Home Buying in Johnstown>Question Details

Dan Albright, Home Buyer in Johnstown, PA

intrested in home have poor credit is there a way to get a forclosed home on a rent to own?

Asked by Dan Albright, Johnstown, PA Mon May 28, 2012

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Rick & Robin Lemmons’ answer
There is way. You would have to locate an investor who would buy the house. Then the investor would set up a lease purchase / rent to own / land contract agreement with you.

Typically this would involve an upfront non refundable deposit paid to the investor plus a rental agreement of some duration (1-2 years) . At the end of the rental period you would need to qualify for a regular mortgage or continue to rent. You run the risk of losing yoru deposit if you cant qualify for a mortgage.

Or the investor might agree to provide you the mortgage at a higher interest rate.

In the long run, your best situation is to rebuild yoru credit, save for a downpayment and qualify for an FHA loan
0 votes Thank Flag Link Mon May 28, 2012
Banks are not in the rental business, so it's likely a wasted effort to follow this path with foreclosures. On the other hand, there may be "rent to own" opportunities in the regular real estate market that would fit your needs.

You probably should adjust your housing target to eliminate distressed sales and include regular ones.

Good luck,

Bill
0 votes Thank Flag Link Tue Jul 16, 2013
Try Vision Property Mangement. They have house in Johnstown that they rent to own. No one gets urned down no matter your credit score. Your down payment and monthly payment will be more if your credit is bad.
Doesn;'t heard to give them a call.
0 votes Thank Flag Link Tue Jul 16, 2013
yes i got one for you with lil own 238 fairfield ave 15906 call jim at 724-708-0504
0 votes Thank Flag Link Fri Apr 12, 2013
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