You Can Buy a Home For As Low as $500 a MonthMortgages
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You can stop throwing money away on rent and start building equity in your home.
Thanks to little-known programs, everyday Americans in specific zip codes are qualifying to buy homes for as little as $500 a month.
Millions of Americans who would love to own their own home don’t realize that they can get started today.
How It Works
1. You and the seller sign a contract.
This contract will stipulate the terms of the agreement, including the purchase price, how long you will be renting before purchasing the home, and other things.
2. You will have to pay a little bit of money up-front.
This amount can be as low as 2.5% of the purchase price of the home and may be applied to the purchase price when you do eventually purchase the home.
3. You move into your house right away.
That’s right! Practically-speaking, this is now your home. You just have to make sure that you do your finances right in the next few years before it becomes legally yours.
4. A portion of your monthly rent is applied toward purchasing the home.
For example, you may be paying the seller-landlord $1,000 a month, but 25% of that, or $250 every month, goes toward purchasing the home.
This is essentially your home now, so the seller will not be keeping up the maintenance for you. You are now responsible for that.
6. At the end of the period stated in the contract you may purchase the home!
However, if you are not able to obtain financing, you forfeit your right to purchase the property. You may also forfeit money you’ve paid toward the purchase price. This is why it’s very important to take your rent-to-own arrangement seriously and not do anything foolish!
Are These Programs Right for You?
This isn’t for everybody. You have to be honest with yourself. If you don’t think that in the next three years you will be able to qualify for a mortgage on a house, entering into one of these programs may not be right for you right now.
But if you are serious about owning your own home, want to lock in a great price today, and believe that you can qualify for a mortgage in the next 36 months, then we recommend that you click here to see if there are any homes eligible for these programs in your ZIP code.
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.