A Rent to Own Option may be perfect for Buyers who find themselves just one step away from realizing their dream of owning a home. With today's prices you may never get another chance to own for the same cost as renting. A Rent to Own Option may be the bridge you have been waiting for.

Rent to Own Buying Option

Available for homes, duplexes, apartments, investments and commercial property.
A Rent to Own Option works much like a loan. To qualify you must meet the following criteria.
You must have a credit score of at least 550.
If your credit score is between 550 and 620 you will be required to enroll and participate in a credit counseling course.
Includes a free credit repair consultation.
Down payments of 3 to 5% are required.
Most clients are able to refinance and buy out the Rent to Own Option in 3 to 6 months.

Land Contracts and the first-time homebuyer tax credit.

Mortgage Banking/Finance - General Finance
QUESTION:
Re: Land Contracts and the first-time homebuyer tax credit.

ANSWER:

Here is the new addition from the IRS on their Q and A page at http://www.irs.gov/newsroom/article/0,,id=206291,00.html.

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)

READ MORE ABOUT IT:
For more information about the homebuyer tax credit visit the WRA’s new Wisconsin Homebuyer Microsite @ http://www.wisconsinhomebuyer.org/taxcredit.html and the IRS information @ http://www.irs.gov/newsroom/article/0,,id=206291,00.html.

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Realty Executives Elite, Menomonee Falls Office

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