You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!... more
How bad is the credit score, can we get you to see someone about getting the score up a bit in the next few months to help get you into a better position?
As for now, you need to look into first time buyer assistance programs you should be able to qualify for that, and depending on the area it could be a good portion of you mortgage! Work with a good local Realtor who deals well with first time buyers. Every dollar we can save you is a dollar we can give you to invest back in your children!... more