Profile picture for angel31675

i have pretty bad credit and want to rent to own with little down and low monthly payments. what is

what is the best option for me?
  • November 29 2013 - Wrightsville
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Answers (6)

Profile picture for angel31675
me and my husband were actually renting to own a place and when we split up i moved out of the home. he let it go back along with an account that we had in both names and the account made my credit go down so i picked up the payments and paid that off. i have actually been making all my payments every month on the new accounts i have without missing a payment. they will be paid off soon. i also have some cash to put down and can afford to make payments every month as long as they arent too high. not looking for anything big and expensive, just something that me and my kids can call our own and not have to move for a long time.
  • February 02 2014
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Profile picture for Ed Rorrer
If you can find a seller to do a installment sale great!! If not just rent and start paying down your debt and getting your credit back on track. It takes work but you will have your own home in a short dedicated while!!  Good Luck!!
  • November 29 2013
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Profile picture for Ofe Polack
Angel, its time for a reality check.  Your wants may need to be deferred for a little later on when your "wants" can be met by your ability to front the expenses associated with them.  Have a word with a few mortgage brokers and ask them to guide you as to what you need to do to be able to purchase property.  There is absolutely nothing wrong with renting as you prepare to make a purchase.
  • November 29 2013
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I agree with Wetdawgs, I am actually a landlord also and I have actually bought some properties rent to own, they are risky.  Rent from Someone for a short time build up your down payment and then come in with a stronger offer, usually the more you put down, the easier to get a better interest rate also.
Good Luck!!
  • November 29 2013
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The question is not whether or not you can get a loan and which is the best source for a loan. The question is whether you can service the loan, if granted. If you have already maxxed out on your available sources of funds, chances are you will default on principal and interest payments. Therefore the order of the day is increase your earnings, pay off your loans, increase your savings and then toy with the idea of owning a house. Nothing wrong in renting till then. 
  • November 29 2013
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Profile picture for wetdawgs
Save your money and repair your credit.  

Home owners who will consider "rent to own" are extremely rare, so the chances of finding even one house with that option is slim to none.

A home owner who will consider that option is taking a risk, so some basics of rent to own:

1.  A significant down payment is required.  Plan on 10% to 30% of the market value of the home.   This money will not be refunded if you aren't able to get funding at the price and time determined in the contract.

2.  The monthly rent is higher than market value rent, and only the difference is paid towards ownership.

3  If you can't get funding at the price agreed up front at the time, then you lose everything you've put into it (and have to move out).

Rent to own is very risky to the potential buyer.  

So, at this point I'd recommend a regular rental.  You have a dream of home ownership and  have identified two things standing in your way, credit scores and amount available for a down payment.   That means you can put together an action plan to improve your credit and increase your savings to reach your goal.

Good luck



  • November 29 2013
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