Home Buying in Metairie>Question Details

Ladyorleans5…, Home Buyer in Metairie, LA

bad credit with low down payment. can i get a home for lease to purchase?

Asked by Ladyorleans515, Metairie, LA Fri Jul 15, 2011

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Yes, but it will be more difficult. With bad credit, the owner or investor probably will want some additional security, such as a larger down payment. But it all depends on how well you can negotiate and how motivated the seller is.
0 votes Thank Flag Link Fri Jul 15, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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I haven't don a lease to purchase for a long time. In NY (it may be different in La) the buyer had to have a pre-approval from a lender before the contracts were drawn. I would suggest you first work on improving your credit. Do you have a local non-profit that does credit counseling? You can call your local councilperson for the list. Whiloe you are working on your credit, save money for a down payment. FHA is looking to change the downpayment requirement to 5% from 3.5%.
0 votes Thank Flag Link Fri Jul 15, 2011
Talk with a mortgage lender and find out all the different options you have and what you can do to improve your credit score. contact me for a list of mortgage brokers who can help. http://www.markdelaney.me
0 votes Thank Flag Link Fri Jul 15, 2011
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