Can I Buy a Home Instead of Renting It?

Reader Question: I lost my home due to certain circumstances. And now am going to rent a home from someone that is selling it. Is it possible for me to buy home from them, instead of renting?

Sure, it's possible. I know quite a few people who are struggling to sell their homes right now, due to the economy. It's especially common with people who have to move for a job transfer or some other reason. Many of these folks end up renting their houses out until they are able to sell them, to lessen the blow of paying two mortgages.

But the next logical question is, do you have the money to buy the home instead of renting it? If not, you'll need to apply for a mortgage loan. This leads to another question. Can you get qualified for a mortgage loan in order to buy the home?

I don't know why you lost your previous home (and I'm sorry you did). But if it was due to financial reasons such as foreclosure, then you may have trouble qualifying for a mortgage to buy the home that's for rent.

I know that doesn't really answer your question, but in truth there's no way I can answer it. The real answer lies with you, the seller and a mortgage lender.

With all of that being said, it certainly doesn't hurt to shop around for a mortgage quote, or to schedule an appointment with a lender to get pre-qualified for a loan. In fact, that's the next logical step. You have to know where you stand, in terms of mortgage qualification, before you can move forward.

Related article:
Renting Versus Buying a Home

Hope that helps. Good luck.