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Answers (9)
- Keith Kreis, "Keith A Kreis"
- Contributions:6
buying a home over renting a home can generally save you hundreds or thousands each year on payments. Wells Fargo has a program for people with 600 credit scores.with housing at the most affordable that it is been in a long time. Why would you want to rent? Also doing the lease with option to buy limits the amount of properties to view.
- Katherine Cannon, "highheeledhomeowner"
- Contributions:107
Prices are low and interest rates are low. If it makes sense for your lifestyle, get that score up (might be easier than you think), and buy as soon as you can! Good luck!
- Devin Haub, "Devin Haub Remax"
- Contributions:29
Don't rent OWN! Prime Lending can get you a 30 year fixed rate loan with a 600 credit score. You will need to show 3 lines of credit that have been open for at least 1 year. Credit lines are credit cards, car loans, student loans, stuff like that. IF you can show 3 lines of cred for 1 year and you have a job you should have a very good chance at just owning a home.
- Hugh Oake, "hud_va"
- Contributions:80
A lender is your best friend at this stage of the game, and all Lenders are not the some. I feel with those scores you should find financing. GOOD LUCK!
- Wes Black
- Contributions:509
My advice is check with a lender and follow their direction. In the long run, you will benefit more from waiting and improving your credit score.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
I came in here looking for some kind of easy way out a few months ago, after losing my home in a tornado.
I was advised to go to www.myfico.com and to read, and ask questions. I found that my credit was very fixable. I got great "been there done that" advice there. I really started working on our issues in November, and I checked my lowest score last week and it was up 89 points.
Some smart person told me that buying a home is NOT an emergency....ever. I had it in my head that it was, but it's not.
By the time the spring market really heats up I will be in a position to have my choice of lenders and homes in my price range. Whereas before I would have been begging someone to either loan me money or do an over-priced owner finance.
I was advised to go to www.myfico.com and to read, and ask questions. I found that my credit was very fixable. I got great "been there done that" advice there. I really started working on our issues in November, and I checked my lowest score last week and it was up 89 points.
Some smart person told me that buying a home is NOT an emergency....ever. I had it in my head that it was, but it's not.
By the time the spring market really heats up I will be in a position to have my choice of lenders and homes in my price range. Whereas before I would have been begging someone to either loan me money or do an over-priced owner finance.
- Tami Hicks, "TamiHicksC21SRE"
- Contributions:27
If you want to go that route, find a private investor to purchase a home and then allow you to rent-to-own it from them. That will improve your selection. If you can wait the 8-12 months to improve your credit and save up a down payment, that is fine too.
- Matt Hiatt, "Matt Hiatt"
- Contributions:112
Lease to own or owner carry usually require large down payments and interest rates. Check with a good loan officer, I just got one of my clients a regular FHA loan with a 600 credit score. He now owns a house he loves with a very low interest rate.
- wetdawgs
- Contributions:26833
Why not spend a few months improving your credit score so that you can easily be eligible for an FHA loan?
Owner carry and/or Lease to Own are very hard beasts to find, so will limit your selection of potential homes dramatically. In addition, they tend to be expensive $$$ losing situations for the buyer.
Owner carry and/or Lease to Own are very hard beasts to find, so will limit your selection of potential homes dramatically. In addition, they tend to be expensive $$$ losing situations for the buyer.
Looking to buy my first home I have a 600 credit score concidering lease to own or owner carry
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