Key Considerations: Rent-to-Own A Home With Bad Credit | Fox ...

Rent to own homes programs (learn more by clicking here) can help individuals who have poor credit eventually qualify to purchase a home. Renting homes with the option to buy can open the door to becoming a homeowner. Go over the rent to own lease agreements and check with rent-to-own programs for help. Renting vs. owning a home is always best. While leasing, people can work towards a better credit score, which will help them buy a home. A bad credit score is difficult to change, however these simple steps can help individuals get a home and improve their credit.

Steps to take to improve a credit score and qualify to purchase a home:

???? Make sure all bills are paid on time to the landlord or mortgage company.
???? Credit counseling can have an adverse affect on qualifying to purchase a home, so don?t seek it while leasing.
???? Use current credit or get a secure credit card to be able to improve credit and lower interest rates. Try to pay any balances on credit cards completely each month.?
???? Always pay by check, so there is documentation of each and every bill and the dates they were paid.
???? Never enter into bankruptcy while in the leasing period. A previous bankruptcy or to be in bankruptcy is not a problem when it was on-going before the lease agreement was established.
???? Keep all credit open and don?t close any accounts, because these factors are used as part of the client?s available assets.
???? Seek guidance from a credit repair firm, because inside of a year, they can improve a credit standing. Also get their advice before paying any judgments or collections, simply because this is likely to make these actions appear current and affect the overall credit score

After qualifying for a mortgage loan, exactly what the loan officer will review:

???? Has enough income to handle their bills and manage an additional loan payment.
???? Has adequate resources to fulfill all mortgage requirements.
???? Has steady employment and positive work history.
???? Has a very good financial record regarding credit history.
???? Has stayed in residences enough time, Instead of moving frequently.

Know credit score and complete financial history:

???? Seek advice from a respected rent-to-own program and review complete financial history.
???? Go over any bankruptcies, judgments, collections, liens as well as any other problems.

One way to become financially secure is to rent to own a home, which can lead to better credit and real estate ownership. A very good rent-to-own program will lead a potential homeowner through the entire leasing process. Following certain steps can transform a renter, with no equity, into a individual who has their own home.

Source: http://foxchapeloffice.com/key-considerations-rent-to-own-a-home-with-bad-credit/

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