Friday, December 08, 2006

New House?

Does anyone know anything about lease purchasing? We are looking to buy a house here in Franklin, but we have horrible credit and no down payment. We are paying so much in rent right now that it seems ridiculous to keep renting, but we know NOTHING about getting a house. I see about 5 lease/purchase ads in the newspaper that just seem too good to be true, so I was wondering if anyone knows anything about it-will we end up paying $300,000 for a $150,000 house? I'm kind of afraid to call the numbers in the ad since I don't want to be reeled in...Advice?

2 comments:

Kat Coble said...

FHA.

We had crap credit and were able to get an FHA loan anyway. The first two years we had it our interest rate was about 1pt higher than people could get with good credit.

After two years FHA let us refinance it at market rates.

Seriously, FHA is THERE for people with less-than-perfect credit and very little money down. Take advantage of that program before you get snookered in by the subprime lenders.

Mari said...

Thank you! It looks very promising!!!