Don't be depressed because you can't qualify for a mortgage. You may have heard that your credit score is too low or FHA doesn't qualify you. Did you know that their is another way to get your foot in the door?
Its called Rent to Own or Lease with Option investing. Many savvy investors across the country are offering programs for people with damaged credit the opportunity to get into a home. There are some caveats though and you still have to qualify with most investors.
1. You'll probably need to know your Sunrise Score. Everyone has a Sunrise Score. This number will tell you how long its going to take you to rebound from your damaged credit. This time-line based score is great for telling investors when you will be able to exercise your option or refinance them out of the property.
online cash loans, pay day cash loan, cash loan,
2. Some Rent to Own investors will require that a buyer be enrolled in or participate in an approved at home Credit Repair Program.
3. You will definitely need some down payment money. Just like you would with a normal mortgage transaction you need to show that you have some money to put down. Makes sense, right?
4. Screening is required. Most investors will do a back-round check or screening on you. A TCRA is very popular which stands for Tenant Calculated Risk Assessment. This basically underwrites and grades your ability to pay the investor, as well as, checks for any eviction records or criminal activity.
It may seem like a lot, but actually it is far less than what you would probably have to go through to get a 'regular' mortgage. Plus, any money you put down and the monthly payments are credited to you just like a mortgage!
If you feel like you're going to miss the boat to buy a home with the great deals that are currently out there then look at Renting to Own as a viable option. Your first step would be to talk to an adviser at Sunrise Score and see where you stand. Plus, they have a great network of investors that may be able to help you. Some investors even let you shop for the house, they buy it and hold the paper.
I believe that its a win win situation when you can get into a home and live there while your working on your credit issues.
Happy House Hunting!
Loan Up To $1500 You Will Receive Cash Immediately. Flexible Payment And Super Low Fees. Quick Cash Tonight!
Rating of payday loan companies
Get Online Application at online payday loans.
