Rent to Own How does it work?

Our Mission
We take great pride in helping regular people obtain the dream of home ownership. To us there is more to the process than simply looking at a credit score. We sincerely believe that if people are given a chance most will rebound from past mistakes and challenges and succeed.

Step-By-Step of How it Works!
In PLAIN ENGLISH.

First of all.....What does Rent to Own and Owner Financing really mean?

"Rent to own" is a generic term applied to many different types of non-traditional agreements and financing. There are many people using the term in a variety of ways and it doesn't always mean the same thing. In some cases, Rent to Own means that you are renting, and you might be able to own someday through an option to purchase. That is NOT what we offer nor do we think it is a good deal for you.

Our program is referred to as an "Installment Land Contract", "Escrowed Contract For Deed Purchase" or "Owner Financing Purchase". It allows you to own from the very start and enjoy the benefits and tax advantages of home ownership. This allows you to become a homeowner with the seller financing you directly. There is no bank qualifying required or outside lender involved. It is a private agreement between buyer and seller, and the attorney who functions as the Escrow Agent.

There are two types of applicants that we most commonly help. Those with good credit that lack the down payment needed to purchase. And, those with less than perfect credit.

Here are the two programs we offer:

"Any Credit" Owner Financing-If your credit is challenged we can still help. With as little as a $1900 down payment we can finance the purchase of your home. This program is based solely on your income and job history. Your credit score will not affect an approval decision and you will not be turned down due to credit score. Just be 100% honest and totally serious and you will own your own home.

100% Owner Financing-Perhaps you have good credit and can get approved by a bank or mortgage company. But, you lack the large down payment that lenders are now requiring. We can help. We will finance 100% of the purchase price.

Step-By-Step

Below we explain what is expected of you and what you can expect from us as we consider owner financing your home.

GET APPROVED!

Why get approved?
If you've been watching our ads or website for any period of time, you know that our houses sell very, very fast. That's because we help families that the banks and mortgage companies won't work with. Our major challenge is being able to buy and build enough homes to keep up with the demand.

When you're approved, you'll know exactly what price home you're approved to buy. And, since you're approved, you'll get information before the general public, before the home is advertised, and before the home is listed on the public pages of our web site. It is free to apply, 100% secure and only takes a few minutes.

Apply Online

Remember, we won't say no if you have impaired credit....just be honest with us and we will get you into your own home.

The Details and Answers to Frequently Asked Questions

Dear Future Homeowner,

This page explains what is expected of you and what you can expect from us as we help you become a homeowner. Here are the steps you need to take to own your own home:

1. APPLY ONLINE

Once you apply you will immediately receive an email confirming that your application has been received. It will request that you call us to verify your identity for security purposes and to schedule an appointment at our office to finalize your approval. There is no application fee and no money whatsoever is paid until you submit an actual purchase agreement for the home you ultimately choose. And, that won't occur until after you are approved.

Approval usually occurs within 24 hours from your appointment with us and at that time you will know that exact approval amount of the home you are able to purchase. And, as an approved buyer you will get advance information on newly acquired properties long before they are advertised on our website or in the newspaper.

2. Drive by the new homes we offer and come to the open houses. (Usually on Sunday afternoons) We can answer questions and you can learn about the homes, neighborhoods and prices. We also will conduct private showings once you are approved.

3. After you are approved no money is due until you submit an actual purchase agreement for the home you've ultimately chosen. Upon submission of the purchase agreement $1250 is paid and credited towards your down payment. We will schedule a closing date to be held at the attorney's office or our servicing agent's office. Your remaining down payment balance and closing costs ($850) are due at closing in the form of certified funds, wire transfer, cashier's check, etc. No personal checks are allowed at closing. As soon as closing is complete you are given the keys to your new home.

We are able to extend, based on your credit and situation, an interest rate of between 7.9% and 10.9% and although this is lower than the interest rate offered to individuals with credit challenges by some banks and mortgage companies, we still encourage you to refinance as soon as you can to achieve an even lower monthly payment. Whether it is next year or five years from now, we will assist by reporting your on-time payment history when you apply for the new loan. We structure the transaction as a Contract for Deed that allows you to take possession of the deed once you rebuild your credit and refinance conventionally in the future.

4. Monthly payments are required to be automatically deducted from your bank account. This will occur on the same day every month and you must have sufficient available funds in your account to cover your payment each and every month. We are very strict about timely payment and make no exceptions to our enforcement of these. We charge late fees and bank charges if the bank draft doesn't clear and require the payment including the late fees to be made with a cashier's check immediately.

5. Your monthly payment will include both the principal and interest on a 30-year amortized and fixed rate loan. In addition, you will pay the estimated amount for taxes, servicing agent fees and insurance as part of your monthly payment. The servicing agent will disburse these amounts directly to the county tax collector and insurance company. There are no surprise bills or expenses at the end of the year.

6. This house is yours and you have taken possession of it in as-is condition. We will not pay any bills or reimburse you for repairs, maintenance or expenses. You can improve it, paint it, change the wallpaper, have more kids there, have pets, whatever. Bottom Line, we want you to enjoy your home, improve your credit and achieve the goal of refinancing.

7. If you still have questions please call John Cone at 636-336-0022 for additional information and assistance.

Talk to a Real Person: 636-336-0022
or email: info@missourihomeowner.com