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Rent To Own Bad Credit

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Gomez Real Estate Solutions, a creative financing company based in Southern California, specialize in assisting potential home buyers that, at this time, can not qualify through conventional methods.

"Many have the miss-apprehension that buying a home will overcome or fix a bad credit situation! They go from mortgage broker to mortgage broker looking for a loan that does not exist," states Gomez.

"The bad credit situation has to be fixed first before qualifying for a home mortgage loan, and not the other way around. Rent to own home programs provide that fix!"

"Beneficiaries from a rent to own home program include those that are recently divorced, suffered bankruptcy, or where FICO credit scores are too low."

"Rent to own home programs, also know as lease options, are unlike regular mortgages because the applicant does not have to qualify for a loan."

"The first focus is on the ability to make monthly lease payments. As most are making rental payments already this is not much of an issue. The second focus is on the future potential for purchasing the home," continues Gomez.

"If there are bad credit issues to overcome, this can be worked on, while living in the new home. Over time, most credit issues can be corrected."

"Rent to own home or lease option make ideal alternatives for the self-employed, compared to traditional means of home ownership."

"The lease option rent to own home program original agreement states the purchase price the day the tenant moves in, and doesn't change. Any increase in the value of the home belongs to the tenant when the loan is closed."

"Typically, with a lease option monthly payments are less than it would cost to own the same home. These monthly savings can be put away, and used to increase the down payment at the time of your purchase."

"Depending on the situation, a tenant can occupy the new home in just a few days or a move-in date can be scheduled around any current living situations."

"A minimal down payment is required, or down payment assistance is available if needed. The down payment, and a monthly rent credit, will be deducted from the purchase price of the new home, reducing the amount of money needed at closing."

"Rent to own home programs help tenants by improving their FICO score and they can look forward to home ownership in a relatively short period of time," concludes Gomez.

Rent To Own Bad Credit

Whether they realize it or not, more people than ever have bad credit. When it comes to buying a home, this is bad news for the prospective buyer. If you are ready to buy a home, you need good credit in order to impress the lenders you will be asking to loan you money. But sometimes it can be confusing to see where you should begin to repair your credit. With so many leaks in your financial history, how do you begin to plug them up?

Find Your Credit Score

The best thing you can do is find credit score. This is a free process in most cases. Each citizen is entitled to one free credit report every year. Even if you already have your credit report, you can also pay to receive this report from one or all of the three major credit reporting agencies ? Experian, Equifax, and TransUnion. This report will tell you what your rating is from 350 to 850. The higher your credit rating is, the better you will look to lenders. While you may never have a perfect credit rating, you want to have it as high as possible.

<>bLook at Paying Those Bills on Time

One of the easiest ways to help improve your credit score is to start paying your bills on time every month. When you don't make a payment on time, it affects your credit score negatively, which can cause lenders to be hesitant to lend to you. After all, if you can't pay your regular bills on time, they may worry that you won't pay your mortgage payments on time too. If you have troubles paying your bills on time, you need to look into automatic bill pay options. This will deduct the money from your checking account every month so that you don't have to write a check and mail the bill physically. If this is not something that appeals to you, you may also want to set up a filing system at home that reminds you when you pay your bills on time. Remember to send your bills at least a few days before they are due to be sure they arrive on time.

Reduce Your Credit Card Debt

The biggest concern for many would-be homeowners is their credit card debt. With the average credit card debt total around $2000 per household; it is no wonder than more people are seeing red when it comes to credit cards. However, in order to increase credit card ratings, the first step is paying these debts down. When you carry higher balances, it can seem as though you are living beyond your means and that is not what a lender wants to see. Try paying more than the minimum balance each month in order to reduce the balances as quickly as possible.

Think about Credit Counseling

If you are still having trouble with increasing your credit score, you might want to look into a credit counseling service. They can talk to your credit card companies to get your interest rates reduced, thus reducing your credit card balances more quickly. These companies can also help you learn better spending practices to help you learn how to spend and save more wisely.

Getting rid of bad credit is simple when you know what caused the trouble in the first place. From this point on, show lenders that you are a reliable customer.

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About Author

Both Keith Hunt & Craig Elliott are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Keith Hunt has sinced written about articles on various topics from Loan Mortgage Rate, Finances and Debt Consolidation. About Gomez Real Estate Solutions.A creative financing company based in Southern California, they specialize in rent to own programs. These programs give potential buyers that, at this time, can not qualify through conventional methods, the opportunity of. Keith Hunt's top article generates over 12100 views. to your Favourites.

Craig Elliott has sinced written about articles on various topics from Vacation, Bankruptcy Law and Careers and Job Hunting. About Author: Craig Elliott is a writer for ShopRate.com. ShopRate.com is a leading provider of . Craig Elliott's top article generates over 90500 views. to your Favourites.

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