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Is it possible to get approved to apply for a rent to own/loan if i'm just a new alien resident?

I am living here less than a year now. I don't have a bank account yet because i am still waiting for my drivers license ID but i already have my SS and Form I-551. Another thing is i am just about to start working as regular part-time employee. 
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June 06 2012 - Dallas
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Answers (5)

There are several banks that will allow you to open a checking account with your country passports.  Bank of America is one of them, they also offer secured credit cards for a 300 dollar deposit.  This will allow you to start creating your credit.
 
Rent to own is a very rare thing.  I will recommend renting below your budget, so you can afford to save for down payment an.d closing cost as well as to have a savings for a rainy day. Th.e best of luck to you
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June 07 2012
Develop a relationship with a lender and follow his advice so that you can develop your credit, eventually you will get a full time job and will be able to think about purchasing a home, meanwhile it will suit you to rent and start saving money for the downpayment and closing costs.
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June 07 2012
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Thank you all for the reply. Much appreciated!!!!
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June 07 2012
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Rent to own is a very rare category, and approval is by the person selling the property.     

While the theoretical concept of rent with the option to buy may seem attractive, 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.   I consider it much smarter to spend a year or two working on developing  your US credit and (if necessary) saving up a good down payment.  

Some features of rent to own:

1.  Down payment required - often substantial (say 10% to 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 everything. 

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.

If you do get involved in this, please involve an attorney in the contract.  There is a lot of possibility for the potential buyer to lose a lot of money

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June 07 2012
In US, you have to have better credit for a loan or for rent application. Please apply for a credit card to build up your credit if you don't have one. Good luck!
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June 07 2012
 
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