[SykkBoy]

Originally posted by JoesHO1@Apr 15 2005, 11:15 AM
Forest give these guys a call, www.ameriquest.com

another avenue to go is to look for a place on contract, or look at rentals and try a lease option, what you do in the case of a contract is offer the seller as much as yu can down, then agree to their price ( do not try to lower it) and agree that you will pay them off in a balloon payment in a period of 5 yrs. Once you are the registered owner of the property , for about a yr, you will be able to get a refinance much easier than an intial purchase loan. they will pay out the underlying contract, ( there is also companies that do this called soft morgtage purchases, find one of them and get there specs on what they need in order to pay for a note, then get the numbers in line with the seller, and poof the seller sells to you on contract, and 60 days later the soft mortgage investor buys the contract from the original seller) you can find these soft lenders in most papers .

In the case of the lease option if you are unable to find a contract purchase to meet your needs/wants. then the trick is to put like $2,500 down as a non refundable de[posit, then agree to a fixed price for a payout with the seller/landlord. also agree that a portion of your rent is to be credited towards the down payment, along with the deposit you made upon closing of the property i.e. your rent is $1,300.00 a month say 1K is rent only credit but 200.00 a month is credited into a savings account ( held by the seller) and at closing is to be used as down payment money, offer them a period of 3 yrs to cash them out in two yrs work real hard on cleaning and rasing your credit score try these guys www.lexingtonlawfirm.com plus make sure you keep a savings account and a checking account etc. try to get a secured credit card, and charge a little on it each month then pay like 75% of the balance off each month. this will help to raise your score without hurting your debt to income ratio. when the two years is up, you will have already paid the $2,500 plus the 200 a month for 24 months or so, this will give you already 5K down, and a stable rental history for a two yr period ( lenders look at that in the package) plus what ever else you managed to save to put with it, and you will get to a good sized down payment plus the equity that built in the home will remain yours. you get your loan and close with the seller at that time .

I hope these all made sence to you.

yeah, lease to purchase options are a great way to start

Also, if you are a first time home buyer, there are a bunch of programs that will rpovide downpayment assistance (even those with bad credit...umn, maybe I should break out my Matt Lesko affiliate link ;-))