RentToOwn-HouseFinder.com - Can a 21 year old with 30,000 dollars and good credit get a rent to own home?

Can a 21 year old with 30,000 dollars and good credit get a rent to own home?

Or will they get turned down because of their age and waiting tables? I had a lot of people tell me that I probably couldn't do it because of my age and job. I want to keep some of it in an account so it can grow, that's why I don't want to just throw all of it on buying a house straight up.

Public Comments

You should not have any problem renting a home, or even purchasing a home if you have the down payment...That is where part of the 30k would come in handy.
Yes you can.
it depends what you're making, your job history, and what other creditors you may owe. but 30 thou is certainly enough to get something
Yes, age is unimportant. The thing you want to be concerned with is the options on the contract. Normally you will pay a fee something like $2 0r $3K for a year lease with the option to buy at the end of the lease agreement. If you have $30K to invest in a home though, you can buy a home out right with great terms. Probably paying less on your mortgage payment then you would on a nice apartment"s rent. If there is no listing you like that say rent to own, I would talk to home owners who have listed there houses, ex. for sale by owner, and ask if they would be interested in a rent to own situation.l
If you are turned down because of age that is discrimination. Why rent to own? If you have good credit you can put that 30,000 down on a very nice home and your payments will be very low. You don't even have to put all 30,000 down. Find a realtor, they will help you find a broker. The broker will tell you how much you can get for a house basid on your income and credit. If you have good credit ( do you know your credit score? ) it will be easy for you to get a loan. Now is the best time for you to buy a house!
DON'T buy rent-to-own. Just get a real loan now and buy whatever house suits your payment range and needs. I think you have to be at least 18 yrs old to own real estate - I'm OK... you're OK. Is 30K enough down? - depends... in some places you could just buy CASH. In others, that's just a one percent down payment. If 30K amounts to 10 or 15% of the sales prices, that should do it. Waiting tables? Depends... on a traditional loan, you need two years tax returns on the same kind of employment - did you either just start this type of work, or do your W-2's say you only make $4,000 per year? CLAIMING tips with the IRS matters when it comes to qualifying for a loan..... Good credit (and $30K) ... maybe do a "stated income" loan. If your W-2"s don't show alot of $, then maybe this will work. But the income you "state" must be reasonable for the type of work you do - and the lender will verify where you work. Find a good Realtor, get pre-approved, and find whatever house you like. Do not limit yourself to owners willing to do rent-to-own.
first of all, you will want to buy, not rent to own. This is going to save you thousands in the long run. You do not have to put all the money down if you don't to. Second it is your income that could keep you from getting a loan, not your credit or age. If you are being turned down it is more likely that you are not able to show lenders that your income is enough, or stable. You need to find a good mortgage broker that will get you exceptions with a lender.
First, I agree with those that responded to avoid rent to own...these agreements primarily benefit the owner of the home. Second do you claim all of you tips from waiting tables? If you do this will make it much easier to qualify. If not you could do what is called a no document loan, which means you tell the bank how much you make but do not have to prove it...the interest rate is a bit higher though but it is easier to qualify for. Best advice is to buy income property. My husbands little brother who is around your age just bought a 4 unit rental home for 200k with no money down...he also waits tables. He lives in one and rents the other three which pay a substantial amount of the mortgage payment. When I was twenty, I bought into a duplex with like 6k down on an fha loan...my payment was around $1500 a month but with the rent from the other side I only paid $600 a month. Good luck and I hope this helps!
If you get turned down for age sue the crap outta them. Thats discrimination.
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