110 Warren St, McMinnville, TN 37110

Property Id: 1663329

Are you tired of renting and want to own a home, but don't quite qualify for a traditional mortgage? We have the solution!

This... 3bed/1bath home has been recently remodeled and we are offering it rent-to-own with a portion of your rent going towards the down payment on a future purchase. Minimum income requirement of $5,250/mo. Credit doesn't matter!

Here's how it works...
-The tenant pays an upfront option fee ($3,675) to secure the right to buy the property at a set price within a specific timeframe during the lease period.
-The tenant pays a higher monthly rent than standard ($1,750/mo), a portion of which ($100/mo) goes toward the down payment.
-The lease term is usually two to three years.
-The purchase price is agreed upon at lease signing ($245,000 for a 2yr lease option OR $255,000 for a 3yr option).
-The tenant is responsible for routine maintenance and repairs.
-At the end of the lease, the tenant can choose to buy the property at the agreed-upon price or extend.

Frequently Asked Questions:
Q: How much is the option fee?
A: $3,675, which represents 1.5% of the purchase price.

Q: How much is the rent?
A: $1,750/mo, $100 of which goes towards down payment.

Q: What is the lease term?
A: 2 or 3yrs depending on how soon you want to purchase

Q: What is the future purchase price?
A: $245,000 for a 2yr lease option OR $255,000 for a 3yr option.

Q: What if I still can’t buy the house at the end of the lease?
A: We have the option to either a) extend the lease option if you are still interested in buying the home or b) terminate the lease.

Q: Is there a credit requirement?
A: No, but we no evictions or foreclosures in the past 7yrs.

Q: Is there an income requirement?
A: Yes, it is $5,250/mo.

Q: Are Pets Allowed?
A: Yes, we allow up to two pets under 30lbs each. Applicant’s must provide shot records dated in the past year, including the pet’s breed and weight. Read More