RentToOwn-HouseFinder.com
Is my credit standing good enough for "rent to own" house?
I found a great house and want to know if if it is even reasonable to be hopeful. I make about 2500 dollars a month. I have a credit card I have not paid on for a long time until very recently. In august 2008 I put down 8,000 dollars on a new car and I am never late on my payments. Same with all other bills. The house, as the sign says, is only 625 a month. thank you.
Public Comments
- RTO owners are usually private individuals self financing, so the delinquent card may not be a problem. Otherwise, you'd need to square that up before anything could happen on a real mortgage.
- yes but always pay by check only as when you apply for bank financing you will need a paper trail of payments made on time. The other thing you must know is I see so many times here that these that are owner financed sometimes go into default and you can loose. Make sure that the person renting from is the owner of record by going to the tax office and looking up the property and looking for what is owed on it as well so you do not walk into this blindly. Then only do it for a max of 2 years while you clear past mistakes so you will be bankable in the future
- you still have to be able to qualify for a regular mortgage probably 12 months from now and if you don;t, you lose any of the extra you pay towards the down pmt
