Rent-to-Own A Home With Bad Credit Tips | Estetica Dentaria Online

By sbocelite7, on September 21st, 2011

Rent to own homes programs can help people who have bad credit eventually qualify to buy a home. Renting homes with the option to buy can open the door to becoming a homeowner. Review the rent to own lease agreements and check with rent-to-own programs for help. Renting vs. owning a home is always best. While leasing, people can also work towards an improved credit score, which will help them purchase a home. A bad credit score is difficult to improve, however these simple steps can help individuals obtain a home and strengthen their credit.

Steps to take to boost a credit rating and qualify to purchase a home:

? Make sure all bills are paid on time to the landlord or mortgage company.
? Credit counseling can have a poor affect on qualifying to purchase a home, so don?t seek it while leasing.
? Use current credit or obtain a secure credit card in order to improve credit and lower interest rates. Try to pay any balances on credit cards in full every month.
? Always pay by check, so there?s documentation of each and every bill and also the dates they were paid.
? Never go into bankruptcy during the leasing period. A prior bankruptcy or to be in bankruptcy isn?t a problem when it was on-going before the lease agreement was established.
? Keep all credit open and do not close any accounts, because these factors are used as part of the client?s available assets.
? Seek guidance from a credit restoration firm, because inside of a year, they are able to improve a credit history. Also get their advice before paying any judgments or collections, simply because this is likely to make any of these actions appear current and impact the overall credit rating

After qualifying for a home loan, what the loan officer will review:

? Has enough income to take care of their bills and manage an additional loan payment.
? Has adequate resources to meet all mortgage requirements.
? Has steady employment and positive work history.
? Has a very good financial record regarding credit history.
? Has stayed in residences enough time, Instead of moving frequently.

Know credit score and complete financial history:

? Seek advice from a respected rent-to-own program and review complete financial history.
? Go over any bankruptcies, judgments, collections, liens as well as any other issues.

One way to become financially secure is to rent to own a home, which can lead to better credit and real estate ownership. A very good rent-to-own program will lead a potential homeowner through the entire leasing process. Following certain steps can transform a renter, without any equity, into a person who has their own home.

Source: http://www.esteticadentariaonline.com/estetica-dentaria-online/6458

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