Profile picture for t martinez 1

i'm finally interested in buying a home, but no-so-great credit, but no debt.

if i don't qualify out-right, where can i find an honest, legitimate rent-to-own or lease-to-own?
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November 21 2013 - Tacoma
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I would highly suggest you to rent to own or lease to own and start working on getting the bills lowered, the credit score up. Work from the bottom up on your bills. Pay the smallest off first, then put that payment toward the next to the smallest and so on. You will see your bills lowering, your monthly bottom line going up, and your credit score improving. Also make sure to keep some of the credit sources such as credit cards open and not close them. Part of your credit score is the amount of longevity you have the credit. 

As far as finding a honest, legitimate rent-to-own or lease-to-own opportunity, a lot of time you can go to a local Realtor and they can assist you. They generally will have a good idea on where you can look.
Hope this helps!
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November 22 2013
Do you happen to know your exact credit score? Who knows, your credit score still may be acceptable. For example, I have been able to give out loans with scores as low as 580. So if you are in that range or above you will have a shot at a loan with a lender like myself. Otherwise, I recommend that you work on your credit score a bit. The simplest way to improve your score would be to pay off your debt and revolving credit balance on time. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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November 22 2013
They are not abundant, however, there are a few decent owner financing listings. Owners are usually a little more forgiving regarding not so great credit, you will save some thousands in lender fees, and may possibly be able to come up with less of a down payment.
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November 21 2013
I have 8 bedrooms / 4 bath rent to own in saint cloud Florida , brand new house
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November 21 2013
I'm with Wetdawgs, rent if you don't qualify for financing. Don't get hooked into some agreement that doesn't have a good chance of happening.

Back in the 50's it was pretty common for my mom to get folks to agree to "rent to own" at a market rental price with a portion going into escrow for a down payment, or towards owner financing when you had enough equity.

Nowadays, you're adding money on top of the rental, or they're giving you "first right of refusal" instead of a "contract to buy" at a point in time for an agreed upon price now.

If your "poor credit" has a good excuse, illness, death in the family, etcetera, often a letter of explanation will suffice to get you a decent rate for financing or get a seller who can "hold the note," interested in you.

Keep trying mortgage brokers and bankers, Realtor's, friends who might know someone, contact people who are known to own investment properties, and others. Get the word out!

Good luck!
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November 21 2013
Profile picture for wetdawgs
Rent to own /lease to own tend to be easier to find when there are no buyers and sellers are getting desperate.  The chances of finding one that is a home you wish to own are slim to none.   Here are some things to consider:

Often they require 10 to 30% down, and this money is not refundable if you can't get financing when agreed.

The monthly payment is higher than fair market rent, only the difference goes to purchase.

If you can't get financing at the contractual amount at the right time, you lose everything you've put in.

The contracts are written in favor of a seller, so hire an attorney to help you put together an option.

I'd do a traditional rental while building up your credit score and savings. 

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November 21 2013
Profile picture for t martinez 1
i've seen listings requiring 20% down, and some as low as 3% down. i realize that the more i put down, the better it is all-the-way-around, that's why i thought rent/lease-to-own would get me past that. also, what is the 'bad credit/no credit ok' about? i don't want to use my credit card for part of the down, so all i have to work with is $3-4k cash. my credit score is about 633. still an option?
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November 21 2013
Hi T Martinez,
Yes, find out the facts about your credit. Contact a highly experienced Mortgage Loan Officer and start the process of pre-qualification  Often people think their credit is worse than it really is.  Most good Mortgage Companies can offer free guidance to help you correct credit issues.  Interest rates are still low, and I would advise you to start the process as soon as you can. 
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November 21 2013
Hi T Martinez,  I think your first step is get pre qualified.  A company like mine with different program options geared for all types of credit maybe what you are looking for.  I would advise you not give up on owning outright and give a knowledgeable broker like myself a call.  If I can answer any more questions for you please dont hesitate to click on my profile for contact information.  We are local.  Thanks.
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November 21 2013
Best tfirst step to  take is to begin the pre approval process  so you are certian what your options are .
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November 21 2013
 
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