Is Buying A Home Easier Than Renting A Home (Monroe: apartment complex, rental)

[Terrynat]

I know that is a strange question, but my credit is slow (with a score of 613). I had major surgery in 2004 and just finished paying the bill in 2007 and of course it affected my credit rating, but we (my husband:retired, myself, and 13 year old child) need space and want to move into a home. We will rent or buy. I know I can get an ok mortgage with a good rate as a first time home buyer with my score via FHA. I am working with a very legit mortgage lender, but if I don't want to buy I am affraid no one will rent to us because of my credit. It would seem to me if it is good enough for me to buy it is good enough for me to rent, but I am still somehow worried about not being able to rent in a good neighborhood with a good sch district(Squirrel Hill, Greenfield, Monroeville).

My reasoning is that I know it is easier to buy a car than lease one. Is buying a home the same way. If I can rent a home I will be happy with that. Can anyone shed some light on this situation? What exactly is a good score? I mean I have excellent references, but everyone seems to harp on "good" credit. All other bills are "paid as agreed," but even with insurance medical bills nearly killed us.

[Maaz]

Provided you have regular income in your household, you should be able to rent a house or duplex from an individual owner without much of a problem. In addition to the first month's rest, they generally ask for a 1 month deposit and occasionally a security deposit. There are a few places in Squirrel Hill and Greenfield to choose from; just drive around and look for the signs. Not too sure about Monroeville. I used to live there but I lived in an apartment complex and didn't pay much attention to the houses. I live in Greenfield now.

Now if you want to rent an apartment in an apartment complex, they are likely to check your credit. 613 isn't horrible but it's not great either. If it was 400 or 500, you would definitely have a problem. If you can provide them with good rental history and employment information, they will probably rent to you anyway, depending on the company.

Maaz

[Seaharbour]

at one time our score was just above 620..we got 100 percent financing but also had a very high pmi too, we would of been better off renting as the home is not selling and there are no jobs in this rural area to support it, i wish we had rented a home here and I think I will wait for awhile myself to buy, the market is still going down in most areas, its really not a good time to buy IMO...rent a vnice apt or home and you will save money most likely. good luck to you.

[guylocke]

I know that is a strange question, but my credit is slow (with a score of 613)

That's really not all that terribly low, is it? The average credit score in the USA is only between 650 and 700.

[Seaharbour]

with the condition of the econmony and the mess most are in, most with no fault of their own, most leasers and mortage companies understand this...its rather easy to get a home loan too, we got one for 6.6 with a score of 620 and no money down...but be sure you buy a home you can sell in a area that is not too rural, or else you be in my boat@