It is going to depend on the landlord that you apply with as criteria for tenant selection tends to vary. One thing you can do is initiate a dialogue with your prospective landlord. Let them know that while you may have a lower credit score, you have favorable rental history. Ask them to provide their rental criteria so that you will know up front if you have the chance to qualify.
One way to be prepared is to know what your tenant screening report looks like ahead of time - you can go to MyScreeningReport.com and order your own tenant screening report (from a reputable screening company). This will allow you to see your credit report (with score) and background check - including rental & employment verifications, if you choose. This screening company allows you to share your report with multiple landlords through their secure site at no additional cost! This allows you to be in control and shows prospective landlords that you are serious about and prepared to go through the application process!
This is why you have an agent and they can do this for you, while you cannot. If they haven't already claimed the listing and made sure the information is being properly displayed I guess the question is why not.... more
I think you should definitely start talking to a realtor or a mortgage broker about what you can afford. It's going to be significantly easier to go through this process if you start earlier. You should also look into getting the rest of your move planned as soon as you can. Once you know a bit more about where you'll be moving, you should try to find a moving company and start packing things that you don't use often. Taking those steps will make the move a lot easier when the time comes to actually make the move.
Rent to own is a horrible, horrible idea for the buyer. Renting and owning should be treated as two separate transactions, not one. Wait until you can qualify for a traditional mortgage; then buy a home.
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You would be turning into a condo/ Your first call should be to a real estate attormey to see if you have to register condos with your state. The lawyer then will set up a declaration of condomium and record it with the new deeds. Along with basic condo inf it should include who and how common insurance is paid, short time mainteance like lawn care and long term like the roof.... more
You can get an FHA loan with a 610 credit score, have you tried The Lenders Network? They referred us to a lender that was able to approve us with a 600, even when we were declined by multiple banks. I would highly recommend them. Good luck!... more
Real Estate Lending for Investment PropertiesHello! My name is John O’Leary, and I am with BridgeWell Capital, a private money lender who works strictly with investors for flipping or renting houses. We are BBB certified, and a Florida