Posted on: 08th May, 2010 06:54 am
my wife and i have been dealing with a mortgage company over the last 2 years that we have been in our "lease/purchase" home. the owner is motivated to sell, owes nothing on our home, but my lack of credit (592, 600, 598) is holding up the process. we were informed by our "mortgage company" that the home owner could refinance our mortgage with myself and the homeowner on the papers, where she would be paid the purchase amount. after a year i could refinance the "refinance" into my own mortgage. is this something that is legal? would benefit me? would be the way to go until my scores are up?
You can find financing @ 580 credit score. The lender's are far and few but, they are out there. Do you research! You'll come up successful.