02-06-2013 09:19 PM
02-07-2013 07:21 AM
You need to talk to a mortgage broker. I'm not sure how they would deal with approving four people on one loan. Plus, rent to own situations can be very tricky. If the agreement isn't structured and carried out in exactly the right way, you can have a big mess when trying to get the mortgage approval.
02-07-2013 07:25 AM - edited 02-07-2013 07:26 AM
Rent to own is a dangerous item, as usually the base of the agreement is that you have a stipulated amount of time to improve your credit in order to qualify for the loan.
I'm sure there are lenders that still deal with the 620's and lower, but it'll cost a few points more.
02-07-2013 11:28 AM
02-07-2013 07:14 PM
each borrower will have to have midscores that satisfy guidelines.
4 people on a loan is not a problem. but the lowest scores will drive the approval.
02-11-2013 12:36 PM
02-11-2013 06:23 PM
Thank you for the replies.
Does anyone have any information on a FREE Consumer Credit Counseling program?
You can also do a search for a non profit company to help you.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO