My professional opinion it’s a Bad Idea and here’s why:*You pay about 20% above the typical rent for the house as well as option fees etc.*The agreed upon purchase price will be what the owner
Preparing To Purchase A Home
Dated: June 24 2020
When Preparing to Purchase a Home the First Step is getting your finances and credit in order. Mortgage Lenders Review you Credit History, Employment Status, Income and Debt to qualify you for a mortgage loan.
Credit Scores - 620 or Higher FICO scores will ensure you get a good mortgage rate
Income- documented income (check stubs, W-2s, 1099s, tax returns will be used to verify your income) If you own a side business or self employed the amount of write-offs you take can affect your qualifying income
The Amount Debt you have can reduce your qualifying Income: Loans, Credit Card Debt, Owed IRS Taxes or Repayment Plans, Student Loans, & Child Support. .
I purchased my first home as a single mother in my early 20's, so I know the fears, the anxiety and the financial responsibility that comes with such a large purchase. But I also know the pride, joy a....