Look for homes that have had a NOD (Notice of Foreclosure) filed against them. This means that they are behind in their payments - sooner their filed the better. You can then approach the homeowner and ask them if they have considered selling their home on an option or land contract? Your rental payment should equal their mortgage (or a little more to cover taxes and insurance) and you agree to buy the home after a couple of years. Your "down payment" should be used to bring the mortgage current. Win Win.... more
If you are not already working with a Realtor, I'd love to help you. Please contact me if you would like a list of available homes e-mailed to you. We can start looking this week, if you like!
Call me @ 256-339-3060... more
Culpepper & Associates. Tim Culpepper is an experienced attorney in real estate. I'm sure that Tim or one of the other attorneys with the firm can help you close your property in Bremen. The closing Secretary's name is Barbara.... more
Depending on your income, you may want to check out Habitat for Humanity if you are willing to help volunteer ("sweat equity). You would have a nice, brand new, safe home for you and your children, at an affordable rate. Go to their website, or call the local office, to see where and when they are building in your area, and also what the income and credit qualifications are.
As far as rent to own, just be careful. Some people try to not apply the whole amount of what you are paying toward the mortgage, and it ends up being a bad experience and a waste of money.
As a first time homebuyer, you could try FHA. Check your credit on the government's free annual report site.
Make sure you have a good established relationship with a bank/credit union at this point, are paying bills on time, etc. Try creditkarma.com for more ideas, I have been using them to help figure out my debt ratio and other factors to prepare me for home buying.... more