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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.