Where are all the home loans?!?!?
Everyone knows that the real estate market has taken a beating over the last few years. This has created a tremendous opportunity for you to purchase a home at prices not seen since 2002. The problem is that most people cannot qualify for mortgages any more. Remember back just a few years ago when anyone with a heartbeat could get a loan, even if they had no job and bad credit? We’ve obviously seen the effects of that, with hundreds of thousands of foreclosures after the real estate bubble popped.
The result?
Now, in order to qualify for a loan, you need good credit, a large down payment, and a stable job that you can prove will allow you to make the mortgage payments. If you have less than perfect credit or haven’t been in your job for very long, forget about it….
So how does the average person who has some credit card dings or has only been in their job for six months?
The answer is a lease-option! There is no better way, in my opinion, to move from renting to owning than through a lease option. You can move in without a huge down payment, and best of all, you can give yourself time to fix the credit dings during the lease period, knowing that the money that you pay each month is not just burning a hole in your landlords pocket.
Feel free to post any questions that you might have about the process. I’m going to do my best to answer them as well as provide additional tips that can allow you to into your dream home sooner than you think.
-Mike
