Saturday, September 30, 2006

Lease Purchase - Buy A Home With Bad Credit

The lease purchase is one way to buy a home with bad credit. Bad credit is not considered by the mortgage company at the time the lease-purchase agreement is executed. This being for the simple reason that there is no mortgage appication at the time the lease-purchase agreement is executed. the lease-purchase is between the real estate owner and you, the renter. Again, this does not consider bad credit at the time the lease-purchase is written.

That is not to say that bad credit is not considered at the time of the mortgage loan application. Bad credit will certainly be considered at that time but think about this. You will have at least twelve months of cancelled checks to provide the mortgage company and this goes a long way in conquering any bad credit. If you can afford to pay the rent payments for twelve months then why can't you afford to pay a mortgage payment. This is certainly the way to go for someone that wants to buy a house with bad credit or to buy the home they are renting. One other thing to say about the lease purchase is that it is possible to do this loan with bad credit and no down payment. And if you are buying real estate no money down then you should consider the lease purchase too.


Blogger News & Information said...

You have a strange sense of humor. Bad credit this and bad credit that and they you don't even give a link for someone with bad credit that wants a mortgage let alone a LEASE PURCHASE

Listen, don't take this personal. This is some friendly advice OK. Get some writing skills and take a class or something and come back in a year or so and THEN maybe you can write a mortgage blog...OK

12:59 PM  

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