Need ADVICE on how to get into a home(see details please)

Hi tks5pupsrul,

I'm sorry to hear of the sudden turn in your situation. I understand you want to live in a HOUSE; perhaps renting a house may be the best choice for you. Here, you only have to worry about paying rent and utilities. If anything is wrong with the property, you can have the owner/landlord fix it. My point is, it's less responsibility on your part, which could possibly mean that it's less money out of your pocket.

However, if you truly miss owning your own home, I agree with Darrell in going with a seller financed home, as opposed to rent to own. Here's the difference:

With rent to own, not only would you have to pay for rent, you'd also have to give the seller money on a monthly basis that goes towards the down payment for the house you are renting. The agreement term for this may be between 1 to 3 years. By the end of the term, the agreed upon down payment, accumulated, will be used towards the purchase of the property, which means, you must be able to qualify for a loan for the property to pay for the remaining balance. If you're planning to get a mortgage loan for this, banks typically want to see a steady flow of income, therefore, they may ask for your W-2 as proof. If you can show them other forms of steady flow income, then you're still on the boat.

With seller financed homes, the term agreement may be between 5-15 years, maybe more depending on your agreement with the seller. Instead of using a conventional mortgage lender, the seller is, in a sense, your mortgage lender. It should be set up where you'll be making payments to an escrow account instead of the seller directly. It's safer for the both of you that way. Here's a blog that describes this in detail:

http://cashflowbuffalo.wordpress.com/2011/02/09/how-someone-with-bad-credit-can-buy-a-house/

As a warning though, with both seller financed and rent to own, if you miss a payment or if you're late on a payment, it may void your agreement with the seller and they are able to keep all the amounts that you've paid so far.

I hope this was helpful and good luck to you.

I would advise you to look at seller or ownered financed homes as in general this tends to be a better route than going with rent to own. You want to get a Real Estate attorney involved when you go this route. I hope that helps!