You Can Still Buy a House with Bad Credit Through Lease Options
It is the goal of all Americans to own their own home. Unfortunately, along the way, some of us get sidetracked. It is a tough world out there especially as it relates to credit and home buying. And frankly, many Americans get their dreams derailed, many times through no fault of their own or through circumstances that were beyond their control.
When a person ends up in credit trouble,
or when things like job loss, medical conditions, divorce or bankruptcy become a part of a persons reality, hope for home ownership gets bleak and many people give up on their dreams and settle for a lifetime of renting. This is where Lease Options (when done properly) can be a perfect solution to the challenges at hand.
If you are still renting, this list might describe some or all of your current circumstance?
• You probably don´t have much money saved for a down-payment
• You have too many credit cards or credit accounts open
• You have delinquent accounts and collection agents or attorneys asking you for payments
• You may have past legal problems such as judgments, divorce, bankruptcy, or foreclosure
• You have been told to wait for a year or more before being able to buy a home
• You probably feel frustrated as you try to find the perfect answer to your home buying needs.
• You have already been turned down by a lender (or couldn´t get one to take you seriously if you tried)
• And you are most likely, TIRED OF RENTING and TIRED OF BEING REJECTED.
Probably the most damaging effects that poor credit will have on a person is that you feel like you’ve run out of options. The truth of the matter is that if you want your own home and you have poor credit, you only have two real options.
You must either:
1. Wait for your credit to get better or your circumstance to change and then at some point in the distant future you can go out and find a home to own. This could be anywhere from a 1-5 years depending on how bad off your credit actually is. This is the “wait and keep renting” method. (I usually don´t recommend this)
OR
2. You must find an investor/owner who is willing to overlook your problems and give you a chance to prove yourself through some means of “owner financing.” The safest and best way to do this is with a Lease-Option through a trusted and proven investor/owner who has a win-win scenario for making this happen. (This option is highly recommended – if you do it properly)
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