Financing in 78240>Question Details

2011, Renter in 78240

i am a tenant that has to move because of the sale of my house. I have pretty bad credit , but i hav had the same landlord for 2 yrs,wat r my chances

Asked by 2011, 78240 Mon Apr 25, 2011

I have also had the same job for 5 yrs.. with references from both..Will i be able to get a place ? Rent to own, or owner financing.. Even rental

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Veronica Abrafi’s answer
Yes, if your rents was pay on time and you can pay the first month rent plus security deposit. As for owner financing, provided you can put down 10% or more but you may have less home to choose from and also you need an Agent who is willing to work with you. Don't give up it can be done.
0 votes Thank Flag Link Wed Apr 27, 2011
We work with the best credit repair lender in Texas. Give us a call or shoot us an email so we can get her contact information over to you!

Good luck,
The Trey Group
0 votes Thank Flag Link Mon Nov 4, 2013
Some investors (myself included) might be willing to work with you. Be prepared to answer some hard questions. You'll need to explain what happened that caused your credit scores to go down, what you've already done to resolve those issues, what you're doing to continue to resolve those issues, and why what happened before won't happen again.
0 votes Thank Flag Link Mon Apr 25, 2011
Your chances of getting a house financed are excellent. You did not say whrther or not you have saved for a down payment. If you have some money to put down, ask the seller to hold a mortgage for you. If you can find a seller that owns the house free and clear (no mortgage), It should be no problem to offer him about ten per cent down payment and he holds a mortgage for the balance. Offer him about seven per cent interesrt. He certainly isn't get that in any other safe investment. You might have to ask about ten sellers before you find a winner. Make that a criteria for the houses you look at. If the seller won't hold a not even bother to look. Most likely the seller is not going to do a credit check. I have bought a lot of houses this way. No one has ever done a credit check. More likely they would talk to your landlord. You have paid your rent perfectly, that would be good enough for me.
If you contact the seller by e mail, use correct grammer and spelling. It is important to many people.
0 votes Thank Flag Link Mon Apr 25, 2011
Bad credit is how old? Using the old FICO system, I still have several lenders that can help depending on the credit and the reasons going down to 580 and below under special circumstances. References may help in renting, but it will be your credit and the amount of your debts and income. LIFE happens and not everyone has great credit. I can help you if you would like and would want to contact me at 214-405-7264. Your chances at owning a house are better than you think. I can help.
Sera M. Smith
Texas Loan Officer
NMLS # 354776
Bluesky Lending
0 votes Thank Flag Link Mon Apr 25, 2011
You should be able to rent a place based on your rental history and stable job. Good luck in your search!
0 votes Thank Flag Link Mon Apr 25, 2011
You may be suprised. There are FHA lenders like Coldwell Banker Mortgage that may lend down to a 500 Beacon Score if you can put 10% down. There are Mortgage companies like DHI Mortgage that offer low cost credit repair programs. There are even community outreach programs like NACA who can help you fix your credit as well as educate you on the home buying process. USDA financing may work for you as well since it has very low out of pocket costs, it may allow you to pay off some of your debt to bring the score up enough.

Unfortunately, I am not a mortgage lender or a credit counselor so you really should speak to one or both before making any decisions. A mortgage lender can help you establish your buying power and timeline. After you have a better idea of your financial options, you should speak to a good REALTOR to discover your housing options as well before you resort to rent to own or owner finance. If you need references, feel free to call me.


Troy Beck
Coldwell Banker D'Ann Harper, REALTORS
0 votes Thank Flag Link Mon Apr 25, 2011
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