What needs to be made clear is your goal. No where do you indicate you want to be a home owner.
RTO, lease/option are both ways to pretend to buy a home. In reality, it is a high cost rental.
If you intent is to buy a home, to become a homeowner, just like 99% of those who ask a question on Truila, you already know the answer but want to believe there is a shortcut, a way to 'beat the system.'
Recongnizing you are credit challenged confirms you know the answer, already.
If you REALLY want to be a homeowner, do what needs to be done. FIX YOUR CREDIT.
The budgeting and disipline required will serve you well in managing your home ownership responsibiliites. "Excercise great caution when you 'I was told's" lips moving. This is a source of at least one potentially damaging piece of advise.
Threre are many resouces in the Tampa area to get you on the right path. However, none can work without your commmitment. The first demonstration of that committment is picking up the phone and calling. Don't want to call those who help dozens of buyers every year? Then call a local "A" or "B" graded lender who has a history of investing in the community through small business or home loans
Simpy enter your zip or city.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
Move to the Front of the Line (http://FirstLookHomes.us)
Sounds like you got advice from someone not very knowledgeable, definitely did not have your best interest in mind.
If you are credit challenged then rent from a private owner, maybe from Craig list or other Classifieds, but make sure the home you are renting is owned by them and not in process of foreclosure. Was this answer helpful? If so please click on "best answer" or on the "green thumbs up".
Best of luck to you,
I can refer you to an excellent lender that can tell you exactly what you need to do to improve your score and how long it will take. He's really quite good. He even helped one client in particular improve her score by 40 points in 30 days by paying only $279 over various credit cards.
If you contact me, I can also refer you to other free sites that can lead you in the right direction to improve your credit. While most lenders will tell you that only time will heal your credit, I have learned of a few proactive steps you can take that can make some major improvements in less time.
813-708-9268 or e-mail email@example.com
I agree with Tim. Whoever gave you that advice doesn't know what they are talking about. First, Banks don't rent or do rent-to-own. When the re-possess a house they either sit on it or sell it.
If you need to fix your credit, that is the first place to start. Get on a budget, set up auto-payments and pay your bills on time. Pay down any balances to 1/3 or less and do NOT close any accounts. Review your credit report and dispute any errors in writing with each agency that reports them. If you need to put some money into your bank or credit union and get a securitized credit card. Use it regularly for day to day expenses and pay it off monthly.
Discuss your situation with a great local lender and ask them for any other advice regarding your specific credit history. Best of luck.