Buying a House Using Lease to Own

Do you think doing a lease/purchase of a house is a good idea? I am trying to buy a house but nowadays lenders want you to have a high credit score and you have to pay off ALL debts on your credit report. In GA, most programs for a lease/purchase are owned by a group of investors. With a lease/purchase you have to put down about 3K. Since real estate agents don't assist with lease/purchases, how can I find out if these programs are legitimate?

Ad

By Onesummer

February 19, 20100 found this helpful

Yes it a good idea, find what you want & talk with lawyer about the one that owns the place. They can find out if they are o k to do business with, be sure to have a signed contract by a lawyer, good luck.

ReplyWas this helpful?Helpful? Yes
February 20, 20100 found this helpful

Yes definitely. You are correct about mortgage companies relying on credit scores and they have recently raised the credit score required to obtain a loan. FHA is not as high and would probably be the best avenue for you. I was surprised to read that a realtor would not be able to assist you. I am a realtor in Pennsylvania and certainly would be able to help you here. Your other option is a real estate attorney. Also, I would imagine there is a Housing Authority in your state, you could try contacting them for assistance. Good Luck.

Ad
ReplyWas this helpful?Helpful? Yes
February 23, 20100 found this helpful

From everything I've ever read about this, it is a very bad idea. You'll be paying far more for rent, just a tiny bit will go to the purchase. You'd be far better off to rent as cheaply as you can, and spend a year or two saving and making your credit score as good as it can be.

Also, if you miss any payments, you could lose all you've paid toward the purchase.

People who sell properties as lease/purchase are often shady characters who prey on folks with poor credit. As long as your credit score is low you have few options, so please fix that first.

Right now you can buy a foreclosed house for very little money. I'd try more real estate agents, housing agencies, etc and keep on asking for advice. But please don't rush into a lease/purchase.

Ad
ReplyWas this helpful?Helpful? Yes

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

Related
Categories
Budget & Finance Home BuyingFebruary 19, 2010
Guides
Someone dusting the corner of a room with a duster.
Keeping Your House Dusted
Dog on Homemade Rope Leash
Making Your Own Dog Leash
Wasp inside a plastic cup.
Homemade Wasp Traps
Bookshelf
Bookshelf Makeover
More
🎄
Christmas Ideas!
🍂
Thanksgiving Ideas!
Facebook
Pinterest
YouTube
Contests!
Newsletters
Ask a Question
Share a Post
You are viewing the desktop version of this page: View Mobile Site
© 1997-2016 by Cumuli, Inc. All Rights Reserved. Published by . Page generated on November 18, 2016 at 12:32:35 PM on 10.0.1.114 in 923 msecs. Use of this web site constitutes acceptance of ThriftyFun's Disclaimer and Privacy Policy. If you have any problems or suggestions feel free to Contact Us.
Loading Something Awesome!