My fiance and I recently were told that with an upper 400's score and an upper 500's score that the only thing that can be done for us is where the owner or seller sets up a 2nd mortgage for us of 20% of the purchase price with no money down. We were given figures on different amounts, ex. A $115,000 house would cost us $840 a month. $672 for payment and $168 for the owner 2nd.
Then my fiance starts tellin me about "Contract for Deed". She doesn't know alot about it, but with our situation. I just am curious about getting opinions from people that know the process or are in it now or have been that may be able to help us decide which is best for us, or should we just wait and work on our credit ratings. We are expecting our 5th child soon, and we are ready to stop renting. That and renting a house is sometimes more expensive than buying plus your are gaining equity. We have also been told that trying to work on our credit ratings would take 9 months to a year at the absolute earliest.