Don't be intimidated by less than perfect credit. A good mortage person will look for the solution that rights for you. I have one that is loved by his clients for doing exactly this
Rent to owns are out there just be carefull of the signs on the street corners, I have in the last two months placed 3 future buyers in rent to own properties for various reasons, it can be done.
Click on the blue Broker Dave above my picture on the right side and send me an email with you details or visit my website:
htp://two4oneoforlando.com and send me an email there.
Thanks and welcome to Orlando,
Dave Lowe, broker
GRI / ePRO / GREEN designations
Search Central Florida Coast to Coast: http://www.myfloridahomesmls.com/davelowe
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What area of town were you thinking about? Do you have a neighborhood or school you prefer? Rent to owns are typically investors that are currently renting and want to work out something for you to own and they typically require a pretty big down payment which brings me to my next question, What amount of cash would you have saved up as a down payment? The more the better of course.
Rent to Owns are riskier for both parties so that is why they usually require more money up front. As for you, you will need to think about renters insurance among other costs and the possiblity that in a year or two, when you do qualify for a loan, what will the value of the house be? Could it drop in value from what you agreed to pay this year? What happens to all the money you have paid the owner toward the down payment over the years? Banks usually require that you pay "market rent" fair rental and then ADD additional dollars to be set aside for the down payment. This is part of your qualification for the eventual loan.
Sound confusing? It is and I do hope you think about thiscarefully and get the advice of professionals in all areas of this before you jump into it. You will need mortgage advice, inspections, tax advice, Realtor advice, tenant rights and possibly an attorney involved to protect your rights. I am sure you do not want to lose your money? Oh, I almost forgot, what IF by chance the owner then takes all your money and decides he does not want to pay his mortgage and the home goes into foreclosure while you are in it suring this time ? I do not think the bank will recognize your lease to own contract, this is where an attorney comes in for advice or perhaps you will need to hire one at this point. I would get an attorney upfront. More cost.
I know we do not like to think about things in this way, but it happens. I am sure there may be some very honest and good owners out there that may be willing to work with you and your family. I for one would be happy to try and help you locate that owner and home, but before we jump into it you have to know the pitfalls and make sure you protect yourself and are ready for the challenge. You do deserve a nice home for your family and I congratulate you on working on that credit. It is the first step. Just Think about what I have said here.
I invite you to visit my website if you would like more information or help on your search.