Home Buying in Lancaster>Question Details

adizatu2004, Home Buyer in Harrisburg, PA

My husband and I are looking to rent to own in lancaster, we have good rental history, but our credit is not that good.is?

Asked by adizatu2004, Harrisburg, PA Mon Jul 8, 2013

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Hi Adizatu2004,
Rent to own is a possibility, even with a not so perfect credit score. You will need a credit score above 640 to go from renting to purchasing and that timeline will be written in the rent to own agreement. The first thing I suggest you do is enroll in a program to assist you repair your credit. Prudential Homesale has such program. Let me know if you'd like me to assist you further with that.

Chris Drew
Prudential Homesale
(717) 560-9100
(717) 406-8400
cdrew@prudentialhomesale.com
0 votes Thank Flag Link Tue Jul 9, 2013
hi my husband and I build our dream home but due to me being hit by a drunk driver and the neglect of a owner of a heard of black cows, and my attorney took all except maybe 30,000 out of 100,000 and alfa dropped me so that they would not have to pay accidental insurance x2 before my mind came back ya talking about a of bad luck 4 days later a calf ran out in front of me on my way to work, I was a nurse working the night shift .on my off days at a nursing home, It took 3 years for me to get my disability I'm only 45 now that was in 08 when my life and credit was perfect. But now not only have I lost my career ,family ,but they want to foreclose on my house.my note went from 1500 a month to 2300 a month yes it was fixed, go figure a bill collector don't want to hear that your in the hospital or that you lost your memory from a seizures ect. except J&J Furniture because they knew me and that I payed my bills on time by the way thanks for working with me, but it just make it so hard for someone with real reasons and want next to the best because because you know that you will never have that type of money to have the best. after I got my kids a pool for helping me take care of my grandmother and great uncle till there passing which was 4 years that was enough for them but they
stilled missed out on ballgames ect. but it also kept them out of trouble now I can't even find a home
0 votes Thank Flag Link Sat Apr 5, 2014
If your interested in buying with 0% down and fair credit... call me!
I enjoy working with first time home buyers... and I know the perfect lender than CAN approve lower credit.....
Please feel free to e-mail or text 717-669-7894

Daniele Seldomridge
Prudential Lancaster Real Estate
717-291-9101
717-669-7894
0 votes Thank Flag Link Thu Jul 25, 2013
Hi, there are lease purchase and rent w/option homes listed for sale on our local MLS. Some of these homes have been listed since 2012, one was listed in 2011 and the balance in 2013 that range in price from $45,900 to $995,000. Some have actual Lancaster zip codes others are in Ephrata, Quarryville, Elizabethtown and Columbia. I would be happy to work with you to give you first hand information to address your needs. Generally in a 'rent w/option' the seller sets the requirements including credit via an option agreement and a down payment. A tenant-buyer pays a monthly rent with the option to buy at the end of the lease. Price is determined upfront, and usually a portion of the monthly payment can be applied to the purchase. I'm here to give you the answers you need when you need them. At Prudential Homesale you can also get assistance with credit issues. Feel free to reach out to me anytime at the contact information on my profile. Enjoy your day! -Barbara Ries, REALTOR®
0 votes Thank Flag Link Sun Jul 14, 2013
Good evening adizatu2004,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks
0 votes Thank Flag Link Thu Jul 11, 2013
We have just rolled out a program focusing on individuals in your situation. Our team will work with you to find a property and guide you down the pathway to repair your credit and maximize your chances to secure a mortgage and realize your home ownership dreams. Please contact us if you wish to learn more.

Mark F. Boff

717-581-4710
0 votes Thank Flag Link Thu Jul 11, 2013
You may want to read up first on the subject before risking your hard earned money on a rent to own transaction. When it comes time to pay off the seller they will not be treated how you expect by the lender. See the link below, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
0 votes Thank Flag Link Tue Jul 9, 2013
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