Home Buying in Boynton Beach>Question Details

lrrew, Home Buyer in Boynton Beach, FL

i would like to buy a house. but my credit rating isn't high enough. at this time. .

Asked by lrrew, Boynton Beach, FL Thu Jul 26, 2012

I was wondering is it possible to find an investor to purchase it and then lease to purchase it to myself. Or is it possible for the bank to do it.

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If you are looking for a home in Boynton Beach but you don't think your credit rating isn't high enough, there are a couple of things you should do before giving up hope.

The first, and easiest, is to check with a mortgage broker and see where your credit really is. At this time, there are some banks who will lend to a buyer with a credit score as low as 580, depending upon that individual's circumstances. If you have had a bankruptcy or foreclosure within the last 7 years, or you sold your house via short sale within the last two years, you probably will not qualify. But you need to talk with a qualified mortgage professional in order to know what you can and cannot do.

It is not likely an investor will purchase a home in Boynton Beach for you, either. However, if you have sufficient cash for a downpayment, but lack credit, then you may have a chance to purchase a home via lease/purchase or rent/option.

There are many investor owned homes for rent at this time, because the real estate market has brought out numerous cash buyers who have decided to buy and hold. These investors are renting their properties.

You might want to ask your Boynton Beach real estate agent to look into homes for rent and see if they are interested in working with you.

If an owner is willing to work with you on a lease/purchase or rent/option basis, that owner is very likely to ask you for a non-refundable deposit in order to hold that property off the market, so you will need to have money put aside for some kind of downpayment. The amount will vary by owner.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Fri Jul 27, 2012
Dear Irrew,

The best thing you can do is get with a qualified mortgage professional and see what needs to be done to clean up your credit. I have some awesome people and depending how much you need to raise your scores they can work magic. If you would like to discuss your particular situation in more detail please feel free to give me a call and I would be happy to help.

Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"


Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Fri Jul 27, 2012
That's a tough one. From the bank standpoint I would tell you that will never happen. No bank is in the property management business and will not buy home for people that otherwise won't qualify for a loan just in the hopes of managing and selling it down the line. That won't happen.

In terms of an investor, you would have better luck here, but not much better. As an investor myself, I would never get involved in this deal. I buy investment homes based on numbers, rental rates, and other key non-emotional factors. When I rent, I pull criminal background checks, credit reports, income verification, etc. I would never let someone I don't know go shopping for their home on my money so I can foot the bill in the hopes they will both be able to qualify for a loan in the future and also still want to buy it. This would also decrease my negotiating power since I walk away from deals if the numbers don't work.

I recommend that you work on paying your bills on time, reducing debt and trying to get you credit scores up so that you can be in a better position to buy your home. Good Luck.
0 votes Thank Flag Link Thu Jul 26, 2012
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