Hello and I hope everyone is in great spirits. I would like to run a scenario by you and hear your opinions.
Currently have a deal under contract for $41,500. Also have a buyer set up on a contract to buy at $60K. I advised the client that I would do a rent to own contact of $900 month for three years. I have spoken to numerous lenders about the scenario and have heard nothing back.
Does anyone have any suggestions for someone who has a 550 credit score to get funding to purchase?
can your buyer qualify for a mortgage? if so you shouldn’t have a problem getting short term funding to sell to them, if they can’t get a loan its could be a problem,with a 550 credit score you will have a tough time getting long term financing
if your buyer can qualify for a mortgage, it shouldn’t be too difficult for you to get a short-term financing and sell the property to them. The thing is, their 550 credit can give you a hard time for long term funding.