Home Buying in Miami>Question Details

Miamea75, Other/Just Looking in Miami, FL

In about a year I would to get a property - rent to own. I need more information as my credit is in the 500 and my husband's does not enough credit.

Asked by Miamea75, Miami, FL Wed Jul 3, 2013

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I think the first thing you have to work on is improve your credit score, and take your time to make more attractive for lenders your score. Now these days the lenders are more meticulous when they are evaluating lending solicitudes, and let me tell I heard about rejected approvals with scores below 700 points.
0 votes Thank Flag Link Tue Jul 9, 2013
Quick question, have you already secured this rent to own deal? That option is not often available in today's market.
0 votes Thank Flag Link Thu Jul 4, 2013
No
Flag Sun Jul 7, 2013
You mention that your husband does not have enough credit. It is not clear whether he has no credit rating at all or a low credit rating.

You may want to speak to a mortgage broker. That broker may be able to make suggestions on ways to create a credit rating or to improve your credit rating.

Marc Jablon, the Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Thu Jul 4, 2013
You can easily improve your credit and get better mortgage rates with a higher score. I work with a great company you can visit their website: http://www.betterwaytocredit.com ask for Sergio Marshall
0 votes Thank Flag Link Wed Jul 3, 2013
Typically, even if you wish to rent to own a home in Miami, the landlord will want to see your credit scores.

When you rent to own, you usually give the landlord a large and non-refundable deposit that says you're serious about remaining in the home. However, at the end of the term you have established (whether it's one year, two years, or three years), the landlord will then expect you to be able to purchase the home.

Unless you already have significant cash reserves, that means you will need a mortgage in order to purchase. In order to obtain that mortgage, you will have to work to improve your credit rating.

Without that mortgage, you will not be able to purchase the home and you may lose the initial deposit you gave to the landlord. Also, rent-to-own properties usually involve amounts paid above the monthly rent that the landlord holds that will become part of your downpayment.

These payments, usually, are also non-refundable.

More important though than credit though, is to make sure you have protected yourself from loss before you enter into a rent to own or lease/option agreement. That means you may wish to talk to an attorney and find out what steps you need to take to protect yourself from landlords who may not follow through on agreements.

Marc Jablon, The Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Wed Jul 3, 2013
I CAN GUIDE YOU TO IMPROVE YOUR AND YOUR HUSBAND CREDIT FREE OF CHARGE AND WHEN YOU READY THEN YOU CAN GO FOWARD IN THE PURCHASE OF YOUR HOME.
NOT ENOUGHT CREDIT IS A EASY SOLUTION.
HAVING LOW BEACON SCORE CAN BE A LITTLE MORE DIFICULT BUT IT CAN BE DONE.
STAR BY REQUESTING A FREE CREDIT REPORT.
THE MUST REWARDING CLOSING THAT I HAD WAS A MAN THAT DID MOT HAVE CREDIT
MONEY AND WAS COMING FROM PR . HE HAD SO MUCH FAITH THAT I USE ALL MY KNOW HOW
TO DO AN ETHICAL JOB.AT CLOSING THE SELLER GAVE HIM ALL HIS EXPENSIVE FURNITURE
GEORGE MARQUEZ
BEST WAY REALTY INC
786-247+6831
HE BECAME MY FREIND.
0 votes Thank Flag Link Wed Jul 3, 2013
I CAN GUIDE YOU TO IMPROVE YOUR AND YOUR HUSBAND CREDIT FREE OF CHARGE AND WHEN YOU READY THEN YOU CAN GO FOWARD IN THE PURCHASE OF YOUR HOME.
NOT ENOUGHT CREDIT IS A EASY SOLUTION.
HAVING LOW BEACON SCORE CAN BE A LITTLE MORE DIFICULT BUT IT CAN BE DONE.
STAR BY REQUESTING A FREE CREDIT REPORT.
THE MUST REWARDING CLOSING THAT I HAD WAS A MAN THAT DID MOT HAVE CREDIT
MONEY AND WAS COMING FROM PR . HE HAD SO MUCH FAITH THAT I USE ALL MY KNOW HOW
TO DO AN ETHICAL JOB.AT CLOSING THE SELLER GAVE HIM ALL HIS EXPENSIVE FURNITURE
GEORGE MARQUEZ
BEST WAY REALTY INC
786-247+6831
HE BECAME MY FREIND.
0 votes Thank Flag Link Wed Jul 3, 2013
Miamea, why not just work on you/your husband's credit score? Rent to own has significant risks, particularly for buyers. I suggest you start by getting a credit card in your husbands name. Charge something once, and pay off the bill the same month. Get a copy of your credit report, and review where your weaknesses are. While I'm not a big fan of credit monitoring, this is actually a situation where it may be a good idea - if you start making the right decisions, your score will go up. Seeing the score moving in the right direction will hopefully reinforce your good behavior.
0 votes Thank Flag Link Wed Jul 3, 2013
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