If you have a low credit score or bad credit, please look at addressing this head-on. Avoiding a "core" issue and seeking a short cut to homeownership is not wise short or long term. Be confident, change your housing future by making better financial choices. I'm sure there are a lot of "willing" folks that will be happy to take your hard earned dollars to fatten their own pockets.
We want you to fatten your own pockets. Thanks for the post and good luck to you!
That is problem number one, in addition to that it sounds like a loan officer has established a minimum timeline for you based on a specific issue or past event. I would double or triple the minimum to be safer; backing into a tight corner is not a good move.
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I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Rent-to-own does not really exist. And, if it does there are no bargains.
You are not going to rent to own on something at todayâ€™s prices. If does happen you will pay a premium on the sale ( meaning a high price ) and a monthly payment towards the sale deposit amount over the rental amount. You rent is usually NOT saved towards the purchase price.
Save your money then buy a house.
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.
I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.
Best of luck!
You may just want to consider staying put until you are ready to buy in five months. In all honesty, and in my experience, lease options, also known as rent to own agreements, have terms more favorable to the Seller/Landlord, and can make things messy and complicated, especially if you are not working with an experienced real estate professional.
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson , LSA
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