Rentals in Durham>Question Details

lalaj100, Home Buyer in Durham, NC

Want to rent while repairing credit....

Asked by lalaj100, Durham, NC Sat Dec 29, 2012

Long story short my credit is not great but can be fixed within a year, I have a great salary and will be making even more with the job move to RTP. How can I get into a rental with bad credit? I was considering rent to own but was advised this rarely works out. Any advice????

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I have a home I would be willing to offer lease option... 1716 Magnolia Oak Place.. In Brier Creek.
0 votes Thank Flag Link Wed Feb 27, 2013
I would be glad to help you. I have gotten others into rentals in the same situation. Only do a lease purchase if it is exactly the same house ypu wpuld buy with excellent ctedit.i have done them but they ste rare it needs to be a win win.and most are not prepared with option money.
0 votes Thank Flag Link Sat Dec 29, 2012
Letters of reference from employer, place of worship, etc + letter stating your previous issue(s) and of course current paystubs! Best of Luck!!
0 votes Thank Flag Link Sat Dec 29, 2012
What You Can Do to Improve Your Credit Score

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
1.Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2.Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3.Don’t charge your credit cards to the maximum limit.

4.Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5.Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6.Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7.Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8.Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

In the meantime, if you can stay where you are and work on your credit. If you simpy must move, you will likely need to put more money in upfront (i.e. two months rent instead of one etc.)

FredYancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Sat Dec 29, 2012
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