Renting with option

I am sorry you got burned out the deal you had before. I would have a written contract wrote up that states that you are renting and you will have the option to buy the home without anyone else having the option unless you decide to move out. That is the best way to secure yourself. Good luck with it.

I am a former mortgage broker, so maybe I can help answer this question for you. A few years ago, it was pretty easy to qualify for a loan, interest rates were at historic lows, and lenders were offering 100% financing to prospective homebuyers. Sadly, there were some sleezy loan officers and yes borrowers that ruined it for most of us. Lenders have tightened up their guidelines and now you need a pretty decent credit score to get a fairly low interest rate, much of the sub-prime market ( lenders that extend mortgages to those with less then perfect credit, little or no credit or short job history) has resorted to " hard money" loans, this means high interest rates, and less then desireable note terms. Leasing with option to buy maybe a great way to go, it will give you the opportunity to build your credit score back up, and some even let you use some of the ' rent" towards a down-payment on the house. My question for you is why did you lose $10k before? The Real Estate market is leveling itself off, the prices of homes in some areas were ridiculously high, driven to those extremes by the low interest rates, I recommend to wait for awhile to purchase, and don't get caught up in the " No money down", " Minimal monthly payments ( Pay option arms, this is a negative amortization loan, that might find you owing more then your home is worth) or be lured into something you cannot afford with an Adjustable rate mortgage because it offers the low introductory interest rate. If you decide to try to purchase a home, go to a bank, I have found through Mortgage Broker forums ( even though I don't broker loans anymore)I do try to keep up on industry news, and the mortgage brokers are suffering financially as well. Because of the soft market, and harder to place loans, they are charging more to find you a loan. Please use your own due diligence, this is just of course my opinion. If you have any questions, regarding purchasing, interest rates, etc.. feel free to ask, I will give you as much advise as I can, it can't hurt to have someone with my experience giving you some advise.