Hi, Lastly, rent to own deals always favor the seller and the actual agreement should always be reviewed by an attorney, if you enter into one. A better strategy for repairing your credit is getting a secured credit card and building from there. I know many that have had a lot of success starting there. It is important to know that you shouldn't use more then 30% of your available credit and always pay on time. It is a process and you must be patient. Good Luck!
Lester said it well. There are ways for the government to discover these things if they want to. If you knew you were going to be using the property as rental right off the bet, then don't say it will be owner occupied. I think though that if you live there and are only renting out rooms to help for your expenses, that might not cause any problem. However, it is best to be sure before you choose to do so. Clarify with your loan agent if you plan to do that.... more