RentToOwn-HouseFinder.com - if you have reaaaly bad credit and you are buying a house on a lease option?

if you have reaaaly bad credit and you are buying a house on a lease option?

we have paid a big down payment we are worried about getting financed is there any way at closing on the house the realtor if he agrees pay off our debt can we get financed we have made all of our payments on time for a year for our home and we put down 10% but our credit will be the only thing holding us back.

Public Comments

if you have bad credit, i suggest work in solving how to get that score up first before buying a home .. (you are 80% chance going to get into foreclosures in less than 2 years) pay off all debt save and buy a home
NO, JUST. NO... Do You Ever Watch The News?
Even with good credit now, it may be really hard to get a loan. Have you not heard about the news of the credit crunch. Almost 90 percent of mortgage brokers are in trouble, with this bad credit has caused the problem both with consumers and hedge fund operators. We are now in a calamity, what used to be called "run on the bank". Lots of luck, renting may now be cheaper than buying for a lot of families.
ok first of all when you are in a lease option and you have paid on time for over a year there are programs out there that consider it a refinance. plus you have the 10% down there are places that can help you raise your score. the only one i know that gives you a money back guarentee and a lender that will credit you the money pay to have it raised is here. they are great company and you can t beat a lender that will tell them what you need to get a great rate referance bottom left of first link page
You are not alone! From my experience I can tell you (and hind site is always 20/20) start getting ready today. First, go to the websites I provided below and get your your one free credit report that you entitled to annually. Review and dispute what needs to be so your will be in good order. Put the 10% into the bank where you cant see it or use it. In almost all financing, any debt that the realtor agrees to pay off is considered an inducement that will lower the amount of financing you would be allowed to get. Also, read up on FHA loans, no minimum credit scores required, low down payments (so you use some of that money to pay off debt if needed),but be prepared for the loan process. it is a goverment loan, so you will need to document all income and assets for the most recent 2 years. Pay the lease on time every month and use a checking account so timely payments can be documented. Make sure your lease option agreement is a written one, be sure to outline how much of your monthly payment is going the down payment or closing costs, etc. Hope these web sites help you and good luck!
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.