Finance Questions

Question: Need a viable way to finance/rent to own home, so-so credit?

First of all, we are in Texas so I know that presents issues there. The lease-to-own route in texas is pretty much gone from what I heard. We are paying 1200 for a leased home. We do not have perfect credit, it would be deemed fair at this point in time. Anyway, we cannot go to a bank because especially in these times, we would probably not be apt to get a loan. Our homeowner really wants to work with us but wants everyone protected. Is there some way/method we could lease to own/rent to own. We have considered leasing for another year or two and going to bank as our credit shoudl be really good but we really want this house and I think the owner wants us to have it too.

Answer: Lease to own happens all the time. Have an attorney draw up the contract where you lease the home for a period of time, then obtain your own financing. Most lease to own contracts are for a year or two. The owner protects their interests by receiving a significant deposit from you when you enter the contract, which they will keep if you break the contract, say $5,000 or whatever figure both parties settle on.

Since you are eventually going to have to finance this, work hard on improving your credit score. No new credit cards, no big purchases, no pricey vacations, save save save and get that score up.

Owner Financed, Rent to Own Texas Home Bad credit OK Round Rock 4/2