Home Buying Strategies

There several different ways to purchase a home, but there three main ways that are used today.

Tradition Financing

This is where you use a financial institution to purchase a home from a seller. You generally need three things.

• A good adequate credit (high credit score and good credit history)
• A sufficient source of income
• A good debt to income ratio

Owner Financing

This is where a owner agrees to let you finance the home over a period of time rather than requiring the total amount at one time. You typically need three things.

• A good down payment
• A good source of income
• A willing owner

Lease Purchase with Option and Rent to Own

This is where you agree to finance the purchase of a home after you have leased or rented the home for a period of time typically 24 to 36 months. You generally need three things to make this work.

• A willing lessor or renter
• Deposit money
• A source of income

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