Great neighborhood in heart of Wharton. 3/2/2 Rent to Own Specifics of House: Bedrooms: 3 Baths: 2 Garage: 2 car Lot: Almost 1/4 acre (9370 sq ft.) School District: Wharton ISD Description: Very large 1600 sq ft single story, single family home with central air, located in one of the very few established neighborhoods in Wharton. Needs very little tlc. Quiet area with a huge yard, on a dead end street.
Our Terms: Credit is irrelevant…..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 $5600 per month. We will lease to you for a monthly lease rate of $1400 per month, for a 24 month lease. An option fee of $1,000 is required to give you an option to purchase the house at a locked in purchase price of $130K (One Hundred Thirty 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 $13,000 (Thirteen Thousand Dollars). You will be responsible for any and all repairs and maintenance to the property, all taxes, hoa’s, and insurance from day 1. As long as the rent payments are made on time, without having to “chase” 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 period…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 $117,000 ($130,000 purchase price - $13,000 down payment) are as follows: For 40 year term, the monthly payment would be $1,086.10. For 35 year term, the monthly payment would be $1,096.24. For 30 year term, the monthly payment would be $1,114.22. For 25 year term, the monthly payment would be $1,146.73. For 20 year term, the monthly payment would be $1,207.66. For 15 year term, the monthly payment would be $1,329.82. For 10 year term, the monthly payment would be $1,611.68. For 5 year term, the monthly payment would be $2,543.86. These payments are principal and interest only. There will be escrow requirements to account for taxes and insurance, which should equate to about 2-300 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: $2,900 (Two Thousand Nine Hundred Dollars) = $1400 1st Month Rent + $500 Security Deposit (Minimum, may increase depending upon application) + $1,000 Option fee