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brneyedladee63 · Joined: 01 Mar 2009 Posts: 1 1.34 Dollars($)

I've lived in home for 2 years have paid my rent of $550 with no problems. Now I'm looking to purchase this home I do not have perfect credit however believe time here should count for something. What do I do?

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

if you have made good rapport with your house owner then i think this will be pretty simple for you.(good rapport means timely payments of your rent.)

first you go discuss with the owner.If he agrees with the preposition then surely you will have a good chance.

the things which you need to tell to the owner are pretty simple but you need some convincing power and need to present those points in concise and pretty channelized way.

but b4 that i need to know about your rent payment history and your relationship with the owner.

Wink

eric1 · Posted: Sun Mar 01, 2009 5:00 pm Post subject:

You should also speak to a mortgage broker now to be sure that you can qualify for a loan. A good loan officer can also provide you with a pre-qualification letter that you can show the homeowner. This will help you and will let them know you are a serious buyer.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

one more to add after discussing with the owner then only you can search for a good mortgage company.... if you have a good kitty with you then it is feasible for one to go for the mortgage ,in most of the cases people who are not having good credit score will have to accept the loans with higher interest rates so one should be having good kitty in order to avail the loans which is minimum and thus will save your lots of bucks on the interest alone.

dilipgagare · Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)

if you want to bye this home then you need to take home loan
from any reputed insurance company.

But for that you have credit or need to show your income to insurance company. then they do valuation for your income and give you loan...

I hope you will understand...

tawanastegall · Posted: Thu Mar 26, 2009 8:15 am Post subject: Rent to Owning

Your perfect rental history does account for something. But it does not affect your credit score unless it is being reported to one or all three credit agencies.

Your rental history will come in handy if when you sign up for a mortgage and they need positive trade-lines or check your rental history. Most of the time the tradelines have to be on your credit report but in some instances your rental history can play a very importantn factor.

You are going to need to contact a mortgage broker or go to your local bank and have then to evaluate your where you stand as far as buying a house. They will give you a pre-approval amount on how much house you can afford. Then you should begin your search on hunting for that perfect home.

If you have other tradelines that are being reported to credit agencies and you have been paying your bills on-time, then it should reflect in a good credit score.

When I say tradelines I mean, credit cards, personal loans, etc.

Good luck!

TaWana Stegall
http://www.tawanastegall.com
tawanastegall(at)yahoo.com

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Need a morgage on my rent to own home