Home Buying in 23451>Question Details

Jeremiah Rut…, Home Buyer in Virginia Beach, VA

Are there any rent-to-own options for someone with bad credit, and cant get a loan approval.?

Asked by Jeremiah Rutledge, Virginia Beach, VA Tue May 29, 2012

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Without the ability to get a mortgage in teh future you could not complete the purchase part of a lease purchase. Your first step should be to meet with a local and trusted loan officer who can look at your financials and credit and let you know what you will have to do to get a mortgage and how long it will take. You can then guage whether a lease purchase is for you or just renting until you can get your financials in order.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue May 29, 2012
Jeremiah, Please be very carful with any Rent to Own contract and make certain you have your JAG officer review before getting into one. . . I highly recommend the slower path of education via http://www.vhda.com good luck - Bobby
0 votes Thank Flag Link Mon Jan 7, 2013
You are not alone, many of my clients and customers have come to me with a similar story. Scott is on the money... You need to contact a reliable Lender and let them take a look at your situation. Many lenders have programs that teach you just what you need to do and know to get your credit score in a buying position. I have a very trusted local lender I would love to refer you to, please feel free to contact me if you'd like a referral.
0 votes Thank Flag Link Sat Jun 9, 2012
Yes, Jeremiah there are many options for someone who is credit challenged. I would love to discuss some of these options with you. I have been able to help many people who thought they couldn't buy a home. If you would like more information just shoot me an email and I will get back to you as soon as possible. Best of luck to you!
0 votes Thank Flag Link Tue May 29, 2012
If you can't get a loan how will you buy the house in a year or two? If you can't get a loan then the deal falls through and you lose all the money you put up. Avoid it and just rent.
0 votes Thank Flag Link Tue May 29, 2012
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