1.  

2 years employment - it can be two different employers but it has to be in a similar job field.

2.  

1 year of rent history - it must be documented by cancelled checks and can not be receipts, paying with cash will not do.

3.  

There is always out of pocket money required - homeowner insurance for a year, if the lender or you chose to have water, septic, or termite test done, appraisal fee for the home and misc.

4.  

Credit history needs to be clean - minimum charge off accounts or collections must be at least under $5,000.

5.  

Credit history needs to be established - a car payment, credit card, student loans, etc. Need at least 2 for 12 months.

6.  

No tax liens or judgments.

7.  

Seller can help assist in closing costs - as much as 6%.

8.  

Rent to Own - Article of Agreement - rent for least a year paying with checks. Can treat it as a refinance after a year rather than a purchase.

9.  

Seller and Buyers each will pay taxes for year - Pro ration of taxes. Seller pays for the part of year he owns and buyer pays for the amount from the closing date to the end of the year.

10.  

1% transfer tax is paid at the time of purchase.