If you think you can’t afford to buy a house, think again.
Families often think a new home is out of reach, financially, due to student loans or other expenses that may have dinged their credit.
Worthington Homes, in Lakewood, Illinois, has launched a new program in Cortland that offers rent-to-buy brand new homes at the price of rent, all while raising credit scores.
“We have a financing program through the U.S. Department of Agriculture that allows people to buy with no money down,” says Worthington Homes owner George Caravelli. “They need a 640 credit score, and the monthly payment is $1,650, including property taxes.”
“People were dying to take advantage of the program, but their credit wasn’t good,” Caravelli says. So Worthington offers a two-year lease and partners with a credit repair specialist. “If people buy the home within the first year, I credit them back three months rent. I take $2,000 security deposit. Within six months the credit repair specialist can get them in shape to buy.” The credit repair comes at a pre-negotiated rate of $59 a month for a service that otherwise costs up to $200, explains Caravelli.
“You get to move into a brand new house, live in it while repairing your credit, then you own a new house,” says Caravelli. The four-bedroom homes are 2,000 square feet, including a finished basement, for $189,000. They come complete with washer, dryer, granite kitchen counters, new stainless steel appliances, 2-car garage with opener, high-efficiency furnace and A/C, casing around windows and doors and R-20 insulation.
“It’s a brand new home at the price of rent,” Caravelli says.
Lakewood, IL 60014