This may not be a good time to lease with an option to buy. Property values are still declining and you may not want to commit to a certain price now because when it is time to exercise the option, prices may be even lower. Even though you may have some credit issues, you may still qualify for a FHA loan. The FHA lending criteria is not as challenging as applying for a conventional loan.
It is important that you get pre approved for a mortgage now while home prices are still low. You can contact me for a referral to a qualified mortgage lender. It would be my pleasure to help you.
Harold Avent, CDPE, CRS, CRB, e-PRO
REMAX Execs South Bay
I suggest you speak with a mortgage lender & have them run your credit, see what your issues are now & what you need to work on in order to get your scores up high enough to buy.
An FHA loan only requires a min. 580 credit score, so you may not be as bad off as you think.
You could put in an application Here & see: https://www.wfhm.com/loans/lisa-banhagel/index.page
This is a link for my Wells Fargo lender.
If you determine that you can't buy right now, get into a lease & put in this clause "Tenant has First Right of Refusal should the owner wish to sell during the lease term".
Just get into a regular lease, put up your 1st mo & security deposit, without putting Option money at risk & without determining a Price for the house until you KNOW you can buy it & are then buying it at Current Market Value or less.
Just curious, what does our "credit is not the best" mean? Some FHA lenders will go as low as 620 on your credit score. And, if you qualify for a NACA loan, they don't put a lot of emphasis on the credit score as long as you have been paying your rent and utilities on time.
We should talk. There are some sellers who are considering lease options in Carson, however, if you can buy outright (or use City assistance to buy) you will probably get a better deal. Give me a call at 424-2HELP12 or contact me through my profile. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty