with out being said but is one of the keys for obtaining financing after a foreclosure. You must pay your bills on time. Lenders want to see that you have been responsible and have been able to pay your bills with little problems.

The final item is that it is critical that you take an active roll in your own credit repair/maintenance or enroll into a credit repair/maintenance program. If you do credit repair/maintenance yourself make sure you stay on top of this diligently. Your other option is to work with a reputable credit maintenance agency such as http://www.creditrestorationltd.com/. This last item is critical to making a rent to own a success.

With all the problems with exotic mortgages such as adjustable rate mortgages (ARMS) we might possibly see lenders in the future relax the 18-24 month time frame a little but it will still come down to your income and credit behaviour since the foreclosure.

In closing, finding a home on rent to own is one of the best first steps to getting back on track with home ownership after a foreclosure.

Happy New Year!

Happy new year from everybody at MN Rent to Own.

Most people at this time set a new year resolution, we found a great resource for key tips on accomplishing these resolutions:

New Year Resolutions Tips