There are plenty of loan products for owner occupants out there, even for properties that require rehab, that a credit worthy borrower shouldn’t have to use HM to finance their personal residence.

I do not own the property, i am a newbie investor trying to understand what is needed to basically get a house under a lease with option to purchase contract and assign my position to someone who cant qualify for a loan due to there current position but but are willing to pay a little extra on this lease agreement because they are serious about picking up there credit score and at the end, actually closing on the house.

.- Personal Articles: Coverage for belongings that have a special or collectors valuesuch as Jewelery, Furs, Fine Arts, Collectibles, etc...Your age should not be a factor on the pricing but, depending on the company these other factors may get you credits:- Insurance Score (company pulls certain info out of your credit report)It is not your credit score but generally better credit will result in a better score- Time at your job- Education level- time at current residence Good Luck

Of course when the tenants out it blows the cash flow all to heck.   

But of course, all the other regular bidders realize this too.Also, make sure you get a search for mtgs/liens by legal description also, not just by the owner’s name search.  

Ideally I would like to take out a $45,000 line of credit against my current town house for renovation costs on the current property and down payment on the new property.

My tenants are interested in buying their rental from me but need time to improve/establish their credit as well as save up a down payment.

Credit, experience and liquidity are the determining factors to be approved.

We were thinking about fixing our bad credit 1st then once we are at a respectable credit range we wanted to see what we can qualify for?

Of course you have to live there for at least a year if you go that route.