No credit, First time home buyer

I have no credit...well bad credit if any, as does SO.

We are looking to buy a house within the next few months. I have NO idea how to go about it...none.
I've always rented.

Help plz!!

I heard you have to hav a credit score of atleast 660 to get a loan...not sure how true that is

I don't know if you'd be able to.. my sister and husband are doing it right now and they both have GOOD credit, he has 3 open credit cards in good standing, and the bank doing the loan gave them a ton of crap saying they didn't have enough open lines of credit and that's with good credit. Maybe google "Buying a house with bad credit" there might be special programs that might help?

We're doing it as well but I am staying off the loan since I have horrible credit, husband has 655 which was 15 points more than the VA needed for the VA home loans

What is the difference between renting to own & renting in obligation to buy?

Quoting Tat'd Bitch+3:" What is the difference between renting to own & renting in obligation to buy?"

Rent to own is called a Land Contract. Basically the Home Owner is financing you. You'd put a certain amount down, they usually look for 10-20% and then offer how much you'd pay monthly, what percentage rate and how many months you'd like to pay it off. Then you negotiate back and forth on that til you come to an agreement.

You have to get your credit up.
First things first figure out how to fix your credit. If you owe anything on old bills, it needs to be payed off first.
Then you need to actually build your credit. It's not going to happen in a few months.

I am in the same boat.

Get ahold of a realtor. And your bank, schedule a meeting with both at the same time. They will bring a whole folder full of everything you need to know, and they will print out a credit report and show you how to up your score. There are also a lot of programs to help first time buyers, look into those. Get as much info as you can and also talk to someone who owns a home and has been through the process. Take them with you to the meeting. Good luck!

<blockquote><b>Quoting Crystal Marie S.:</b>" Rent to own is called a Land Contract. Basically the Home Owner is financing you. You'd put a certain ... [snip!] ... rate and how many months you'd like to pay it off. Then you negotiate back and forth on that til you come to an agreement."</blockquote>




It's really hard to find places like this in the town I live in. They always wanna just sell or rent.

Quoting Crystal Marie S.:" Rent to own is called a Land Contract. Basically the Home Owner is financing you. You'd put a certain ... [snip!] ... rate and how many months you'd like to pay it off. Then you negotiate back and forth on that til you come to an agreement."

Be careful though....there are so many rent to own scams out there.

My friend gave her down payment (20%) and paid 18 months worth of "rent" to the person she was renting to own from. He wasn't paying the mortgage payments so the house was foreclosed on and she lost everything.

Quoting speaktruth2powr:" Be careful though....there are so many rent to own scams out there. My friend gave her down payment ... [snip!] ... she was renting to own from. He wasn't paying the mortgage payments so the house was foreclosed on and she lost everything."

OMG that's insane.


That's why you absolutely need to get your own Realtor. Never deal with the one the Property Owner has it listed with. You can go to any office and request a Realtor assist you, they'd be happy to, they'll get the commission.

We were going to do a rent to own once and it was clearly stated in our offer that if it was accepted, the owner would have to supply a clear title of ownership.

<blockquote><b>Quoting Rydicule91:</b>" I am in the same boat. Get ahold of a realtor. And your bank, schedule a meeting with both at the same ... [snip!] ... can and also talk to someone who owns a home and has been through the process. Take them with you to the meeting. Good luck!"</blockquote>




I don't have a bank :/
No money, No bank.
Back pay for child support/disability & taxes.

<blockquote><b>Quoting Tat'd Bitch+3:</b>" <blockquote><b>Quoting Crystal Marie S.:</b>" Rent to own is called a Land Contract. ... [snip!] ... It's really hard to find places like this in the town I live in. They always wanna just sell or rent."</blockquote>




You are going to have to rent. Pay off all your debt, and get your credit up! You will each need at least 620

<blockquote><b>Quoting ILOVEWINE:</b>" <blockquote><b>Quoting Tat'd Bitch+3:</b>" <blockquote><b>Quoting Crystal ... [snip!] ... You are going to have to rent. Pay off all your debt, and get your credit up! You will each need at least 620"</blockquote>




Pay thousands for what our ex's done to us...nah.

Quoting Tat'd Bitch+3:" <blockquote><b>Quoting ILOVEWINE:</b>" <blockquote><b>Quoting Tat'd Bitch+3:</b>" ... [snip!] ... get your credit up! You will each need at least 620"</blockquote> Pay thousands for what our ex's done to us...nah."

If you're really into the Land Contract type thing, go into a Realtors office and tell them what you're looking for. The house we were looking at wasn't even a LC house, but it had been on the market for a few years and at that point, the owner was willing to let it go so he didn't have to pay taxes on it, sitting there empty. So the Realtors can call around and ask the home owners if they'd be interested, even if at first they weren't.