Home Buying in Ankeny>Question Details

Donna Johnson, Home Buyer in Ankeny, IA

Rent or Contract

Asked by Donna Johnson, Ankeny, IA Wed Jan 23, 2013

Looking for a house to rent or perhaps on contract until we can get credit score up enough to purchase. $800/mo is as high as we want to go on a rental as we are saving for a down payment. Our current lease is up at the end of March, would love to move a week or so before. If anyone has anything coming up in the Ankeny area, please let me know.

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Thank you David and Kathy for your replies. Do you currently have any listings for rent, or any homeowners who would be willing to rent?

Donna
0 votes Thank Flag Link Thu Jan 24, 2013
Hi Donna,
Yes there are options out there. I very much enjoy answering questions from people on this site, but once we get into specifics, I always meet in person. If you would like to meet and discuss your options, we certainly can do that.
Have a great weekend,
Kathy
Flag Sat Jan 26, 2013
I agree renting a home is the better option for your situation. With good on time rental payment history your ability to get qualified for a mortgage will increase as well as taking care of any other credit issues you have will also help. Please talk to more than one lending/real estate person about your situation as there are many "opinions" on the best and fastest way to repair your credit. Some ideas sound logical but can actually slow down your desire to increase your credit score so be careful. Spending money to repair your score with a company many times doesn't get you the results you seek and unfortunately your lose the money invested with them. Contract homes usually want a substantial downpayment, higher than market interest rates, and can be hard to get out of the contract if you decide you want to move on to a different home. I am available to talk with you with no initial obligation to answer any more questions you may have about your current situation.
0 votes Thank Flag Link Wed Jan 23, 2013
Rent. Don't buy on contract. Generally homes sold on contract are priced too high, were unable to be sold conventionally for various reasons, and the interest rate and terms are very seldom favorable for a buyer. Rent and give yourself time to get your credit score up and then you will have the ability to choose any home that meets your criteria, not just the homes being sold on contract. Feel free to call me if you want to discuss this further. I have a great lender that can help you get that credit score up pretty darn quick as well depending on your situation : )
0 votes Thank Flag Link Wed Jan 23, 2013
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