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How can I get a rent to own home with no job, no money down, and bad credit.

I have no job but am getting unemployment of 375 a week, I have no down payment, and my credit to say the least is bad. I have had great rental experience at my last apartment and my current just really want to rent to own. Email amandajoles08@yahoo.com.
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July 08 2012 - Gardner
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Answers (2)

I am not sure you are ready to rent to own.  To begin with the seller would want a large down payment which becomes non-refundable.  Walk before you can run.  I suggest that you meet with a mortgage broker and ask him/her to put you on a plan to improve your credit, hopefully you will find a job and things will get back on track.  
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July 08 2012
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Rent to own homes are very hard to find, and with no money, no job and bad credit you are looking for an impossibility. 

Why not approach your dream for home ownership step by step systematically so you can do it successfully?    Tackle your low credit score, your lack of employment and lack of down payment in parallel and in a year or two you may be ready to purchase.

While the concept of rent with the option to buy may seem attractive in theory, some of the realities are considerably less so.

Owners who will consider rent to own are very rare, so it will cut down your options for properties considerably.    Yeah, it is tough to move but it even tougher to lose a lot of money attempting to buy.

Some features of rent to own:

1.  Down payment required - often substantial (say 10% or 20%) and is non-refundable if the potential buyer doesn't purchase.

2.  Monthly rental is above fair market rent, with the only amount going to purchase is the amount above the fair market rent.  This is also not refundable.

3.  If not qualified for financing at the agreed upon  time and price, then you lose  all money you've put into the property so far.

4.  The price is agreed upon at the beginning of the contract, and housing prices may still be decreasing.

5.  You still depend on the owner to pay their mortgage.   If they fail, you lose.

It is clear you aren't ready to get involved in this , but if in the future you do get involved in this, please involve an attorney in the contract.

Good luck with your systematic approach to home ownership.


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July 08 2012
 
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How can I get a rent to own home with no job, no money down, and bad credit.
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July 08 2012 | 2 answers
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