Question Details

Racquel Smith, Renter in Philadelphia, PA

can u rent to buy a house with bad creadit?

Asked by Racquel Smith, Philadelphia, PA Sat Jul 2, 2011

Help the community by answering this question:


Rent to Buy works if you will be in a postioin to Buy in the not so distant future (1 year+/). Contact a mortgage broker in your area and establish a plan to when you wil be able to obtain financing. If the answer is several years into the future, then don't waste a Non-refundable deposit to commit to buy a house you will not be able to buy. If the seller is offering owner financing, then this is a different situation. However, there are not too many owners willing to offer Owner Financing on someone with poor credit, unless they put a substantial amount down.
0 votes Thank Flag Link Sun Jul 3, 2011

Here's an answer I posted just a few minutes ago:…

In fact, if you've got good credit, rent-to-own probably isn't your best choice.

Here's a link to a blog I wrote on how to find rent-to-own properties:
0 votes Thank Flag Link Sun Jul 3, 2011
Don Tepper, Real Estate Pro in Burke, VA
Yes, I have seen advertisements about this concept in two different states so it's probably common. The problem is not all of your rent is applied toward the purchase of the home, ninety percent of the time, unless you are in a small town where everyone knows one another and is willing to take a chance on you, or unless it is family or friends. You might be better off renting for less than what you can currently afford, saving the difference as your down payment, and keeping copies of all checks paid to the landlord as proof of credit history to show a future, regular lender. That's what we are doing after seeing all the scams out there in rent to own land and getting burned on our last rental (literally! The fusebox caught fire because it was faulty).
0 votes Thank Flag Link Sat Jul 2, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer