You may be tired of renting, but your credit is bad for a reason.
You need to work on that first before you even think of buying a home.
Rent with an "option to own" has potential dangers for anyone, especially someone who is already under financial stress.
You risk losing your deposit money.....if you don't have deposit money to give now , you will be asked to pay rent over and above the normal rent. That overage would be applied to the purchase if you buy the house.....if you don't buy the house for whatever reason.......even if you get turned down for a loan...you LOSE that deposit money.
Don't do it.
Get your tune up first...........then when you're able, go buy a home in the usual way.
What area in Philly are you looking for?
Who is helping you financially restructuring your credit scores?
All the Best John + Sheri Curci RE/MAX Properties Ltd 215-757-2889
If your credit needs "tuning," then you must have outstanding debts. If you do a rent-to-own, you'll be paying more than market rent for the privilege, which is money that could go toward paying down the debts and improving your credit.
Plus, there are so few RTOs that you're basically giving up living in a place that you really like - as a renter, to be sure - to live in a compromised place at a higher out-of-pocket cost and a commitment to actually buy the place some time in the future!
Sellers are going to pull your credit report, so if you're not always prompt in paying all your bills, they'll find out. They'll also wonder how long it will take for you to get your credit into the kind of shape necessary to be able to actually buy the property outright.
My feeling is this: treat your credit like a sprained ankle. Don't try to run a marathon on it, rehab it carefully and intelligently. When you've gotten your credit score up into the high sixes or even the seven hundreds, then think about committing to a thirty-year mortgage.
In the meantime, dream about what life will be like when you have the power of good credit, and can walk into a house and negotiate a deal from strength - "I have the power of a real mortgage," instead of settling for the few RTO crumbs and negotiating from the weakness of sprained credit.
All the best,
If you want an honest answer and want assistance finding a home for you and your children, please take the time to call me.
Realty Mark Cityscape
1515 Market st, suite 705
Phialdelphia PA 19102
21505837777 ext 19
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave