I have question ...my name is Jonathan and I currently work over seas for the oil industry and money is not issue with me....I've been paying rent for to long over 100 a month and my land lord don't wanna see me go because I have upgraded his house but I don't file taxes in the united states because I work for Singapore and I'm not paying taxes twice ....but a loan is out of the question at least for a house with the new law they passed from what I understand .....anybody have any advise or something I should try without somebody hitting me with a balloon rate or super interest. ...I am currently in dubai until the end of the month then I will be returning to pensacola ......please email at mrjohnfuller@Yahoo.com... more
Make sure you fully understand what "rent to own" means!
It does not mean you simply pay rent, and then all the rent is applied to the purchase if you decide to buy the home..... and can arrange to get a loan.
Are you aware you will be expected to give a non-refundable deposit and/or pay an amount of rent over and above the usual rent?
Are you aware you will lose that deposit and rent overage if you do not, or cannot, buy the home for ANY reason?
Rent to own favors the seller - they are a lot of pitfalls for the buyer.......so beware!
The best advice anyone can give you is.....rent while you work on whatever financial issues you have that are keeping you from buying a home in the normal way.
You will then have a full selection of homes from which to choose......
Home ownership isn't always an easy road........it requires a plan and a budget....and then you can hopefully reach your goal.
Frankly this is a question that needs to be answered by a financial expert. Most of what I have heard is through conversations trying to get a client pre-approved. It is my understanding that you take less of a credit hit from medical bills than other types of bad debt....there are a lot of non-profit consumer credit services that can answer those questions for you. These companies will for no charge help you to arrange payments, to pay off ,or settle credit issues. There really are some tremendous avenues (FREE) to get your credit in good shape !... more
Student loans can help because they report to the credit bureaus. The key is that they be current and without any recent late payments. However, just as any other debt the payment is considered in your debt-to-income ratio, even if they are deferred. Sometimes we get lost in the jargon/language, the DTI and PITI, but just know that credit is either good or bad. It just depends on your payment history and how much you can afford.... more
Good morning. I understand your frustration completely. When I relocated back to Pensacola from South Florida a little over a year ago, I was going through the same heartache/concern you are currently having right now. Have you considered trying to BUY instead? There are so many amazing lending programs out there right now - and so many amazing deals out there as far as home prices and historically low interest rates! Yes, I am a REALTOR, but I had to find a home for MYSELF in about a month's time. I ended up calling Navy Point my home and was able to purchase a great little home in a fabulous waterside neighborhood for less than $80,000. You can do your own home search on PensacolaMLS.com or log on to my team's Website at: www.MovingOnTeam.com.... more