How can I buy a house while having bad credit?

+1 vote
asked Sep 15, 2017 in Real Estate - Renting by Karl Scott (360 points)
I currently rent an apartment but hate living in an apartment and want to buy a house.

But the problem is I have bad credit and can't get approved for a home loan while having this bad credit?

Would it be possible somehow to buy a house with bad credit?

1 Answer

0 votes
answered Sep 16, 2017 by Mark6 (390 points)
If you have bad credit and want to buy a house you should look around for a house that is being sold as rent to own and being sold by the owner of the property.

Sometimes you'll need to pay a down payment and other you may not need a down payment.

When you rent to own you pay rent to the landlord "the owner of the property" and then depending on the contract you signed you either have to come up with the rest of the money in a time period such as 5 years or so or you own the house once your last rent payment is made.

Meaning you made enough monthly rent payments to cover the cost of buying the house.

Rent to own contracts and deals differ from one home owner to another.

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