Being such a strong buyer's market out there, it still surprises me that many people can't (or think they can't) get into a home of their own.

Real Estate investors have been using lease option and owner financing techniques for years. One of my mentors have been doing this since the 60's with little down and no credit check.

I posted this in response to a question about qualifying for a loan on Yahoo Answers. It works for investors and home buyers as well:

First things first. You would need to talk with a realtor and a loan officer (realtor can recommend) who deals with first time home buyers. They will be aware of tax credits as well as programs that will be more likely to approve you.

Keep paying those bills on time as it will affect your credit score.
don't buy anything major from now until you get into a home or find out your credit score is great.

Finally, another great option is Lease purchase or lease to own a home.
this being a buyer's market many sellers and landlords are willing to go this route.

what's great about it is that you get to live in the house and check it out.
You lock in a price at today's values and it may appreciate.
You can use some of your rent and deposit to go towards the downpayment of your house.
And if things don't work out, you're not locked into it. It's still just a lease with an OPtion to buy. Not the Obligation to.

Later on you can even switch this lease purchase to an Owner Finance situation where you actually OWN the home and then make payments to the owner.

cool stuff.

FREE Lease to Own Ebook HERE

Let me know if you need anything else.


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