Financing in 42141>Question Details

missvic, Home Buyer in Glasgow, KY

I am a single mom of two that has horrible credit because of a very bad divorce. Are there any lease-option (rent to own) homes in our area?

Asked by missvic, Glasgow, KY Fri Jun 29, 2012

I need at least a 3 bedroom and do not want something that I will need to put alot of work into. Capable of saving up a down payment up to $6000 dollars. and more than willing to assume a mortgage or agree to get bank financing in 36 months. That should give me enough time to get my credit score up to par.

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I would be glad to alk with you. I know some loan officers that might help you with credit repair and I have a couple homes that you could do a Lease option
0 votes Thank Flag Link Sun Jul 29, 2012
Good luck with a 36 month rent to own. At the beginning you and the owner need to agree on a sales price for the end of the agreed period - 36 months in this case. How would you know what the house should sell for in 3 years? If you guess wrong and the bank does the appraisal in 3 years and it comes in lower than what you have agreed on, then the owner can say too bad and keep all the option money and deposit you have put down over the 3 years which could be $3-5 thousand or more. If the bank turns you down because your credit still is not good enough then you lose that money because you must get a loan to buy the house.

My suggestion is rent now, improve your credit and buy when you can really buy.
0 votes Thank Flag Link Fri Jun 29, 2012
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