You can obtain these at no charge annually from each of the bureaus.
Knowing your credit score is not enough. You must also know which items on
your credit report would prevent you from obtaining standard financing. Your
ability to qualify will ultimately be determined by the lender that you decide to
use.
One other thing to keep in mind is that lender credit requirements change. During
the peak of the sub-prime mortgage era almost anyone could qualify for a home
loan. Now with widespread lender losses occurring the requirements have
tightened substantially.
It currently requires a minimum average credit score of around 620 to qualify for
a standard home loan.
This is only one factor that lenders use to determine your
eligibility. Lenders do not want to see late payments within the last year on credit
cards and current loans or bankruptcy or foreclosure within the last three years.
A chapter 13 bankruptcy may be accepted if the payment plan has been paid as
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agreed for 12 months. Tax liens, judgments, and child support must either be
paid or have a payment plan that has been paid as agreed.
All of these factors
are only general guidelines and vary form lender to lender.
To be sure about your chances of qualification you should make an inquiry about
your ability to qualify periodically with a local lender. FHA loans can be less
restrictive that a standard mortgage. You may want to start there. Other factors
that may influence your loan approval are length of employment, income, other
debts, self-employment, and the amount of the loan.
Look ahead at the time you make your rent to own agreement. Matching the time it will take to get your credit into shape with your initial lease period will insure that your rent to own strategy will succceed.
