do you rent with option to buy give time to bring up credit score?

Asked by Theodore King Iii, Pleasantville, NJ Tue Jun 5, 2012

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Diane Glander’s answer
Diane Glander, Agent, Spring Lake, NJ
Wed Jun 6, 2012
You would be better off working with a credit repair company. I have a few I can recommend, if you are interested.
Time is only one factor in repairing credit. Plus, if your credit is not good, you could have trouble finding someone to rent to you.
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Maria Gilda…, Agent, Manchester, CT
Wed Jun 6, 2012
Hi Lannie,

As a rejoinder to what Marsha has already mentioned-- that rent to option will give time to build your credit score and save up money for your down payment, your option money you will put in will be accounted towards the closing costs or down payment for your future mortgage-- if this is how it will be written on the agreement.

Please, when you enter into this type of lease or arrangement, have an attorney review the documents before you sign it. Normally, if you back out of the agreement and decide not to buy the house after the lease expires, you will lose the option money.

Best of Luck.
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Marsha Bowen…, Agent, Livingston, NJ
Tue Jun 5, 2012
In most cases rent to own is an option that allows you time not only to work on your credit score but to also allow you time to build up savings for a down payment towards a mortgage.
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