They exist, but they do not. Usually for people who have absolutely no way to buy a home and they overpay for the property.
Loan officers will require at least 2 years of tax returns. If you are self employed, copies from a CPA for the last 2 years tax returns, and current year.
You need to have a 640 or higher FICO, and have your credit clean.
You need to show proof of funds for the deposit and 2-3 months reserves, along with the past 2 months bank statements.
With all of the above, you should be able to get a loan, as long as you qualify for the purchase price, etc.
Then there's the question of an adequate down payment and you're probably looking at at least 20 to 25% down. Finally your credit would have to be steller i.e. probably over 750. I know this for a fact because as a sefl employeed businessman for the past 45 years I've often been in your shoes.
I know they will need your tax returns . If you try lease to own be careful and have an attorney to read the contract and advice you.
There have been more buyers than sellers this season, with most homes getting multiple offers. Thus, there is less motivation on the part of sellers to do lease to own.
My best advice - get your credit score sky high and save up a substantial down payment. The higher your credit score and the higher your down payment - the better your chances of getting a loan.
Also, not all lenders are created equal. Find a good mortgage broker - one who is not tied to one institution. The more loans any given mortgage broker has access to - the greater your chances of finding the right loan program.
If you are not making any money, that is a problem.
If your credit is poor, that is a problem.
If you do not have any assetsâ€¦wellâ€¦you get the picture.
Lease to own is tough to work out and even if you find one, you're looking at close to 10% rates. Same with seller financing.
Buy to own obviously works, every time.