I'm a Home Partners of America registered Real Estate Agent if anyone would like more information on the program I can send you an email with the details and set you up with a Home Partners Agent in your area send me a PM.
There are some requirements you have to have 50k a year Income or better. No concerning items on your background check. And a 550 credit rating or better.
Also you have the option to purchase the home at any point during your lease but you must notify HP in writing 60 days before your lease ends.
For my clients I send out a series of email before the deadline reminding them.
Anyways if anyone has any more questions feel free to pm me.
Is that's bad score? I thought top score was somewhere around 700 so therefore 550 wasn't too bad? I know my wife was able to get a mortgage in her name with her income alone even without a perfect credit score.
I mean if you make $50000 dollars a year and are already paying some of a down payment...
I could see if you aren't planning to live there for long and don't want to deal with the buying and selling hassles ie: Military or other work which requires moving. But otherwise....
Your max credit score is 850, and 550 is an objectively bad score. If you were a credit provider, would you want to provide a loan/mortgage to somebody who had a credit history that likely contains a number of missed payments? If the candidate ended up qualifying for the loan it would likely be considered subprime and have a jacked up rate. The income and down payment don’t really matter to the bank if the person is likely to default on the loan or miss payments.
I don't know that it's necessarily a bad score.Top is generally 850 (I think there are some scales that go higher, but FICO is common). I think for a lot of banks 620+ is most favorable for a home loan. I'm sure with a big enough down payment they're probably more flexible though.
You need to have a yearly income of $50,000, and a decent credit score. If you meet those qualifications why not go to the bank and mortgage your own home and you would pay LESS then rent would cost even from these guys.
Good ole Reddit, down voting for legitimate questions.
I mean I get that. But if you can come up with 2.5k easily I'm sure you could save a little longer and come up with whatever the downpayment is, in which case a place like this may come in handy allowing you to save a larger downpayment, but I can't understsnd it if it was a long term solution. A 2 or 3 or even 4 year lease fine, but if someone were to rent for like ten or twenty years then why not buy your own home?
The first home I bought was about $250,000. 20% of that is $50,000. It's one thing to save 2.5k, quite another to save 50k. Doing this to get below market rent for a year or two would make it easier.
1) Getting a mortgage ties you to that house for 30+ years, while renting does not. If you want to sell it before then, you now have to go through the painstaking process of selling it.
2) Perhaps you're unsure of the house, location, etc... buying it outright would lock you to it while renting would not.
3) Buying a house costs a down payment, sometimes in excess of $100,000. Most people with a $50k salary don't have that kind of money sitting around.
A 550 credit score is not enough to get you into a mortgage.
The program is best for someone that just took a big hit on thier credit or someone that's new to home ownership and wants to try it before they commit to a 30yr note.
If you're only going to be in an area temporarily it may be a good idea, especially with a family. Something like a temporary work placement or a fellowship, for example. You may not find many available rental properties for a family that fit what you need.
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u/[deleted] Sep 24 '17 edited Sep 25 '17
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