What is Credit?
One advantage we at Vision Property Management offer to our customers is approval regardless of credit status. While credit may affect your down payment on the property you will not be denied contract based on your current credit. Our program gives customers the opportunity to begin the home-owning journey while working to improve their credit.
Many of our customers turn to us for this opportunity and desire to work on improving their score while leasing their property. To begin improving your score we need to begin with an understanding of credit and how it impacts your chance of loan approval. We’ll start by breaking down what credit is and how your credit history defines your score.
The simple definition of credit is something of value that you receive prior to paying for it, with the agreement that payment will be made in the future. Repaying borrowed credit builds a sense of trust with those who allowed you to borrow. Your overall credit score takes account of your borrowing history and the trust you have built by making payments on loans, credit cards or purchases.
Many institutions use this information to decide if they will offer a loan or contract, in addition to the amount of the loan and the interest rate. In the housing market this is often used to decide if you qualify for a contract to purchase a property.
Vision does not deny customers based on their overall credit history. Credit history may affect your upfront costs and interest rates. In the long run Vision wants to work with you, assisting as you improve your credit history and allowing you to build equity as you work towards full ownership of your home. Our lease with option to purchase helps you establish regular payments that can possibly reflect on and improve your credit. This unique program also allows you to put utility and service bills in your name, many of which will positively impact your credit with regular payment history.
In our following posts we will break down the four types of credit and how participating in each type can assist in improving credit. Utilizing each type of credit and following a regular payment schedule will help you to get your credit mortgage ready well before the end of your lease contract!
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Properties available through the traditional Lease Option Purchase program offered by Vision are typically sold in an as-is condition. Many of these homes are fixer-uppers, offering potential home owners the opportunity to truly create their dream home while working towards ownership.
If you have started on the path to owning your home through Vision Property Management’s Lease Option Purchase program you may have some questions on the application process and the lease contract.