Home Buying in Talladega>Question Details

Linda Moore, Other/Just Looking in Talladega County, AL

need a home and have no credit or a down payment. But looking for rent-to-own.

Asked by Linda Moore, Talladega County, AL Wed Sep 26, 2012

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7
Why would you think rent to own is your answer? Do you understand what it is and how it works? It is not like you rent a TV for 4 years and then it's yours. You have to get a loan - have to - to buy the house or you will default and lose the deposit and option money you pay the landlord. No loan - no buy and you lose. Understand what a rent to buy is and that it is not a good deal for the buyers most of the time, they mostly always fail. Your choices will be horribly limited, if you can even find any. Do this, rent now and when you can really buy, then buy. You will be much better off.
2 votes Thank Flag Link Wed Sep 26, 2012
i need a house in wooster asap
1 vote Thank Flag Link Fri Mar 11, 2016
Yes me and my fiance are looking home
0 votes Thank Flag Link Fri May 20, 2016
I need a house asap I need one in Columbia sc for me and my dog
0 votes Thank Flag Link Thu Jun 11, 2015
Linda,

If you're already in such financial distress, you should not try digging a deeper hole for yourself by getting into a rent-to-own situation. Without a down payment, you wouldn't be able to to qualify for a rent-to-own, even if you can find one. Those are best for people can put down a small down payment, bad credit, but very good income.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sun Sep 30, 2012
I do not suggest doing lease purchases. There are simply way too many things that can go wrong with one from either side.

Right now, many sellers cannot afford to make their mortgage payments. I have seen where the buyer it making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Wed Sep 26, 2012
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
0 votes Thank Flag Link Wed Sep 26, 2012
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