Rentals in Minneapolis>Question Details

anthonyhallb…, Home Buyer in Minneapolis, MN

Are there any options if I can't buy a house that I can rent to own a home with bad credit.?

Asked by anthonyhallberg, Minneapolis, MN Wed Sep 18, 2013

Credit score of 604 with debt I'm going to let fall of our reports. My income is 53,000 year with no monthly revovling current debt. I want to buy, but are there any realtors that have homes for rent in the Minneapolis and surrounding suburbs?

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6
Free advise...rent until you are able to buy the home you want. From the 11 years of experience I have....DO NOT attempt to put these two options together. You are only limiting your options.

Lets have coffee sometime and discuss the local market :)

Thank you,

Cody Anderson, MN Licensed Realtor

RE/MAX RESULTS
Metropolitan Home Team

Phone: 612-242-5752

Email: Cody@MetropolitanHomeTeam.com
0 votes Thank Flag Link Mon Sep 23, 2013
Take the advise Dean provided seriously.
There are no short cuts. Rent to own is dangled in front of those beleiving shortcuts exist only to result in losing several years, a chunck of cash, and left poorer than when they 'took the bait.'
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Spend the 6 to 18 months required to get your credit score up, debt down, budget under control, income imprroved and savings increased. Dean provided a resouce.
If you are serious, you know what to do.
0 votes Thank Flag Link Thu Sep 19, 2013
Generally you will have to pay a premium if you buy on rent to own program but they are out there. Check the MLS rentals section or search for homes that are sold on C4D. Most rent to own homes are homes that haven't sold to traditional buyers so they are offering financing rather than lowering their price. I would consider contacting Heartland Credit repair, out of Iowa, or a similar company. Often times they have strategies that will elevate your credit to a 640+ so that you will qualify for an FHA loan. Then you will have more options.
0 votes Thank Flag Link Thu Sep 19, 2013
I haven't seen too many rent-to-own situations that actually worked out, that I felt were a great deal for the buyer. There are indeed other options. Right now, home ownership is probably better than renting and there are some options for that that you might find appealing. Contact me for more info.
0 votes Thank Flag Link Wed Sep 18, 2013
Did you get in touch with a mortgage broker about qualifying for a mortgage? Email me at tyler@dwellrealtypartners and I can get you in contact with some great mortgage brokers that can help you figure it out.
0 votes Thank Flag Link Wed Sep 18, 2013
There are always options Anthony! You could do a contract for deed, work with certain lenders that will still lend to you, or use a company like Shop Mortgage. Let me know if you would like to dive further into any of those options.

Joey Torkildson
Edina Realty
651-210-1038
0 votes Thank Flag Link Wed Sep 18, 2013
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