NOTE:　If you have already taken the time to learn your personal credit score, then you can skip this lesson as it will not pertain to your situation.

Oftentimes we get the question:　”I thought you said I didn’t have to qualify for a loan to buy a new home today.　If that’s true why do I need to know my credit score?”

That’s a valid question and one that deserves a clear and thorough answer.　This lesson is designed to provide the answer needed.　

It’s important first of all to understand exactly how a Rent-to-Own (or Lease Option) transaction works.　

The homes you will be looking at are set up to allow a family to enter into the Rent-to-Own agreement for a certain period of time.　That might be 12 to 60 months.　Meanwhile, you will be working hard to repair your credit.　Your goal will be to get the score up to where you can then qualify for a conventional loan.　

If you credit is badly bruised – to the point where it could take up to　60 months to get it up to par – then you need to get busy on that project today!　Now!

Our company is set up to help you, not hurt you.　If you get placed into a home that requires you get a new mortgage in 12 months, and we don’t even know if that’s possible, because we don’t know the credit score, then we all lose. We lose because we didn’t do our job to the best of our ability. You lose because you will have to find a new home. The seller loses because he was planning on a new mortgage being put in place within 12 months.

There’s more to this than simply putting a family into a home. We have the long-range goal of putting them in a home ownership position today with the goal of having a conventional loan  down the road.

Now, you can see why it’s vital that we know the place where you now stand with regard to your credit rating. Click Here For Your Credit Report or HERE and click HERE to FIX YOUR CREDIT

It’s knowledge of that credit score than will help us to help you.　We will then know how to proceed on this journey to home ownership.

Do you need to have perfect credit to get into a Rent-to-Own property today?　No you don’t.　But will you need a good score to complete the purchase in a year or so?　Yes you will.　That good score will help you get the best interest rate and in the long run will save you many thousands of dollars.　

The are three types of persons in this world…Let’s assume  a parade is happening.  There are people in the parade, people watching the parade and people that do not even know that there is a parade going on…The wisdom is to figure out where you fit in the scheme of things. 　

Gilles

PS: 　Be watching for your next lesson.　In it you will learn about three places to find a dream home while you are sitting at home.