Profile picture for TammyBrown0

rent to own homes

what does it matter what your credit score is on buying a home as long as you pay for it
  • August 20 2013 - Alvord
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Answers (2)

Profile picture for LystHouse
Sounds like you could go for an owner financing type option.  This is where the owner of the residence extends you a line of credit and finances the home for you.  The financing terms are usually slightly higher, but your still building equity in a home, over loosing it to rent.  There are actually quite common in most cities.  

Good luck! 
  • September 01
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Profile picture for wetdawgs
Do you have a suggestion of another way to demonstrate your credit worthiness?  Your credit score gives lenders a clue about whether or not you have a record of responsible use of credit (i.e. do you routinely pay your bills).

If you are interested in a "rent to own" home, plan on a 10% to 30% down payment and the only amount going towards purchase being the amount higher than fair market rent.     If you are unable to get a loan in 2 to 3 years, chances are good you will lose all the money you've put in already.   Do you really want to run this risk?


  • August 20 2013
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