Question
My husband has some credit issues and the only type of loan we qualify for right now is a 85% conventional loan w/ 9.75 adjustable interest rate. That loan is not an option. We will get back about $10,000 when we sell our house. We have to move because our neighborhood has gotten exemtrely bad. We seen a lot of adversiting for lease/purchases and owner financing. Our concerns is that the owner may not pay the house payments and we get evicted. Or the house is in pre-foreclosure and we don't know it. Any suggestions?
My husband has some credit issues and the only type of loan we qualify for right now is a 85% conventional loan w/ 9.75 adjustable interest rate. That loan is not an option. We will get back about $10,000 when we sell our house. We have to move because our neighborhood has gotten exemtrely bad. We seen a lot of adversiting for lease/purchases and owner financing. Our concerns is that the owner may not pay the house payments and we get evicted. Or the house is in pre-foreclosure and we don't know it. Any suggestions?
Answer
When you rent a house, you are taking a small risk. A bank may foreclose or the landlord may simply want to sell within a year. Try finding a decent apartment in a good area. Work on fixing your husband's credit. You are right by not taking the loan you were offered. You won't lose much by not buying a house in the next 12 months or more. Good luck.
When you rent a house, you are taking a small risk. A bank may foreclose or the landlord may simply want to sell within a year. Try finding a decent apartment in a good area. Work on fixing your husband's credit. You are right by not taking the loan you were offered. You won't lose much by not buying a house in the next 12 months or more. Good luck.
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