You may be able to buy without bank qualifying using some form of Owner Financing from the seller. Credit and your f/closure will be less of an issue if you can put about 5-10% down and have some evidence of steady income. Look on Craigslist for real estate for sale By Owner with the keywords Rent to Own, or Owner Finance. Check out my blog for some different options. Hope this helps
In addition to the credit repair webinar, there are many others that will educate you on the home buying and lending process.
:Pay off as much as possible.
They also look at length of credit, so don't close out your cards that you have had a while, and do not open any new ones. They also look at amount owed, vs amount available. (one easy way to increase score is to see if credit cards will increase your limit.) It is up to you NOT to use that extra credit!!
Also , all little items like utilties, cell phones, get those paid off.
Good luck to you. I just don't want you to pay higher interest than neccessary.
Lease option sounds like a good transition plan.
Often the only reason a seller is offering them is because they are upside down, and want to charge more than the home is worth. You also need to assure that the owner continues making the mortgage payments. There are a lot of people who think that they are buying a home only to have the owner get foreclosed on... Not fun. You can solve this issue with a quick check of the required payment amount and the use of an escrow account.
You should file a notarized notice of interest that block any title action without your approval as well. We can talk about the reasoning for this on the phone if you want.
If you have a little time to shop around I would reccomend that you talk to a credit consultant. I know a lady that used to work for Experian and has excellent tips on what you need to do to get you to a home-buyer credit score.
I have 2 homes that you can do a lease option with. And I have a good investor friend that has about 20 homes that are possible for a lease option.
Also, any Realtor that you like can help you find any lease option homes on the local MLS (multiple listing service).
As of moments ago, there are 114 homes offered through the MLS that will do a lease option.
Good luck and let me know if you want more information.
William Bustos Team
Keller Williams Realty
RANLife Real Estate
let me know,
The Love Realty Group at Equity Real Estate