rather then renting? my landlord is selling the house I live in, he offered the home to me but I do not have a high enough credit score to land a mortgage or enough funds for a down payment, I can afford the mortgage but need to know what if any laws there are to help me and what I need to know before I make this offer? Like do I own the house? can I take the tax credit? does he become basically the bank? do I pay him interest?and anything else I may need to know?

The landlord doesn't have to pay all of the capital gains tax at once. He can delay that throughout your loan.This is a win-win deal for the landlord. Since you cannot afford the mortgage payments he is going to charge you higher interest, with more terms, etc..haha blue october.. No landlord is going to be stupid enough to allow back rent to cover the downpayment!!

There are several options: 1) Owner finance 2) Rent to Own 3) Lease Purchase. Bottom line is that you need to talk to the landlord and find out exactly what they have in mind. Also make sure a contract is written up and have it looked at by an attorney before you sign anything. In most instances you do not own the home until it is totally paid off to the landlord, and NO you will not be able to take a tax credit as long as the property is still in his name. Regardless, this can be a good purchase option for those with bad credit if they are working with an honest person. However it can also be a nightmare for the purchaser if you get a bad contract or someone not willing to work with you. For example, a bank making a mortgage can not legally foreclose on a property until you have missed three mortgage payments and are unable to catch up. Get a bad contract with a "rent to own" home, and they could have you removed with none of your money returned, if you are even one day late on the payments. Just be sure of what the landlord plans to have as his term and definitely be sure of what you sign.