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My husband and I Would like to buy a small home in FL. However, we do not have good credit due to bad credit a few years ago. We pay our bills, etc. but our credit report prevents us from buying. If we find a lease to own or rent to own, are we more likely to be able to rent to own? We have rented for a lot of years and have perfect references from our landlords. Can we do this or what do we need to do? Thank you
Last edited by tarajane2013; 09-02-2014 at 07:13 AM..
Reason: not finished
My personal opinion is to wait until you have the credit score to get a mortgage. Most lease to own agreement do not work out, and you end up paying more just to rent the place.
Talk to a mortgage broker to see exactly what you need to do to qualify for a mortgage, and then do it. Meanwhile, save your money because it takes a lot of cash typically to close on a home
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In my experience as a realtor, lease to own options are very limited and far and few in-between. I wish the OP the best of luck, but finding a seller willing to do so can be difficult.
As others have noted, I would wait too. There are several hurdles for the OP:
1. You have to find a Seller that is willing to do a lease purchase. If your market is hot, it will be very hard to do so.
2. You will still have to convert the lease-purchase into a purchase at the end of the terms of the lease so you will have to qualify for a mortgage unless the Seller owner finances it. If you don't qualify for a new mortgage, you may loose all of your "downpayment" amount in the lease-purchase.
3. A good mortgage broker can give you a better idea when they think you might be qualified and what items you might want to clean-up on your credit history prior to the purchase period.
It's a great idea, and you will see lots of Rent to Own ads in Florida.
Unfortunately they are all scams.
Well, everything in Florida is a scam, but still.
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