Regards, Michael Lavanco
First Choice Bank
If by now, you still haven't been able to get a loan, have you thought about seeing if the home owner would be, first, able -- then willing, to possibly either lease or rent the home to you with an option to buy, until the credit score can be raised? They would likely still expect a 'good chunk' to be put down, so you'd be demonstating you're serious about your desire to purchase the home.
It's also likely not all the money you pay in rent or as a lease would be counted toward the purchase, but at least you'd be able to live there and not lose the home altogether. If they actually do agree to this kind of transaction, make sure to consult with someone who has experience in preparing this kind of a contract.
It certainly wouldn't hurt to ask the homeowner. "Nothing ventured, nothing gained."
I wish you success with the outcome you hope for.
I hope this blog post will assist
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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