0
What do I do if I have no credit but want to buy the house I rent?
Wiki User
∙ 15y ago
First, the owner of the house you are living in must agree to sell it.
Once the owner has agreed to sell, and a sale price has been agreed upon, you will need financing. I would start at your local bank--the one you normally bank at. If they can't help you, talk to your local bank, or look in your community phone book for financing options for borrowers with bad credit.
Another option is to ask the owner of the home whether he or she will do "owner terms." That means that the seller acts as the "bank" and finances the home for you. You would agree on an interest rate and due date for the loan. The loan would be secured by a mortgage, deed of trust, or real estate contract against the property. Even if the seller will only give you financing for 5 years, you should probably go for that because in 5 years, your credit rating will be sufficient to get you a standard 15 or 30-year home loan.
(Side point: making 13 payments a year on a 30-year loan turns the loan into a 15-year loan.)
During this process, it is a good idea to talk to family members you trust who are homeowners. If no one in your family is a homeowner, I would recommend talking to a trusted friend or someone at your church who is a homeowner. This person will be able to give you insight into the homebuying process. Be weary of real estate agents--if you work with one, you will have to pay him or her a commission. But if you are looking at a home that is already listed with real estate, then you must work with real estate to buy it.
Good luck in fulfilling the American Dream.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How much do you save to buy a house?
It will depend on how good your credit is and what you want your payments to be. If the price of a house is $100,000 and your credit is good and your fico score(this is your credit score) is 660 or higher You will need to put down 5%-10 % or $5,000 - $10,000 plus closeings cost of another 4% or $4,000.00 so if your credit is good you will need to save 9% -15% of the cost of the house you want to buy. Now if you have bad credit, you should clean up your credit before you buy. With bad credit your intrest rate will be high and your house payment will be high.
Can you buy a house if you have a foreclosure on your credit?
you must restore your credit.
How can you buy a house with no credit?
Pay cash.
can i get help to buy a house?
Chhatt is the realstate platform where you can find property or house according to your requriment. Chhatt is the best platform where you can fullfil your exception.Here you can search lower,upper protion for rent,buy and sell. if you are interested to buying a property,selling a property, on rent property and want to upper-protion property ,lower-protion property or house for further details you can visit our site Chhatt dot com
What is rent to buy?
This is a transaction whereby you first pay rent and if you decide to buy it, then the amount you paid in rent goes toward the purchase price. This is kind of like a mortgage but minus the initial down paymentA rent to buy scheme is where someone pretends to let you rent their house to buy, but they have no intention of actually allowing you to own it in the end.
What is a rent to own purchase agreement?
it is where you rent something and you ge tcredit for it. then when you want to buy it you use that credit for buying it.
Do you need credit to buy a house?
Not if you want a good deal. Unless you buy on contract from a seller.
Do you need credit when you get older?
The fact is that the average person needs a Good Credit rating in Most Industrialized Economies. Like The USA, Canada or all of Europe. With out credit you can't buy that home you want or other things. The system is kind of loaded against a person without credit. If I get a loan and buy a house the money I would pay for rent goes into payments and other costs. If I save money to buy a house, I still have to pay rent to live until that money is saved. This makes it take much longer, and for most people impossible.
I want to buy a single house, but I am afair that I am not going to approve for it. I have a bad credit. can you gave me advice ?
You might to find out what your credit score is first through a reputable agency , and if worse comes to worse you could always find a home that is rent to own .
What do you do if you have no credit at all and want to build a credit?
go to a buy here pay here car lot or a rent to own and make a purchase make the payments on time and ask them to notify the credit agencies of the established credit.
How much do you save to buy a house?
It will depend on how good your credit is and what you want your payments to be. If the price of a house is $100,000 and your credit is good and your fico score(this is your credit score) is 660 or higher You will need to put down 5%-10 % or $5,000 - $10,000 plus closeings cost of another 4% or $4,000.00 so if your credit is good you will need to save 9% -15% of the cost of the house you want to buy. Now if you have bad credit, you should clean up your credit before you buy. With bad credit your intrest rate will be high and your house payment will be high.
Should you buy or rent?
buy. because it is yours when you dont want it anymore if you rent you have to give it back when you dont want it anymore
Can you buy a house if you have a foreclosure on your credit?
you must restore your credit.
Why do i need great credit?
If you want to buy a car or house you need good credit. Some employers run a credit check to determine if you are responsible. Insurance companies run a credit check for you to get insurance.
How can you buy a house with no credit?
Pay cash.
Is it possible to buy a house if you have horrible credit?
no you can not
How can you rent out a apartment on YoVille?
You cannot rent a house or apartment, the only apartments available are the starter apartment that everyone will start off with when they begin playing. You can buy a house at the relator office. Click on the map then locate the relator office on it, then save up 5, 000-100, 000 coins (depending on the house you want. The bigger house, the more expensive.) then take a tour f the house, then buy if!
