Talk with your Realtor they always have tried and true recommendations. The lenders I work with I know will get my clients to close with as little stress as possible. There is nothing worse then a lender that the day before closing lets you know they can't close on time. Or your sitting at the closing table and are literally waiting for the settlement statement . A good lender is just one of the pieces of the purchasing experience but can make it either smooth or a night mare.
You can check with local Title companies and ask them what certain lenders reputation to close are.
they will let you know also.... more
Your best choice will be Rent while you become qualified to buy homes.
Dig trough my Trulia blogs and you can read why this market no longer exists becuase of the EXTREME risk to which the owner is exposed. Rent to own, or Lease/optons are as risky as manufacturing fireworks in a warehoused heated by a wood stove. It is not a matter of if it will explode but when. A owner under the new rules would be foolish, actually worse, to offer this type of financing to anyone.
Now, as the shelter seeker, you need to read Jim's response slowly. It simply isn't going to happen. Acutally, the predation Jim refers to is WHY the new rules are in place...to PROTECT you by bankrupting the owner. Rent to own and lease options have overwhelmingly proven to be predatory.
What you will do.
You can enter into a rent agreement with a FORCED saving component. A additional amount of what you pay for rent will be used to put in a Certificate of Deposit that is in your name. (NO CONTROL INTEREST IN THE PROPERTY) It creates sufficient forced savings to pay for the UHaul when it is your time to find a new place.
Pick up the phone and give a Indianapolis REALTOR a call and discuss your long term goals.
The REALTOR will introduce you to a lender who will create a plan that will get you qualified for a home mortgage. This plan will include:
1. reducing your debt
2. increasing your income
3. establishing a budget
4. living below your means
5. saving money
6. paying bills on time
It 6, 12, 18, 24 months you can become a property tax paying home owner like many others.
Those who seek means to circumvent the protections in place for their benefit will purchase an expensive education.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL