Every lender is different, and what loans they do are different. Just as you would shop around for a home, you should shop around for a lender. Whenever I first got into real estate (3 yrs ago), I encountered lenders like that. Thankfully, I had already done my homework so the advice had 'red flags' going off all over the place & I knew to walk away.

If your husband is eligible for a VA loan, why not go that route? I mean I could be wrong, but I thought 629 & 667 were the higher end, or at least middle of the road credit scores, so I'm not sure why you wouldn't be eligible. There are still “low doc” loans aren't there? (any agents want to answer this) Meaning, you wouldn't have to show tax returns, though I think you need a good credit score, so I may be wrong.

I still wouldn't suggest rent to own but would suggest you look for owner financing. With the market being the way it is, there are a lot of sellers doing owner financing because they just need out of that cost ASAP. I can probably help point you in that direction, and save you all the headaches. No since in wasting your time with properties or financing that doesn't fit with your needs.

Call Mark Bush at Prime Lending (469) 226-9020. Tell him I told you to call him. He can be very creative in terms of finding you a lender. It's NOT true that no lender will touch you.

If you have to go the rent to own or owner financing route, then you will need to have an attorney help you.

All the Best!!!

Kerry Thornhill

Unfortunatley, the lender said NO LENDER will touch us, so we have no other option but to owner finance or rent to own. I understand that outright buying would be better . . .but because we served on the mission field we are punished :(
Unless anyone can point me to another direction. I am open to anything at this point. Credit is not an issue, however, every time a lender has pulled our credit our score keeps dropping 7 points. I lost 75 points in just lenders . . . .i am tired now of the chase and the game.

GREAT QUESTION:

Best if you can purchase a home out right therefore you own it, you receive the annual tax benefits. Rent to own is tricky.

Rent to Own option or an owner finance option = are the same thing

CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 07’ & 08' list top realtors"
Dallas Loan Officer -
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale

Hi Amy,

I would explore all financing options before getting into an owner finance or rent to own. I have a couple of lenders that are very creative and can do loans that are sometimes a little more complicated than most. I would be happy to share their inforamation with you.

Just make sure to explore the options on your decisions, and it is always best to have a Realtor representing your best interests on any purchase. This does not cost you anything, so I would highly recommend a Buyer consultant.

If I can be of further assistance, please let me know.

Amy Downs
Amy Downs & Associations of
Keller Williams Realty
972.468.5136 http://www.teamdowns.com

Rent to own can be very appealing on the surface,but I would strongly advise against this avenue to homeownership. There are many legal loopholes with this type of deal and it is VERY easy for the buyer to lose their investment as well as finding yourself out on the street. Not all owner financed deals are bad, but many of them are not structured in the favor of the buyer. In either situation I would absolutely recommend having a Real Estate attorney draw up and/or review all contracts before you sign anything to make sure you and your financial investment are protected.
If you have full time employment here in the US at this point, and can document your out of country income, youshould still be ableto qualify for a loan as long as there are no other credit issues. In this market economy, I strongly recommend dealing with directmoney lenders only and no online lenders.
Please let me knowif I can be of further assistance.

Sharon Dolan

Owner finance can be pretty straight forward, just make sure you get title at closing. The rent to own is not such a good deal. You can lose your investment pretty easily. You really should have an attorney look at any deal like this.

All the Best!

Kerry Thornhill