My wife and I have had credit issues.. her score is around 620 mine is 500.. we have been renting for the last 2 years at 1200 a month wasting money..

we don't have money to put down but are willing to rent to own or lease option or anything with 0 or low money down..
(0) | asked by: john entwisle | share | 24 months ago | Report
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answer by Marco Torres    |   Contact Me
Sorry nothing is for free. You need to prove to lenders that you have the income and reserves to buy a home. The times when you buy a home with 0% down are gone and for a good reason. There are programs that will assist you with the down payment like HAP programs on Miami Dade County. You need to increase your credit score to a minimum of 620. I'll suggest to start working on improving your credit score first. Good Luck !!!
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answer by Dana Kolodney    |   Contact Me
620 credit score gets you a Fha mortgage with 3.5% down based on the borrowers income that has the 620 score only. Unfortunately your income with a 500 score cannot be used for qualifying. But your wife's income can be used. Fha also allows non-occupying coborrowers to enhance income for qualifying. This more commonly known as " the Fha kiddy condo program". I have an FHA lender that can help. This site does not allow me to post her contact info so give me a call and I will be happy to put you in touch with her.
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answer by Dan Tabit    |   Visit My Website   |   Contact Me
Rent to own is a trap. In order to eventually buy, you still need to fix your credit. Most people who pursue rent to own or Lease Options with credit issues end up worse off than if they hadn't done it at all. A better choice is to rent the cheapest place you can stand to live in and fully focus on improving your credit. You may find that raising your scores can happen sooner than you think. Put the money you save on cheaper rent toward paying down debt and creating a down payment. There are lenders who assist with credit repair who could help you. You're going to need a lender anyway, I encourage you to put your energies into finding one now and be able to make a legitimate purchase rather than a fake one. You're better off renting another year or two if it takes but having strong credit and a huge choice of real options rather than the few you might find as a lease option.
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answer by Dan Tabit    |   Visit My Website   |   Contact Me
John, Rent to own is a trap that rarely leaves anyone but the seller better off. For it to work, you must take the steps necessary to improve your credit. If you don't do that, you won't be able to buy when the option comes due. If you fix your credit issues first, you'll have a broad array of choices under terms that will help you build your credit further. If you go this route, chances are not in your favor unless you do it with a close personal friend or family member doing it as a gift. Rent is a waste of money, but so is having bad credit. Put first things first, get on a budget, pay down debt, do not close any accounts or pay off old collections unless your loan officer directs you to as a precondition of final approval. Better to rent another year or even two and then really be able to buy than to pretend to buy (your still only a tenant) and then have to start over again as most do.
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answer by Alma Kee    |   Contact Me
If your wife can raise her score to 640 (middle score of 3 credit bureaus), you may be able to get $15k from the State of Florida bond program or Pasco County has other First Time Homebuyer Programs.
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answer by Alma Kee    |   Contact Me
No one is going to take the risk unless you come up with a large down, sorry.
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