Why Does My Credit Matter? via @homebidz

Why Does My Credit Matter?

Click Here to Look at Bad Credit Home Loans

Honestly, if you have less than perfect credit, you can still potentially buy under a rent to own option, but you still have to get financing at some point, so you'll need to be working on building. Some government mortgages require lower credit scores, and grants for down payment assistance are available. But if your credit score is below 600, you simply cannot get financed.

The Benefit of Knowing Your Score

Knowing your credit score and fixing a less that "great" credit rating is the single most important factor of purchasing a house. Regardless of if you're planning on using the Rent to Own option or going through a traditional bank loan, your credit score will be requested and used to determine whether or not you qualify as a strong candidate or not.

What to Expect When Asking for a Lease Option

Don't expect #homeowners to be easy on you just because you're foregoing the bank. Even if they agree to a rent to own option, they want to make sure they are not taking anything at a loss. Typically, home owners that are owner financing their home to someone else has a second mortgage to pay and rely on the income of the Rent to Own purchase.

Already Good? Stay There.

If you have good credit: keep it that way. If you're credit is poor or fair, dedicate 9 months to a year to fixing your credit.

Click Here to Look at Bad Credit Home Loans

Latest Posts

Loans, Fees, and the Real Cost of Owning Your Home via @homebidz

Loans, Fees, and the Real Cost of Owning Your Home

Need a Home Loan? We know this may come as a shock, but that home that’s for sale for $350,000 will actually end up costing about $575,000 over time. How? Between the interest rates, insurance, property tax, and...
Rent to Own vs. Traditional Mortgages via @homebidz

Rent to Own vs. Traditional Mortgages

Need an FHA Loan? It’s no secret that most people seek out rent-to-own home options over traditional mortgages because of credit issues: either their credit is fair or poor or simply just unestablished. Depending...
Why Does My Credit Matter? via @homebidz

Why Does My Credit Matter?

Click Here to Look at Bad Credit Home Loans Honestly, if you have less than perfect credit, you can still potentially buy under a rent to own option, but you still have to get financing at some point, so you'll need...
Taking the First Step on Your Rent to Own Journey via @homebidz

Taking the First Step on Your Rent to Own Journey

Looking for Rent to Own? When considering a rent to own journey, there certainly are a couple different choices. Each requires the rental property itself, two authorized documents, and then -- sometimes -- an...
Simple Ways to Save for Your Down Payment via @homebidz

Simple Ways to Save for Your Down Payment

Need Family Support? There are a lot of different ways to purchase a home. You can get creative and try owner-financing, or even buying a home at an auction. For the majority of us though, we’re still using banks and...
Should I Rent to Own or Lease? via @homebidz

Should I Rent to Own or Lease?

Check Out These Listings You've found yourself asking, "Should I rent to own?" or "Should I look into a lease option?" Understanding your options, and determining if a rent-to-own or lease option is the most...

Categories