Some homeowners that are selling their homes by themselves, "for sale by owner" homes, can also help you out. Some will help while, others don't want to take this route and just want to get rid of their homes as quickly as possible for their own financial reasons.

   However, if you find a homeowner that is selling their home by themselves, they could help you in this way.

   The homeowner makes an agreement with you, and be sure to get it in writing of course, that they will lease the home to you for a year. You pay the monthly payment on time and without default for the entire year.

   As each month goes by, the homeowner puts these payments in a special account. Then, after a year will allow you to use it as a down payment to apply for a consumer home loan and see is you qualify this way.

   Lending companies will usually agree to this type of lease purchase, and will help you get a home loan because you have a substantial down payment.

   However, homeowners don't have to do this, and there are several who won't. The homeowners that do lease purchase the house take a risk in this area because, although you have signed the paperwork, some people choose to back out of the deal.

   In today's society however, new statutes are being put into place to protect these homeowners.

   For example if you are allowed to lease to own a home in order to get a home loan, and you decide its not really what you want, you could be forced to pay for the home. Sometimes the homeowner will take you to court and any assets you have can be taken to pay for the process of the initial paperwork, as well as other things.

   Yet, if you decide this is what you want. Then its an easier means of help to get a consumer mortgage home loan.    Unless you get it in writing the homeowner can “back out" on you too. Many things can go into the idea of obtaining a home loan and this is still yet another option.

  Homeowners who are honest, and want to help you get their home, will do exactly what I said in the beginning of this article. Your monthly payments as long as they are on time and not in default will be put into a special account, and then after a year or sometimes eighteen months, the homeowner will go with you to a lending company or bank and the amount that has been saved could be used for the down payment towards you getting a home loan. Remember your credit is checked and the other formalities are involved too. In rare cases the owner of the home will finance the home making it even easier to obtain the home loan you are trying to get.

   Verbal commitments do not and will not stand up in court should any one default. It is always a must to have all legal obligations and agreements put into writing, and signed.