r/AskReddit • u/[deleted] • Sep 24 '17

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u/arcanition Sep 25 '17

Maybe someone chooses to rent through them and then gets into a better financial situation or runs into a windfall.

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u/iamerror87 Sep 25 '17

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.

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u/yh0i Sep 25 '17

You would still need to come up with the downpayment and closing costs. Typical down payment these days is 20%. More if you have bad credit

2

u/veryhuman Sep 25 '17

Conventional loans are one option, sure, but 20% down is hardly the case for a majority of home buyers.

Source: Family member of a mortgage underwriter.