Foreclosure in Lutz>Question Details

1coolmilitar…, Home Buyer in Lutz, FL

Military, looking to move family to this Zip Code. Also plan on using VA Loan. Is it possible rent with purchase later on down the road?

Asked by 1coolmilitaryguy, Lutz, FL Wed Jul 11, 2012

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Evelyn Neely’s answer
My opinion is this.......when moving to a new town, some people should rent first to find out more about the area. If you rush in and buy a home you may later find that you really like another area in the same town better. On the other hand, of course, if you have a open discussion with your Realtor, you can most likely make a decision regarding area a little sooner. As far as rent with purchase later, I don't really like that idea. There is too much to lose. Good luck with your move and thanks for guarding our freedom.
0 votes Thank Flag Link Thu Jul 12, 2012
Hello,

The VA loan offers many great benefits. It is possible to do a rent to own deal but I would recommend staying away from them. Typically the seller will want you to put down a nonrefundable deposit. If you cannot secure financing or do not purchase the property by the contract date you will loose your deposit. Rent to own deals can be extremely complicated.

Keep in mind, with a VA loan you will not have to pay a down payment. You will only be required to pay your VA funding fee and closing costs. When writing an offer, you can ask the seller to contribute money towards your closing costs, meaning you can close on a property with very little money.

A lot of my past clients are military and fully understand the VA loan process. Veterans United Home Loans does most of the clients VA loans. They specialize in writing only VA loans.

Please feel free to call or email me with any questions or to be referred to a VA lender. Good luck and thank you for your service!

Andrew Schmitt
Yellowfin Realty
Sales Associate / Property Manager
Cell: 813-857-1543
andrew.yellowfinrealty@gmail.com
http://www.andysellstampabay.com
0 votes Thank Flag Link Wed Jul 11, 2012
If you are looking to use your VA benefit to purchase there are a lot of opportunities. If you are looking to rent, or rent to own I can help you with any of these options. As stated, renting to own or lease purchases are not always the best way to go. If you would like to discuss these options in more detail please give me a call as I would be very happy to speak with you. 813-928-2160
Thank you for your service to our great country!
0 votes Thank Flag Link Wed Jul 11, 2012
Hi Cool Military Guy,

If you need some time to get approved for a VA loan, you would be better off just renting until you're ready. You see there are "rent to own" deals but you will have to hire an attorney to review the lease option agreement and you will probably have to pay above market rents and put a big downpayment, too.

So to be prudent, you should "temporarily" move into the least expensive but safe apartment complex. Otherwise if you rent from an individual owner you MUST do a background check on the owner. Unfortunately there are scammers that will take your money and then after a month they will sell the house via a Short Sale. These owners know upfront that they are not paying their mortgage payments but they will not disclose this to you. Good luck with getting your deposit back and also if the Air Conditioner breaks, they may not have the money to fix it! Also if the owner lists it for sale as a "short Sale" then you will have to allow Realtors inside with not much notice and trapse through the house!

If you already know what you need to do to get things in order for a VA mortgage approval and just need time, keep it simple and rent.

You can search rentals on my website, sign up for a ListingBook acccount:

http://www.SoldOnTampa.com

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
0 votes Thank Flag Link Wed Jul 11, 2012
HELLO, IF YOU HAVE VA YOU CAN PURCHASE A HOME ANYWHERE. WHY RENT TO OWN? THERE ARE GREAT DEALS AND GREAT SAVINGS FOR BUYERS. DON'T MISS YOUR OPORTUNITY BY RENTING. THANK YOU SUZANNE PINTO FUTURE HOME REALTY 727-967-9571
0 votes Thank Flag Link Wed Jul 11, 2012
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