I recently went in to business for myself and experienced some huge financial hits due to repairs, etc. My wife has now returned to work to help in paying down some old debts. Im in the process of rebuilding my credit to purchase, and I feel like it will be in a good place in a year. However, i think its best for us to get rid of the 2000. rent that we're paying now and decrease our debt income ratio to save for a down payment. my income is 8000/month, but my credit has tanked!
Hi!
Please work with a realtor to get a complete application filled out, including any known reasons for items that will come up as "hits" to your credit report. If your realtor knows your situation, he/she can explain this to the landlord's agent and there is no doubt you will be able to qualify for a property making $8,000 and month and reducing your currently monthly rent (at $2K/month you already make more than 3X the rent, the standard landlord's use)
The only hiccup I see is...
Hi!
Please work with a realtor to get a complete application filled out, including any known reasons for items that will come up as "hits" to your credit report. If your realtor knows your situation, he/she can explain this to the landlord's agent and there is no doubt you will be able to qualify for a property making $8,000 and month and reducing your currently monthly rent (at $2K/month you already make more than 3X the rent, the standard landlord's use)
The only hiccup I see is a landlord that actually sets forth a policy that they don't rent to anyone with a credit score under a certain amount. Most don't, though. Most landlords factor in the whole pictures, which is the reason you should be up front about everything.. There is a chance they will ask for extra deposit, but that's normal. Ninety-nine percent of Landlords will require background and credit. Just know that this is the reason you are up front about any hardships you have come across lately. It is better to explain this ahead of time, before the landlord has to ask questions about it. I have helped several families who had experienced hard times secure leases b/c everything was laid out on the table!
I hope this was helpful. Please let me know if I can be of further assistance!
Darby Grimmett / KW / Email / 936-827-9217