Posted by JohnBoy on January 10, 2001 at 19:23:16:
You can build your tenant a credit rating to get him qualified by getting his payment history from the utility companies. Get his payment history from the electric, gas and phone company along with verification of his rent payments being made on time. That should get him qualified for a mortgage. Make sure he digs up all his canceled checks on the rent payments made. If he’s missing any then get his bank statements to verify the rent amount being drawn from his account.
As for getting him with a good mortgage broker, Ed is your man!!!
I’ve heard people on this board talk about “Rich Dad, Poor Dad”, so I saw it in the local book store and bought it yesterday and read it last night. I couldn’t put it down. I was inspired. Today, I talked to my two lease optioners and told them that I needed them to exercise their options. I think they’re ready! One is going to get his father to help finance the deal, and the other, I suggested he find some low interest first time home buyer money. His problem is he has no credit. Not bad, just none. He has been timely on his rent payments, as a matter of fact, he has always been a few days early. Is there anything I can do to help him with his credit rating. Also, does anyone recommend a good mortgage company that does loans in Maryland for 1st time buyers. . .and good rates. Give me a shout if you do and I’ll pass it on.
Thanks.
Posted by Mark-NC on January 11, 2001 at 10:51:55:
Rich,
In regards to your TB/er with no credit. Bank of America Has some amazing programs out right now for people with credit problems and no credit. The other nice thing about the program is there is no seasoning issues because it is not sub prime. The rates are very reason able and they have high LTV loans.
It is called their Credit flex program. It is available in most states, including yours. Just call your nearest Bank of America and ask them about it. I would use it while it’s here it’s a real strong program I don’t know how long it will last.